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Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of April 22, 2019 | ISSUE 878-100

MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

CapitaLand’s M&A will give it access to Ascendas-Singbridge’s Changi Business Park

Ageing buildings in the CBD get a lifeline

The new URA Draft Master Plan 2019 offers incentive schemes to spur rejuvenation in the city and increase mixed-use components.

However, there are challenges in the short term.

Turn to our Cover Story on Pages 12, 13 & 17.

Eat Play LiveThe great OrchardRoad makeover

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Industry Watch Normanton Park hit with

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Under the Hammer Penthouse at Fontaine Parry going for $2.2 mil

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Cecil Street is one of the areas earmarked for rejuvenation under the new CBD Incentive Scheme

EP2 • EDGEPROP | APRIL 22, 2019

PROPERTY BRIEFS

EDITORIALeditor | Cecilia Chowdeputy editor | Amy Tansenior writer | Timothy Taywriters | Bong Xin Ying, Charlene Chinhead, copy editing | Pek Tiong Geecopy editor | Rachel Hengphoto editor | Samuel Isaac Chuaphotographer | Albert Chuaeditorial coordinator | Yen Tandesigner | Kim Sy

ADVERTISING + MARKETING ADVERTISING SALES

vice-president, sales & operations | Diana Lim deputy account director |Janice Zhusenior account manager |James Chuaaccount manager |Pang Kai Xinregional business development manager | Cole Tanhead of marketing & branding |Rachel Lim Shuling

CIRCULATION managers | Ashikin Kader, Bryan Kekexecutive | Malliga Muthusamy

CORPORATE chief executive officer | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8688Fax: (65) 6232 8620

PRINTERKHL Printing Co Pte Ltd57 Loyang DriveSingapore 508968Tel: (65) 6543 2222Fax: (65) 6545 3333

PERMISSION AND REPRINTSMaterial in The Edge Property may not be reproduced in any form without the written permission of the publisher

We welcome your commentsand criticism: [email protected]

Pseudonyms are allowed but please state your full name, address and contact number for us to verify.

Singapore real estate investment sales tumble in 1Q2019Real estate investment sales in Singapore in 1Q this year chalked up $5.3 billion worth of deals across all property segments, ac-cording to Colliers International. But this translates into a decline of 21% q-o-q and a fall of 52% y-o-y, as the corresponding pe-riod a year ago saw a record lev-el of collective sale transactions.

However, the consultancy expects investment activity to pick up and that this will like-ly include more office and retail deals struck towards the end of the year. For the whole of 2019, total investment volume is ex-pected to reach $38 billion, on a par with last year’s level.

Last quarter, private invest-ment deals were dominated by institutional investors, says Tricia Song, head of research for Sin-gapore at Colliers International. Together with a “bumper quar-ter” for government land sales, these deals helped to prop up investment sales in the quarter, she adds.

Residential investment sales accounted for $1.7 billion, or 32%, of the total value last quar-ter. They fell by 82% y-o-y on the back of the July 2018 prop-erty cooling measures.

Public land sales surged 17-fold q-o-q and 32% y-o-y to $2.1 billion. Four of the top five trans-actions last quarter were public land tenders. The largest deal was the Pasir Ris Central mixed-use site that was awarded to compa-nies under Allgreen Properties and Kerry Properties. The win-

ning bid of $700 million works out to $648.48 psf per plot ratio on the gross floor area of 1.02 million sq ft.

Two other government land plots – an executive condo site at Tampines Avenue 10, and a residential site at Kampong Java Road – were also among the top five largest deals. Colliers expects that the volume of residential investment sales will pick up from June, and more collective sale transactions will be seen to-wards the end of the year as sen-timent improves.

The winning bid for the ho-tel site on Club Street also set the record price for a 99-year leasehold hotel site. Interest in acquiring hotel sites is likely to persist over the next few years as more potential conversion projects and major hospitality deals materialise, says Govinda Singh, executive director of val-uation and advisory services at Colliers International.

Incentive schemes under the Draft Master Plan 2019 could also spark interest in the redevelop-ment of older office buildings in the CBD into mixed develop-ments with hotel and residential components, he adds.

Commercial deals brought in $1.1 billion last quarter, climb-ing 307% y-o-y. Industrial invest-ment sales also doubled y-o-y to $555 million, and more manu-facturers are looking to acquire industrial properties for business expansion. Meanwhile, institu-tional investors and Reits are expected to continue to pick up strategic acquisitions over the next few years, and to capital-

ise on the steady office rental growth and supply shortfall from 2019 to 2021.

SingHaiyi Group previews The Gazania and The LiliumListed property developer Sing-Haiyi Group previewed its two newest residential develop-ments, the 250-unit The Gaza-nia and the 80-unit The Lili-um, over the Good Friday and Easter weekend (April 18-21). Both developments are on col-lective sale sites. The Gazania is a redevelopment of the for-mer Sun Rosier, while The Lil-ium sits on the site of the for-mer How Sun Park. They are close to the Bartley MRT Sta-tion on the Circle Line.

The Gazania comprises sev-en 5-storey blocks, with a mix of one- to four-bedroom units, as well as four-bedroom penthous-es and maisonettes. Meanwhile, The Lilium comprises two 5-sto-rey blocks with a mix of two- to four-bedroom units and four-bed-room penthouses.

About half of the total units in each development are expect-ed to be launched for sale in the first phase. SingHaiyi says the average selling price for each

project is expected to be about $2,000 psf.

“Units at The Gazania are likely to be priced from about $1 million for a one-bedroom unit of about 440 sq ft ($2,273 psf), and about $3.3 million ($1,833 psf) for a four-bedroom penthouse of about 1,800 sq ft,” says Grego-ry Sim, deputy CEO of SingHai-yi Group. “The Lilium will have two- to four- bedroom units that are expected to cost about 5% to 10% less psf (than those at The Gazania).”

Prospective buyers are likely to be landed homeowners from the surrounding neighbourhood. In addition, SingHaiyi says that a total of about 15 former resi-dents of the two collective sale developments have expressed in-terest in buying units in the new projects. A number of potential buyers are likely to purchase a unit each as a new home, as well as another for investment, the developer adds.

Frasers Hospitality opens fifth serviced residence in SingaporeFrasers Hospitality, a member of Frasers Property Group, has opened its fifth luxury serviced

residence in Singapore. The new property is called Fraser Residence Orchard and is located on Pater-son Road, which is close to the main Orchard Road shopping belt.

The serviced residence is a five-minute walk to the Orchard Road MRT Station on the North-South Line and to a future inter-change on the upcoming Thom-son-East Coast Line. Its central location makes it accessible to key commercial buildings, medi-cal facilities and shopping malls.

The property caters to busi-ness and leisure travellers, and will include a mix of apartments from studio deluxe units appro-priate for business travellers; to one-, two-, and four-bedroom units for long-staying fami-lies. Facilities include outdoor swimming pools, an aqua gym, jacuzzi and steam rooms, as well as a fully-equipped gym and sky garden. — Compiled by Timothy Tay

The Gazania comprises seven 5-storey blocks, with a mix of one- to four-bedroom units

SINGHAIYI GROUP

SENTOSA BUNGALOWS FOR SALE

Each Office is Independently Owned And Operated.

ROWENA CHAN 90383166 (R051626C)

*Ride on the Govt plans for the Greater Southern Waterfrontin the next URA Master Plan!

Seaview $24.8m(new list!) /$29m, panaromic views, modern, bigger plotsGolf and lakeviews - $10.8m /$16m/$19.xm (Price reduced , like GCB) - brand new and almost new Waterway Brand New-Star-buy units released. Optional ID. Fm $16mUnblocked Waterway $10.8m/ $18m/$20m/$24m for 50ft yachtHomes by award winning architects $18m-$25m, bespoke homes with exceptional views

Mega-projects lead the way in March new home sales| BY TIMOTHY TAY |

Newly launched mass-market de-velopments dominated the 10 new launches in March, and this seg-

ment was led by two major projects, ac-cording to URA’s latest statistics for new private home sales.

The 2,203-unit Treasure at Tampines sold 289 units with a 59% take-up rate, while the 1,140-unit The Florence Resi-dences sold 77 units that reflects a 38.5% take-up rate. Meanwhile, The Tre Ver, which was launched last August, sold 131 units during the month. Together, these three projects accounted for 47% of March’s new private residential sales.

“Palatable price quantums were a key draw; 91.8% of units sold at [Treas-ure at Tampines and The Florence Resi-dences] were sold at less than $1.5 mil-lion, while 98.1% were sold at less than $2 million,” says Desmond Sim, head of research for CBRE Southeast Asia.

“Despite the ample supply of new launches, buyers continued to dip into previously launched projects - in particu-lar The Tre Ver,” says Tricia Song, head of research for Singapore at Colliers In-ternational. “The uptick could be due to potential buyers who were deflect-ed from nearby Park Colonial which is now 72% sold and has started to raise selling prices,” she adds.

The median price at Park Colonial has climbed from $1,756 psf during its launch in July 2018 to $1,828 psf last month.

Not all good newsIn total, developers sold 1,054 private residential units (excluding executive condominiums) in March, out of 1,812 units launched for sale. This is an m-o-m increase of 131.6%, and a y-o-y increase of 47.2%.

“The overall sales pace still looks encouraging and relatively spread out, with 12 projects selling more than 20 units in March 2019. This compares fa-vourably with March 2014 after the to-tal debt servicing ratio was implement-ed, when only five projects sold more than 20 units,” says Christine Li, sen-ior director of research at Cushman & Wakefield (C&W).

However, Ismail Gafoor, CEO of Prop-Nex Realty, sounds a note of caution. “Even though developer sales expe-rienced a higher take-up rate for the month of March, this does not reflect that the overall market sentiment has fully recovered,” he says.

Last month’s overall take-up rate of 58% was the lowest since Novem-ber 2014, during which 423 units were sold out of 863 units launched, says Colliers’ Song.

Luxury residential marketMeanwhile, prices in the city-centre, or Core Central Region, were “propped up” by Boulevard 88 which sold 26 units out of 35 units launched at a median price of $3,613 psf, reflecting a 74.3% take-up rate, says CBRE’s Sim.

Going by the pick-up in the num-ber of units sold last month, buying sentiment in the super luxury home segment was positive, says Christine Sun, head of research and consultan-cy at OrangeTee & Tie. Based on URA caveats, 25 new private homes were sold for more than $5 million, and this is the highest number recorded for a single month since December 2013, she says.

The highest priced unit sold in March was a 5,683 sq ft unit at Boulevard 88 that fetched $28 million ($4,927 psf). It is also the highest psf price transact-ed for a new sale unit since June 2013,

which saw a unit at Reignwood Ham-ilton Scotts transacted for $5,001 psf, says Sun.

Sim expects that developers will like-ly slow down the pace of new launches to allow unsold inventory to clear from existing new launches. “Launch pipe-lines could also ease going forward as the major projects (comprising more than 1,000 units) have already been launched,” he says.

However, prices are likely to remain “sticky” as most developers still have time to sell their unsold units before the five-year deadline for additional buyer’s stamp duty hits, says C&W’s Li.

PROJECT NAME STREET NAME

LOCALITY UNITS SOLD IN THE

MONTH

MEDIAN PRICE ($PSF) IN THE

MONTH

% SOLD TO DATE

OF TOTAL

Treasure At Tampines

Tampines Lane

OCR 289 1,335 13

The Tre Ver Potong Pasir Avenue 1

RCR 131 1,602 60

The Florence Residences

Hougang Avenue 2

OCR 77 1,434 5

Parc Botannia Fernvale Street

OCR 55 1,303 73

Riverfront Residences

Hougang Avenue 7

OCR 55 1,334 64

Affinity At Serangoon

Serangoon North Avenue 1

OCR 50 1,506 46

Stirling Residences

Stirling Road RCR 45 1,772 47

Parc Esta Sims Avenue RCR 36 1,711 35

The Tapestry Tampines Street 86

OCR 30 1,318 71

The Garden Residences

Serangoon North View

OCR 29 1,545 20

Top 10 selling projects in March 2019COLLIERS INTERNATIONAL, URA

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EDGEPROP | APRIL 22, 2019 • EP3

CEO’S MESSAGE

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| BY BERNARD TONG |

A few weeks ago, I visited the exhibi-tion of the latest URA Draft Master Plan 2019 at URA Centre. Strolling through the gallery, I was amazed at what Singapore has been able to

accomplish in just one generation since its independence in 1965, transforming from a swamp-covered island to what the country is today. The Master Plan ensures it never rest on its laurels with its bold imagination of what is possible over the next 10-15 years.

I enjoyed the hour-long presentation by an eloquent NUS intern. By now, we are accus-tomed to the headline news - development of Greater Southern Waterfront, additional hous-ing for CBD and going underground to free up surface land. But the 2019 Master Plan actually goes beyond these and is centred on five key themes - liveable and inclusive, mobility, lo-cal and global connectivity, rejuvenation and sustainability. Each theme is given adequate consideration and serves as the pillar for what Singapore aspires to be.

At times, the plan for EdgeProp Singapore resembles the microcosm of the Master Plan’s themes. Being the new-kid-on-the-block in the space we are competing in, we have to be inclu-sive, building a platform that caters to the needs of the different stakeholders (property-seek-ers, developers, builders, agents) and collabo-rating with relevant partners. For instance, we partner with DBS where we share our property listings and proprietary Edge Fair Value calcu-lator to provide instantaneous indicative valua-tions. Our original content is also distributed by our content partners like Yahoo and Newsloop.

In our second year, we discovered that we have more users on mobile devices than desk-top, and this trend will likely continue. That is when we decided to double-down our re-sources on being mobile-first, prioritising mo-bile technology over desktop to build scalable platform for mobility. Today, our users on mo-bile application are six times more engaged and send 1.5 times more enquiries.

As a property hub, EdgeProp plays an im-

portant role to improve connectivity of informa-tion. The annual EdgeProp Excellence Awards, which is now entering its third year, was cre-ated to recognise local and international de-velopers which strive to build better homes. This year in May, we will be hosting our very first International Property Show, a curation of the most discernible overseas properties for investment.

My favourite 2019 Master Plan theme is “Re-

juvenating Familiar Places”. With the frantic pace of development, it is sometimes easy to lose our sense of identity. Therefore, it is ad-mirable to have in place a plan to retain Singa-pore’s unique values by rejuvenating familiar and nostalgic places such as Holland Village, Toa Payoh and Dakota Crescent, towns that have seen and will see tremendous progress over the coming years.

Rejuvenation is central to our plan at Edge-Prop to produce a series of informal, lifestyle content to portray fresh perspectives on com-munal living in these towns.

As I took a break from the URA tour on a makeshift chair of the alphabet ‘E’, which forms part of the word “DREAM”, I couldn’t help but ponder what the next 10-15 years at EdgeProp will look like. Since this is our 100th issue, I also took the time to envision where we will be when the 200th, 500th and 1,000th issues come around. That’s when I realised that we must never waver from our underlying prin-ciples in building a sustainable and resilient organisation: editorial integrity, delivering in-sightful content, prioritising readers/users first and retaining key decision makers.

Lastly, I want to thank our readers for be-ing with us over the last 100 issues. We apolo-gise for any mistakes we have made along the way and will always, always strive to do bet-ter. We have come a long way since we first started, yet we are only scratching the sur-face in terms of helping our users find their dream homes. To get there, we must be bold in our imagination, ambitious in our dreams, relentless in our execution, and develop our very own Master Plan as the compass for fu-ture growth.

As Singapore evolves, so does EdgeProp

PICTURES: ALBERT CHUA/EDGEPROP SINGAPORE

Bernard Tong studying the Draft Master Plan 2019 at the URA Centre

Bernard Tong envisioning the future


VALUE CONDO

| BY TIMOTHY TAY |

Given the focus on new projects to be launched this year, it is easy for home hunters to overlook those projects that were launched last year. Dain-tree Residence by Malaysian-listed

property developer SP Setia is one such project. The 99-year leasehold, private condo devel-

opment previewed over the weekend of July 14 and 15 last year, and was the first new private residential development to hit the market after the implementation of property cooling meas-ures last July 6.

Located on Toh Tuck Road, the 327-unit Daintree Residence is in the quiet residen-tial enclave in the Upper Bukit Timah area in District 21. The low-rise condo comprises one- to four-bedroom units of 534 to 1,459 sq ft in 12 five-storey blocks. Units on the first and fifth floors have a 4.3-metre loft ceiling, while other units feature a 2.9-me-tre ceiling height.

The project appeals to families with children of school-going age as top schools like Meth-

odist Girls School, Hwa Chong Institution, and National Junior College are nearby.

Despite the property cooling measures, more than 3,000 people showed up on the preview weekend of Daintree Residence. About 50 of the 80 units released a fortnight later at the end of July were taken up. Average price of units sold was about $1,700 posf. The devel-oper also gave buyers a 5% discount at the launch weekend.

The higher additional buyer’s stamp duty, reduced borrowing limit for mortgages and an uncertain economic outlook has made home-buyers more price-sensitive, said associate pro-fessor Sing Tien Foo of NUS Institute of Real Estate and Urban Studies last October.

For the discerning homebuyer or property investor however, Daintree Residence’s aver-age selling price could look relatively attrac-tive, given the expected launch prices of up-coming developments in the area.

Just behind Daintree Residence is View at Kismis, a new 99-year project by local devel-opers Roxy-Pacific and its joint-venture part-ner TE2 Development, a private business arm

under Tong Eng Group. The site is an amal-gamation of the former Kismis View, which was acquired through a collective sale for $102.75 million ($855 psf per plot ratio, or psf ppr) in January 2018; as well as a bun-galow site acquired for $5.69 million ($800 psf ppr) in the following month.

View at Kismis will have a land area of about 100,366 sq ft and the partners say that the new development could comprise up to 186 units across a total gross floor area (GFA) of 140,171 sq ft. The new development is ex-pected to launch later this year.

In the pipeline for redevelopment is the for-mer freehold Goodluck Garden. Last December, the High Court cleared the way for the condo’s collective sale committee to proceed with the $610 million collective sale to Qingjian Group, following objections by a minority group of 13 owners. An appeal by some of the dissent-ing minority owners was also dismissed at the Court of Appeal last month.

The sale price for Goodluck Garden trans-lates to about $1,110 psf ppr for the freehold, 360,130 sq ft site, Qingjian said the acquisi-

tion adds more than 600 units to its land bank.The land rate in terms of price psf ppr for

Goodluck Garden is about 17% higher than what what SP Setia paid for the Daintree Resi-dence site. The developer outbid 24 others in a government land tender in April 2017 to emerge the winner of the site with a bid of $265 mil-lion ($939 psf ppr).

Since then, land prices in the area have risen, as seen when the Hillview Rise government land sales site was awarded to Hong Leong Group for $460 million in July last year. Based on a GFA of 430,879 sq ft, the price works out to about $1,067 psf ppr. The site is a 10-minute drive from Daintree Residence and has a 99-year tenure.

As more new projects come onto the mar-ket, many will be characterised by the high land prices paid by developers during a fren-zy of land buying activity from 1Q2017 to 2Q2018 in both government land sales and en bloc sales.

In the current market where homebuyers are spoilt for choice, Daintree Residence could prove to offer relatively lower prices compared to upcoming launches in the area.

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

The freehold development was launched in July last year, when most buyers were hesitant to pick up new properties

When the 327-unit development was launched last July, 50 out of 80 units released for sale were snapped up at an average selling price of about $1,710 psf

Located on Toh Tuck Road, the 327-unit Daintree Residence is in the quiet residential enclave in the Upper Bukit Timah area

Daintree Residence: a hidden gem in the market

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Heartiest Congratulations to EdgeProp’s 100th Issue!

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| BY CHARLENE CHIN |

GuocoLand is about to transform the Beach Road area with the unveiling of Guoco Midtown, a mixed-use de-velopment. Cheng Hsing Yao, group managing director of GuocoLand Sin-

gapore, has lauded it as the “last piece of the jigsaw puzzle” to connect all other major de-velopments in the area.

Guoco Midtown, a 99-year leasehold site spanning 950,500 sq ft, will offer 30,000 sq ft of retail and entertainment space; 770,000 sq ft of Grade-A office space; and over 200 residenc-

es. The integrated development will have a di-rect link to Bugis MRT Station, and to neigh-bouring buildings like The South Beach. It will offer unblocked views of Marina Bay, Orchard Road, Kallang Basin, and the sea. It is sched-uled to be completed in 1H2022.

In September 2017, GuocoLand purchased the Guoco Midtown site on Beach Road for $1.622 billion, or $1,706 psf per plot ratio. The land-plot includes the former Beach Road Police Sta-tion, a three-storey, colonial-era building con-structed in 1934, which is due to be conserved and restored.

Wallich Residences at Tanjong Pagar Centre Another of GuocoLand’s premium developments is Tanjong Pagar Centre, linked directly to Tan-jong Pagar MRT Station. It comprises 890,000 sq ft of Grade A offices at Guoco Tower; 100,000 sq ft of retail and F&B space; and 150,000 sq ft of community space, which features a green lawn and rooftop gardens, as well as an open space covered by a glass canopy. It also houses the five-star Sofitel hotel. This development is GuocoLand’s flagship property, and is where the group’s headquarters is located.

Guoco Tower spans 38 storeys, at 280m tall. It is to date the tallest skyscraper in Singapore. Wallich Residence occupies the 39th to 64th floors, with a total of 181 units, which range from 614 to 2,034 sq ft. Four penthouses take up the 58th to 61st floors, with sizes from 3,509 sq ft. Finally, a super penthouse takes up the last two floors – 63rd and 64th – spanning 21,108 sq ft.

On the 39th floor of Wallich Residence, there are facilities including a gym, a jacuzzi, an infin-ity pool with views of the CBD, landscaped gar-dens, al-fresco dining nooks, and entertainment rooms. There is also an observation deck on the 62nd floor of the residences, offering views of Singapore’s skyline at a height of 270 metres.

So far, prices fetched at Wallich Residenc-

es have averaged $3,328 psf, based on caveats lodged with URA. The highest psf price for a unit at the development has reached $4,560, with an absolute price of $16 million. This is for a four-bedroom, 3,509 sq ft unit on the 58th floor.

Martin Modern Martin Modern, slated for completion in 3Q2021, is GuocoLand’s luxury condo in the Robertson Quay area, in prime District 9. The 99-year lease-hold development comprises 450 units spread across two 30-storey towers. It was designed by four-time President Design Award winner, Yip Yuen Hong from ip:li architects. The residential blocks make up a footprint of just 20% of the land, with the remainder of the space freed up for greenery. Unit mix ranges from two-, three- to four-bedroom units, and they are between 764 and 1,798 sq ft in size.

GuocoLand intended to create a home with-in a botanic garden setting. To that end, the de-velopment will boast 15 distinct gardens, com-prising over 200 species of tropical trees and plants. Native tree species like jelutong, meran-ti and chengal will be planted in the gardens. “We believe that Martin Modern will remain at the top of people’s mind,” says GuocoLand, as it is “rare” to find such a landscaped residential site in the Robertson Quay enclave. The ground- and top-floor units reach up to 4.2 metres, so residents can have extensive views of the land-scaped scenery.

The developer has so far sold 317 out of 450 units, or 70% of its offerings, based on caveats lodged with URA. What is left on the market is a mix of two- to four-bedroom units, which come with either a view of the gardens, the city or the Singapore River, says the developer.

Martin Modern is set on an undulating 171,535 sq ft of land. This means that the lawns, gardens and amenities will be constructed on three differ-ent levels, as the land-plot has a varying 10-me-tre slope difference. There are several themed

features throughout the grounds: a forest trail and maze that open to a fitness court; a shallow bio pond, next to a lawn surrounded by trees; and an aquatic garden between the two resi-dential blocks. There is an exclusive garden on the uppermost floor of each residential tower.

The luxury condo is an 11-minute walk to the upcoming Great World MRT Station – on the Thomson-East Coast Line – which is expect-ed to be completed in 2021. Fort Canning MRT Station, on the Downtown Line, is a 13-minute walk away. It is also within walking distance to Robertson Quay, which boasts a stretch of eat-eries that are popular among tourists and the working crowd.

The units in Martin Modern are fitted with top-range fittings. These encompass Miele kitch-en appliances, SMEG refrigerators, Laufen sani-tary wares, and AXOR bathroom accessories. In addition, the bathrooms come with full-marble walls and flooring.

Even though the project is a 99-year lease-hold development, it has set benchmark pric-es in a neighbourhood of freehold condos. In the first three months of its launch, from last July to September, the average selling price was $2,201 psf, based on URA caveats. In the first four months of 2019, the average price has ris-en to $2,677 psf, an increase of 21.6%.

To date, the highest psf price fetched – at $3,208 psf – was for a three-bedroom, 1,012 sq ft unit on the 29th floor. The unit cost $3.3 mil-lion and was transacted on Dec 16 last year.

LUXURY CONDO

GO

UC

OLA

ND

GOUCOLAND

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

Guoco Midtown, linked directly to Bugis MRT Station, will offer residences, office and retail space

Tanjong Pagar Centre comprises 890,000 sq ft of Grade A offices at Guoco Tower; 100,000 sq ft of retail and F&B space; and 150,000 sq ft of commu-nity space

GuocoLand has so far sold 70% of the 450 units at Martin Modern

Guoco Midtown set to transform Beach Road area

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| BY BONG XIN YING |

In just a year, Singapore-listed property group Oxley Holdings has proved itself to be a powerhouse, launching new projects one after another. Since April 2018, Oxley has launched nine development projects,

and the response from buyers has been “over-whelming”, according to the group’s February announcement on the Singapore Exchange.

With more than 1,700 units sold in residen-tial projects in Singapore, Oxley has amassed total sales of $1.926 billion, it said in a Feb-ruary corporate presentation. The numbers have gone up since, especially after the group launched its latest mixed-use development, 1953, last month.

Three of the group’s projects – The Veran-dah Residences, Sixteen35 Residences, and Sea Pavilion Residences – are fully sold.

Focus on designHomebuyers are “more well-informed and well-travelled nowadays”, and they are “look-ing for more than a private condo address, but a home which truly reflects their lifestyle, aspirations and needs”, an Oxley spokesman tells EdgeProp Singapore. “We need to look into every detail when [developing] new pro-jects, from architecture, facilities, to layout, to create the best user experience for our tar-get market,” it adds.

Oxley’s focus is on architectural design, with emphasis on functional layouts and quality fin-ishes. According to the group, each of the 10 projects launched since 2018 has its own char-acter. For instance, The Mayfair Collection is designed by DP Architects, and is said to be inspired by the Georgian architecture in Lon-don’s prime Mayfair district. Mayfair Collec-tion is made up of the 215-unit Mayfair Gar-dens and the 171-unit Mayfair Modern. More than 130 units at Mayfair Gardens have been sold since its launch last October, with aver-age price at $1,934 psf.

At Kent Ridge Hill Residences, the 548-unit development is designed by the acclaimed ADDP Architects. It was inspired by American master architect Frank Lloyd Wright, who once said: “No house should be ever on a hill or on any-thing. It should be of the hill. Belonging to it. Hill and house should live together and each the happier of the other.” As Kent Ridge Hill sits on a sloping terrain 10m above street lev-el, the development was designed to integrate with the surrounding nature.

Located on South Buona Vista Road, off Pasir Panjang Road, Kent Ridge Hill sold 110 units out of 250 released on Nov 10, the first day of launch.

To attract younger buyers, smart-home features have been added to most of Oxley’s projects, it says. This allows “young IT savvy clients to seamlessly enjoy their home and fa-cilities via mobile apps”, it adds. At Mayfair Gardens, units will be fitted out with smart-home features — such as Smarthome Gate-way, which works with other smart-home de-vices — and a doorbell that sends an alert to the homeowner’s smart device. Four-bedroom units and penthouses will also come with a voice-controlled device.

Push from government policiesOxley also launched two mega projects, the 1,052-unit Affinity at Serangoon and the 1,427-uinit Riverfront Residences in the northeastern part of Singapore last year.

Last July 5, the government announced that it will be raising additional buyer’s stamp duty (ABSD) rates and tightening the loan-to-value (LTV) limit, measures that kicked in from July 6. On the July 5 night itself, the launch of Riv-erfront Residences at Hougang Avenue 7 was brought forward by two days from the initial July 7. It was also the project that saw the most units transacted overnight, with more than 500 sales, and prices in the $1,200 to $1,300 psf range. The project is currently 64% sold.

Meanwhile, on Jan 25, the locations of the 12 new stations for the first phase of the Cross Island Line were announced by the Land Transport Authority (LTA). The first phase of the Cross Island Line is scheduled for com-pletion in 2029, and despite the long time lapse, Oxley saw sales at Affinity at Seran-goon during the weekend of Jan 26 and 27. Buyers of the development will benefit from the convenience, with Serangoon North MRT Station just a street away, and one of the ex-its right at the doorstep. According to cave-ats lodged with URA Realis, sales at the de-velopment have been consistent, and as at April 15, 491 units (about 47% of the total project) have been sold at an average price of $1,507 psf.

19531953, a mixed-use development located on the corner of Balestier Road and Tessensohn Road, was launched over the weekend of March 9 and 10. Oxley said that a total of 22 residential and three commercial units were sold that first weekend. The residential units fetched an av-erage price of $1,875 psf, while the commer-cial units were sold at an average of $3,200 psf.

The boutique development contains 72 units, of which 58 are apartments and 14 are

strata commercial units. The freehold de-velopment contains a conserved two-storey shophouse integrated with a new six-storey block. Park+Associates is the appointed de-sign architect, with Ecoplan as the landscape architect. The project’s interior designer is 2nd Edition.

The 14 retail units at 1953 have sizes ranging from 366 to 786 sq ft, while the 58 apartments are a mix of studios and one- to five-bedroom units, from 441 to 1,658 sq ft. The apartments in the eight-storey block will be priced from $1,800 psf, and some units are also located within the conservation shophouses.

The development is within a 10-minute walk to the City Square Mall, which is inte-grated with the Farrer Park MRT Station. It is also near the Boon Keng MRT Station. Both stations are on the North East Line.

Oxley says it is “constantly on the lookout for potential development”. It adds: “1953 has been a success and we would definitely be open to explore such development again should the opportunity arise.” According to the developer, there are still many buyers in Singapore look-ing to “upgrade and fulfil their condo dream” and there will always be high demand for pri-vate residential projects that are “in good lo-cation with good facilities”.

NEXT-GEN CONDO

Oxley targets younger homebuyers

OXLEY HOLDINGS ALBERT CHUA/EDGEPROP SINGAPORESAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

OXLEY HOLDINGS

Oxley’s eighth new development, Kent Ridge Hill Residences is just in front of 47ha Kent Ridge Park

Affinity at Serangoon now has an added convenience of having an MRT station at its doorstep, after the announcement of the Cross Island Line on Jan 25

On the night before cooling measures kicked in, Riverfront Residences moved over 500 units

The freehold 1953 contains a conserved two-storey shophouse integrated with a new six-storey block

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COVER STORY


EAT PLAY LIVE

| BY CHARLENE CHIN AND BONG XIN YING |

The plan to make over Orchard Road, Singapore’s most famous shopping strip, started in January. URA, Singa-pore Tourism Board (STB) and Nation-al Parks Board (NParks) came togeth-

er with the Land Transport Authority (LTA) to unveil a two-pronged strategy to make Or-chard Road “The Lifestyle Destination” and to “Bring Back the Orchard”.

To bring vibrancy to Orchard Road and further improve consumers’ shopping experi-ence, the Orchard Road Business Association will start a one-year trial from this month, in-corporating experiential activities to enliven spaces along the pedestrian mall. Walking tours of Orchard Road were also introduced from February.

To be sure, Orchard Road has come a long way. It was built upon a valley where a river flowed. “Orchard Road is really just a long-kang [drain],” quips architectural historian Dr Lai Chee Kien as he leads a walking tour of the famed shopping haven. “It’s at the lowest point of the hilly areas, and runs parallel to Bukit Timah Road.”

In the early 1800s, the area was occupied by fruit and nutmeg orchards. Over decades of development, the original physical terrain was flattened out, leaving no trace of these planta-tions. Emerald Hill, for instance, was the site of a former nutmeg orchard, and grew into a residential neighbourhood of at least 112 hous-es by the 1930s.

In 1958, Orchard Road’s first department store, Tangs, was set up by local merchant CK Tang. New malls then sprang up one after an-other, and they have evolved into today’s Far East Plaza, Ngee Ann City, The Heeren, Or-chard Central, and Plaza Singapura.

When the iconic Ion Orchard first opened its doors to throngs of shoppers in July 2009,

it marked the peak of the premier shopping belt’s “golden era”, remarks Lai. Now, with changing trends, the glitzy malls along Or-chard Road may be slowly losing their lus-tre as consumers constantly find themselves thirsty for more.

“The biggest challenge faced by Orchard Road malls is that they are all starting to look the same, offering similar brands and expe-riences,” says Sulian Tan-Wijaya, executive director of retail & lifestyle at Savills Sin-gapore. “Changes in Orchard Road need to come from within. Each mall should create its own unique identity, tenant mix and ex-periences. Otherwise, shoppers would rath-er shop online, in the suburbs or other cities like Bangkok and Tokyo.”

Tan-Wijaya points to Terminal 21, a shop-ping mall in Bangkok, as an example of a mall that has created its own identity. Themed as an international airport, the mall has a metal detector that customers have to step through when they enter, which is akin to the pre-flight security screening process. Each level is dec-orated based on well-known streets in cities such as Tokyo, Istanbul, London and Rome. Even the washrooms are not exempt from this attention to detail.

Revitalising Orchard RoadIn March, the URA unveiled key proposals fo-cusing on a more inclusive, sustainable, and resilient city under the Draft Master Plan 2019. The Orchard Road shopping belt was divided into four sub-precincts, namely Tanglin, Or-chard, Somerset, and Dhoby Ghaut.

Tanglin’s identity as an arts and cultural neighbourhood will be strengthened. Conserved in 2005, Tudor Court, which was built in the 1920s to serve as quarters for civil servants, is under consideration to house more arts, cul-tural, and lifestyle offerings.

At Orchard, vibrancy is the key to further

improve consumers’ shopping experience, as Orchard is the retail haven of Singapore, boast-ing myriad shopping malls and retail outlets.

Somerset, known as the youth hub, hous-es the newly-opened, 2½-storey Design Or-chard, located at the intersection of Orchard Road and Cairnhill Road. A joint venture by JTC, Spring Singapore and Singapore Tourism Board, Design Orchard is the home to home-grown labels with a diverse offering of 61 lo-cal brands. By marrying design and technol-ogy, Design Orchard wants to prove that it is more than just a retail space. Smart mirrors help shoppers find out more about the products offered in homegrown retailer Naiise’s 9,000 sq ft retail showcase on the first floor. On the second floor is an incubation space operated by the Textile and Fashion Federation Singa-pore. The rooftop, which holds an amphithe-atre, doubles up as an event space.

Dhoby Ghaut, where many of the early ac-

tivities of Orchard Road took place, is envis-aged as a family-friendly lifestyle zone. Apart from being enhanced as a lifestyle destina-tion, Orchard Road will also be a green cor-ridor that connects to the Singapore Botanic Gardens and Fort Canning Park.

Changing retail trendsOrchard Road’s vacancy rate saw a peak of 9.2% in 2Q2016, when there was an exodus of major retail brands from the shopping street, says Tricia Song, head of research for Singa-pore at Colliers International. The vacancy rate has fallen to 5.2% by end-2018, adds Desmond Sim, CBRE’s head of research, Singapore and Southeast Asia. In fact, ground-floor rents at Orchard Road rose by 1.4% y-o-y to $41.20 psf per month in 2H2018, based on research by Colliers.

Three trends have impacted the retail scene in Orchard Road. First, new retail concept stores

The great Orchard Road makeover

The newly-opened, 2½-storey Design Orchard is located at the intersection of Orchard Road and Cairnhill Road

Design Orchard is the home to homegrown labels with a diverse offering of 61 local brands



EAT PLAY LIVE

have entered the popular shopping belt such as Japanese discount chain Don Don Donki, which sells everything from food and apparel to stationery and skincare. “The introduction of Don Don Donki created a hype over Japa-nese products and offerings in Orchard Central and became the talk of the town with queues snaking around the mall,” comments Christine Li, head of research at Cushman & Wakefield, Singapore. The chain has since opened two more outlets: one at 100AM Mall in Tanjong Pagar, and its largest store spanning 26,000 sq ft in City Square Mall.

The Apple Store, at the heart of Orchard Road, also has a unique retail concept. Apple focuses on curating the community and ex-perience of visitors once they enter the store, rather than marketing it as a conventional storefront. “We want to be more like a town square,” said Angela Ahrendts, Apple’s senior vice president of retail, at Fortune’s Most Pow-erful Women Summit in 2016. This is evident in the layout of the tech giant’s first store in Southeast Asia. Apple’s core products are on display on the first floor; on the second floor, there are communal spaces with ample seats, where customers can speak to tech support staff or attend talks and workshops.

Second, there has been a rise in F&B ten-ants along Orchard Road. “New F&B players have been keeping up with market demands by providing more diversity and catering to market preference,” says CBRE’s Sim. “Aside from crowd favourites such as Japanese cui-sine, the past year has seen the launch of res-taurants offering Chinese cuisine to cater to

Chinese locals and tourists. These include Par-adise Dynasty at Wisma Atria and Le Shrimp Ramen at Paragon.”

Third, e-commerce has caused retailers to adapt. An effect of that is omni-channel retailing, where shops own both online and physical presence. “Online sellers also want to go brick-and-mortar to offer customer ser-vice and personalised experience for their products and services,” says Colliers’ Song. Women’s fashion brand Love, Bonito started off as a boutique blogshop in 2005, and grad-ually expanded to include brick-and-mortar stores. Its first store was at 313 Somerset in late 2017, and it opened another in JEM in 2018, Song notes. To date, the fashion brand has store presence in five malls in West Ma-laysia, eight in Indonesia, and two in Phnom Penh, Cambodia.

“As more retailers embrace omni-chan-nelling, it will be imperative for landlords to evolve with this transformation,” says Let-ty Lee, executive director of retail services at CBRE. For instance, landlords could allo-cate areas for distribution and parcel collec-tion points.

Despite competition from e-commerce sites, Song believes more than 90% of retail sales will still take place in physical stores. She is backed up by statistics: online retail sales con-tributed only 5.5% to total retail sales value in Singapore for December 2018, based on data provided by the Department of Statistics.

For the rest of 2019, Cushman & Wakefield’s Li expects tourist arrivals to be boosted by the increased capacity of Terminal 1 and

Terminal 4, as well as the opening of Jewel Changi Airport this month. This would in turn lift prime retail rents at Orchard Road, result-ing in a “slight uptick around 1%”.

Focus on experiential retail Underpinning the three trends is a focus on ex-periential retail. Brick-and-mortar stores pro-vide an experience that online shopping will never be able to replace. “You can never smell a scent or taste a flavour online, or accurately determine whether a certain cut or size will suit your body shape,” says CBRE’s Sim. “Almost all retail businesses require some form of physical presence: jewellery and watches, fashion, beau-ty and wellness, F&B, among others.”

To that end, luxury brands will never lose the appeal of having a brick-and-mortar coun-terpart. As owning these brands is a sign of one’s social status, shoppers would want to be seen purchasing the luxury goods. “The Gucci store at Paragon is a visual treat and every sec-tion is designed differently as if you’re walking through a fairy-tale mansion,” says Sim. “Mak-ing a bespoke suit or pair of customised shoes is a buying experience you cannot get online.”

This also calls for more creative ways to at-tract customers. “A number of cafés are doubling up as casual co-working spaces, by providing free Wi-Fi and power outlets for customers to do work during the non-peak hours,” says Col-liers’ Song. At Wonderland Savour, a European restaurant in Wisma Atria, themed after Alice in Wonderland, “you can munch on macarons or sip champagne while browsing your favour-ite vinyls”, says Savills’ Tan-Wijaya.

Landlords have also focused on leasing out to more activity-based retailers. The five-storey 313 Somerset has a K Bowling Club boasting an all-in-one bowling alley with a bar, darts area, arcade, pool tables and KTV booths. On the fifth floor next to Food Republic is Fat Cat Arcade, which offers a range of retro ar-cade games such as claw machines. This is its second outlet, with its first space at Djit-sun Mall in Bedok. In Takashimaya at Ngee Ann City, ABC Cooking Studio offers cook-ing courses, with a selection of menus, tim-ing and instructors to choose from.

Events and workshops are key to drawing in customers. “Synchronised promotion of events will generate greater hype and a critical mass of interest to draw the crowds to the storefronts,” says Colliers’ Song. Ideally, it would be a part-nership among the entire precinct or shopping mall, creating a compelling space and curating

“Instagrammable” experiences to attract so-cial media interest, which would generate hype, she adds.

Ultimately, these moves to rejuvenate Orchard Road are good, as they have an uplifting effect on the entire “mood, look and feel” of the area, says Tan-Wijaya. “You can literally walk from one end to the other, and all the segregation [into different sub-precincts] is to make it a very in-teresting street to walk down,” she continues.

However, Tan-Wijaya feels that equal impor-tance has to be given to “what’s in the malls” – the retailers. She adds: “Otherwise, it’s just going to be a very fun street to walk down, with no-body holding any shopping bags, and then the malls are going to die. That is my fear.”

Activity-based retailer K Bowling Club at 313 Somerset is an example of experiential retail

Artwork by Chong Fah Cheong titled Budak-Budak (“Children” in Malay) installed in front of The Heer-en, which symbolises the wisdom and culture that are passed down over generations

The bronze Nutmeg and Mace sculpture sits right in front of Ion Orchard, which serves as a reminder of Orchard’s past

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The Heeren was first named Heeren Building after Melaka’s Heeren Street, with heeren being Dutch for “gentlemen”

The glass cone exterior of Wheelock Place was designed by Japanese architect Kisho Kurokawa

The iconic Ion Orchard first opened its doors to shoppers on July 21, 2009


COVER STORY

| BY CECILIA CHOW |

Owners of ageing commercial and mixed-use developments in the CBD received a shot in the arm with the Draft Master Plan 2019 unveiled on March 27. This is because it came

with two new schemes, namely the CBD In-centive Scheme and the Strategic Development Incentive Scheme.

Moray Armstrong, CBRE Singapore man-aging director, describes these schemes as the “SkillsFuture” scheme for the CBD. “The old stretches of Shenton Way and Cecil Street have

greatly contributed to Singapore’s growth as the pioneer CBD,” he notes. “The emergence of the new economy and Downtown CBD has resulted in these sub-markets being less fa-voured and to some, even being functionally obsolete. The two schemes allow for the exist-ing developments to extend their use beyond

office operation hours.”These schemes are “long-term plans deemed

to provide a lifeline to ageing developments”, adds Armstrong. “The incentive of a higher plot ratio is to promote private sector-led urban re-generation in the middle to long term. Howev-er, any knee-jerk reaction will be curbed by the strict qualification rules behind each scheme as well as market sentiments.”

HIGHER PLOT RATIOS Areas earmarked for rejuvenation under the new CBD Incentive Scheme are those in the An-son Road, Cecil Street, Robinson Road, Shen-ton Way and Tanjong Pagar areas.

To qualify for the CBD rejuvenation scheme, buildings have to be at least 20 years old from the last date of Temporary Occupation Permit (TOP) and where the existing use is predom-inantly office. There’s also a minimum plot size of 1,000 sqm for some areas, and 2,000 sqm for others.

For a site in the Anson Road and Cecil Street area to be redeveloped for hotel use, or mixed-use development with residential and commer-cial components, the uplift in gross plot ratio is 25%. For residential use with commercial space on the first level, the new development will enjoy an increase in plot ratio of up to 30%.

This CBD Incentive Scheme will be trialled for a five-year period – the duration of the Mas-ter Plan 2019. The rationale for the incentives The Central area of the URA Master Plan 2019, which includes the CBD

The new URA Draft Master Plan 2019 offers incentive schemes to spur rejuvenation in the city and increase mixed-use components. However, there are challenges in the short term

Ageing buildings in the CBD get a lifeline

ALBERT CHUA/ EDGEPROP SINGAPORE

SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE

Shenton Way where many of the old buildings have been redeveloped over the years


COVER STORY

is to encourage the conversion of existing, old-er, office developments into mixed-use devel-opments that will help rejuvenate the CBD.

BIGGEST BENEFICIARIES?CBRE’s Armstrong estimates that there are about 20 developments in the CBD that could qualify for the CBD Incentive Scheme. “These buildings’ owners will be motivated to explore the possibilities of triggering the bonus plot ra-tio or to put up their properties for sale with a bonus plot ratio scheme,” he says. “Howev-er, the new use will need to be either hotel or residential, and remains marred by measures and a looming supply in the next few years. In addition, these buildings still currently enjoy relatively high occupancies, limiting the need for any huge capital expenditure and revenue downtime for redevelopment.”

Of the three areas earmarked for rejuvenation within the CBD, Steven Ming, managing direc-tor of Sakal Real Estate Partners -- a real estate investment advisory and brokerage practice -- is of the view that those around Anson Road are the biggest beneficiaries of the schemes. “This is because the minimum threshold for plot size is lower, at 1,000 sqm,” he explains. “Many of the buildings are already of this size and the building owners could benefit from land intensification independently.”

The Cecil Street, Robinson Road, Shenton Way and Tanjong Pagar areas have a higher threshold in terms of site area – minimum of 1,000 sqm for corner plots and 2,000 sqm for the others – and hence, pose some challeng-es for owners. A number of them are sitting on relatively small sites of less than 2,000 sqm and that will mean having to amalgamate with a neighbouring site to enjoy the uplift in gross plot ratio, adds Ming. “The biggest challenge will be for owners of adjacent sites to agree on a valuation for two adjoining sites of different lease tenures, especially if one is 99-year, while the other is 999-year or freehold.”

Ming sees the anticipated benefits from in-creased plot ratio for redevelopment into resi-dential, mixed-use or hotel use under the CBD Incentive Scheme “negated” for now by the higher development charge rates, especially for conversion to hotel use.

The latest revision of development charge

(DC) rates for the six-month period from March to Aug 31, 2019, saw a hike of 45.6% on av-erage for conversion of buildings to hotel use. Meanwhile, for conversion to commercial use, the average increase in DC rates is 9.8% over the same period. This means that in Sector 16, which is the CBD area including Canton-ment Road, Chinatown area, McCallum Street and Tanjong Pagar, the DC rate for hotel use is $15,400 psm ($1,431 psf) compared to redevel-opment for commercial use, which is $12,250 psm ($1,138 psf) and for non-landed residen-tial use, $9,800 psm ($910 psf).

“In the near-term, the immediate benefi-ciaries are likely to be single-asset owners on pocket sites who undertake the redevelopment of their own buildings,” says Shaun Poh, Cush-man & Wakefield (C&W) executive director of capital markets.

COMMERCIAL COLLECTIVE SALE HOPEFULSHowever, owners of strata-titled, ageing com-mercial buildings see the schemes as an op-portunity “to cash out on their investments”, says CBRE’s Armstrong. “However, there are still some challenges to be overcome, such as smaller older buildings that may fail the re-quirements for the land size.”

At Realty Centre on Enggor Street, a commer-cial building built in 1974, strata-titled owners were “very excited” when the new CBD Incen-tive Scheme was rolled out, says C&W’s Poh. The existing building, which is predominantly for office use, sits on a site area of 1,021.9 sq m (about 11,000 sq ft). It is located within the Anson area, and therefore, will benefit from the uplift in GPR from redevelopment into residen-tial, mixed-use with residential or hotel use.

C&W is the marketing agency for Realty Centre, which was launched for collective sale in January. As it was before the Draft Master Plan 2019 was unveiled, the redevelopment po-tential was based on the 2014 Master Plan. It was therefore zoned for commercial use with a maximum height of 35 storeys, and approved for a new commercial development with a plot ratio of 5.396 and gross floor area (GFA) of 59,355 sq ft.

The asking price of Realty Centre was $165 million then, which worked out to a land rate of $2,714 psf per plot ratio (psf ppr), inclusive

of an estimated development charge of $2.188 million. The tender closed on Feb 21. “There was a price gap when we put it up for collec-tive sale and we’re trying to bridge that gap,” says Poh.

There has been renewed interest from po-tential buyers since the Master Plan 2019 was announced, concedes Poh. A lot of the inter-est for Realty Centre has come from corporate and business owners looking to redevelop the building for their own use, he adds.

Early this month, C&W obtained a new man-date to lower the reserve price to $148 million, and has obtained agreement from 80% of the owners of Realty Centre to do so. The land rate therefore has been adjusted to $2,441 psf ppr, inclusive of the DC rate of $2.334 million for commercial redevelopment.

‘WINDOW OF OPPORTUNITY’The strata-titled owners of Realty Centre are not the only collective sale hopefuls who see the upside in plot ratio as a bonus, and there-fore, reckon they could command a higher price. There are others who are also exploring the possibility of a collective sale.

“As consultants, we need to manage these expectations,” says Ong Choon Fah, CEO of Edmund Tie & Co (ET&Co). “En bloc is not something that can happen overnight. Some of the owners use their commercial units as their place of business, and therefore, it goes beyond real estate. So it is more difficult to persuade them to sell.”

Word on the street is that the owners of In-ternational Plaza on Anson Road, a mixed-use, strata-titled development built in 1970, have ap-pointed a property consultant to advise them on the collective sale process. Given its location on Anson Road, they are also likely to benefit

from the CBD Incentive Scheme for the Rob-inson Road, Shenton Way and Tanjong Pagar neighbourhood.

Along Shenton Way, Shenton House is said to have made a third attempt at a collective sale in late 2018. The strata-titled owners in the mixed-use development are in the midst of securing 80% consensus for a collective sale.

Strata-titled, mixed-use developments in the CBD built in the late 1960s and early 1970s included Shenton House and International Plaza. “In the old days, even the carpark is a strata-titled lot,” says ET&Co’s Ong. “Ap-portionment of proceeds that is acceptable to all the owners of a mixed-use development – where shops, offices, residential units and carpark space have different share values -- is always very tricky.”

Norman Ho, deputy director of corporate real estate at law firm Rajah & Tann, has also been fielding inquiries from building owners due to the CBD Incentive Scheme. “Owners of such buildings are also asking for very high prices and such sites will also attract high DC rates.”

No doubt, “elevator chats” among the own-ers of strata-titled commercial and mixed-use developments in the CBD will heighten, says Sakal’s Ming. “Some might see this as a rare window of opportunity to secure a better price for their property.”

MIXED-USE DISTRICTURA’s overarching aim to reposition the CBD as “a 24/7 mixed-use district so that the CBD will not only be a place to work, but also a vi-brant place to live and play”, is not new, say property consultants.

“The government has been encouraging inner city living and mixed-use development

Shenton House, which recently made its third collective sale attempt but did not succeed in garnering 80% consensus among the owners

A strata-titled mixed-use development, International Plaza, built in 1970, is said to be exploring a collective sale

139 Cecil Street (corner, right) is on the market for $218 million

ALBERT CHUA/ EDGEPROP SINGAPORE ALBERT CHUA/ EDGEPROP SINGAPORE


CONTINUES ON PAGE EP17


INDUSTRY WATCH

| BY CECILIA CHOW |

With close to 1,900 units, the new development on the for-mer Normanton Park en bloc site was going to be one of the biggest residential projects to

be launched in 2019. It would be second only to the 2,203-unit Treasure at Tampines – the biggest private condo in Singapore to date – which was launched last month.

However, the new launch at Normanton Park is likely to be delayed. In January 2019, the Controller of Housing (COH) slapped the developer Kingsford Huray Development with a no-sale licence “as the company had failed to meet the requirements for a sale licence”, says an Urban Redevelopment Authority (URA) spokesperson in an email response to queries from EdgeProp Singapore.

“In assessing any application for a Housing Developer’s Licence, the Controller of Hous-ing (COH) will consider various factors, in-cluding the developer’s track record,” said the URA spokesperson. “Where necessary, the COH may issue a licence with conditions to ensure that the interests of home buyers are duly protected.”

No sales before TOP, Quality Mark certification for every unitDevelopers issued with a no-sale licence can only commence construction but are not al-lowed to sell any units before Temporary Oc-cupation Permit (TOP) is obtained.

A “sale licence”, on the other hand, al-lows the developer to sell units in a develop-ment once Building Plan Approval is given, says URA on its website.

The former Normanton Park has been ap-proved for the development of 1,863 apart-ments, 19 strata landed houses and eight commercial units on the site. However, COH stipulated several conditions that Kingsford Huray has to fulfil under the no-sale licence: strict compliance with the Housing Develop-ers (Control & Licensing) Act and the Housing Developers Rules; the developer is not allowed to sell any units in the development without COH’s “prior approval in writing”; and Kings-ford Huray has to obtain Quality Mark cer-tificates for all units in the Normanton Park housing development. The certificates have to be obtained before an application to COH to sell the units can be made.

Kingsford Huray also has to inform COH, in writing, of any changes to persons hold-ing responsible positions in the company; or changes in particulars relating to the devel-oper or the building project, within 14 days of the effective date of change.

The no-sale licence “shall continue [to be] in force until the housing developer is notified in writing by the Controller that a licence under the Act is no longer required for the housing project or unless otherwise earlier revoked under the Act”, according to COH in the notice to Kingsford Huray, dat-ed Jan 15, 2019.

COH’s requirement for a developer to ob-tain Quality Mark certification for a project to be licensed is to assure homebuyers that “their housing units are constructed and fin-ished to a reasonable standard of quality”, says the URA spokesperson. The COH’s no-sale li-cence is to ensure that the developer is able to meet requirements such as “track record of completing a project satisfactorily”, adds URA. “A no-sale licence allows the develop-

er to commence construction for the housing project but prohibits the sale of units off-plan without approval from the COH.”

Track recordPrevious projects by the developer had been tak-en into consideration. According to URA, the Building and Construction Authority (BCA) had found that some building works such as win-dows, barriers and common storey shelter had deviated from requirements under the Building Control Act and Regulations for its Kingsford Waterbay project in Upper Serangoon View. Feedback received from buyers of Kingsford Hillview Peak, another project by the develop-er, was also taken into consideration.

Kingsford Huray Development’s holding company, the privately-held Kingsford Devel-opment, was founded by Chinese entrepreneur Cui Zhengfeng, board chairman of the firm. Originally from Shenyang, Cui had been a civil servant before he became a manufacturer and then a property developer. His property develop-ment company in Shenyang, also named Kings-ford Development, is managed by his daughter. Meanwhile, Cui is based in Singapore, where he became a citizen in 2014.

Kingsford Development created a stir when Cui submitted the highest of six bids for a res-idential development site at Hillview Rise in a government land sale (GLS) in 2012. Lit-tle-known then, Kingsford Development paid $243.2 million ($638 psf per plot ratio) for the land that has since been developed into the 512-unit Kingsford Hillview Peak. That marked the developer’s maiden project in Singapore, which was completed in 2016.

Cui’s Kingsford Development followed this up by topping seven other developers to win two adjacent 99-year leasehold residential sites at Upper Serangoon View at another GLS in 2013. He paid a total of $460.4 million ($522 psf ppr) for both sites, which were amalgamated and de-veloped into Kingsford Waterbay. The project with 1,157 apartments, six strata terraced hous-es and two strata semi-detached houses fronting Sungei Serangoon obtained Temporary Occupa-tion Permit (TOP) at the end of November 2018.

In yet another eyebrow-raising deal, Kings-ford Huray emerged the buyer of the former Normanton Park with a bid of $830.1 million in October 2017. It was Kingsford Huray’s first en bloc purchase and is considered one of the biggest in Singapore to date.

What are the costs?The 488-unit Normanton Park is located just off the Ayer Rajah Expressway and near Sci-ence Park as well as the Southern Ridges. On top of the $830.1 million price tag, an esti-mated $231.1 million has to be paid to top-up the lease to a fresh 99 years. A differen-tial premium of $283.4 million to redevelop the 660,999 sq ft site with a plot ratio of 2.1 was also payable, according to Knight Frank, the marketing agent for Normanton Park, in a press release announcing the en bloc pur-chase in October 2017.

Based on the gross floor area of 1.39 million sq ft, the land rate for Normanton Park there-fore works out to $969 psf ppr. With the inclu-sion of a 10% bonus balcony and a proposed plot ratio of 2.31, the land price works out to about $923 psf ppr, estimates Knight Frank.

With the no-sale licence, the developer is more likely to be hit by the ABSD clawback at the rate of 15% (the prevailing rate then), as developers have to develop and sell all their residential units within a five-year period in or-

der to comply with their undertaking for ABSD remission, says Lee Liat Yeang, senior partner at Dentons Rodyk Real Estate practice group. Upon clawback of the ABSD, there’s also a 5% interest payment chargeable by Inland Revenue Authority of Singapore (IRAS) on the ABSD amount, from the 15th day after the date of the en bloc sale and purchase agreement until the date of payment.

“This sounds harsh indeed,” acknowledg-es Lee. “It’s certainly challenging being a de-veloper now.”

Had the en bloc purchase been completed after the new property cooling measures were introduced on July 6, 2018, the ABSD would have been more punitive – at 25% with a 5% ABSD payable upfront, notes Norman Ho, dep-uty head of corporate real estate, Rajah & Tann Singapore.

Not the firstThe sale and no-sale licence regime has been in place since January 1985 when the Housing Developers (Control & Licensing) Act and Hous-ing Developers’ Rules were first introduced. “Of-ten, a no-sale licence is issued if a developer is new, with no track record or had breached the terms of its previous sale licence, for instance, selling units before getting final approval from COH,” observes Ho.

Kingsford Huray isn’t the first to be asked to stop the sale of units. In December 2012, Chi-nese developer Hao Yuan Investments was told to halt the sale of units at its 653-unit Forestville executive condo (EC) in Woodlands. This was after 1,201 applicants had balloted for units on the first day of sales. However, the developer had to close its showflat and was not allowed to issue any options to purchase.

This was because Hao Yuan had proceeded to launch the project even though changes to its development plans had not been approved by COH. The developer was only allowed to re-open its showflat and commence sales six months later in June 2013. This was af-ter COH was “satisfied” that necessary ap-provals for the project’s development plans were given, and that the plans in the sales brochures were in accordance with the ap-proved plans.

At Normanton Park, a check by EdgeProp Singapore shows only a few of the original

13 blocks remain standing as at April 12. The others have been demolished to make way for construction.

Agents in the dark? The real estate agencies are aware that the launch of Normanton Park is pending COH ap-proval. But judging from the online advertise-ments posted by property agents, many could still be unaware of the no-sale licence and its implications.

“The URA had referred cases relating to the Normanton Park to us,” according to a spokes-person with the Council for Estate Agencies (CEA), the regulatory body for the real estate agency industry. “Investigations are ongoing and CEA will not hesitate to take action against property agencies or agents who do not com-ply with our regulations.”

CEA had issued a practice circular in June 2013, regarding advertising of development projects where approval for sale has not been granted by the relevant authorities yet. “Prop-erty agencies and agents should not advertise development projects that imply or mislead the public that the projects have been approved for sale when approval has yet to be granted by the relevant authorities,” said CEA. “Agencies and agents should not use words such as ‘new launch’, ‘register for VVIP preview’, and other words with similar meaning in these advertise-ments as such wording may mislead consumers.”

According to CEA, property agents and con-sumers can go to URA’s website to check if a res-idential development has been approved for sale.

Meanwhile, Kingsford Huray’s Cui could not be reached for comment despite repeated at-tempts to contact him. The registered address of the company is Cui’s bungalow at Sentosa Cove, a posh waterfront residential neighbour-hood on Sentosa Island. It is the bungalow that Cui had paid $33 million for in late 2013 and at 18,794 sq ft, is one of the biggest land plots in Sentosa Cove. The house comes with six bed-rooms, a private pool and a direct view of the waterway. From the roof terrace, it commands a 270-degree view of the sea and the Southern Islands. For Cui, his luxury waterfront residence is also his place of business.

This article first appeared on the EdgeProp Singapore website on April 15, 2019


The former Normanton Park site, where most of the original blocks have been demolished to make way for a new development that will have 1,863 apartments, 19 strata landed houses and eight commercial units

Normanton Park hit with ‘no-sale licence’ – what it means for the developer

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PARTICIPATING EXHIBITORS


Residential transactions with contracts dated April 2 to 9Singapore — by postal district LOCALITIES DISTRICTS

City & 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

PROJECT PROPERTY TYPE TENURE SALE DATE

LAND AREA/FLOOR AREA

(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE

($ PSF) COMPLETION DATETYPE OF

SALE



(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALE

District 1 MARINA ONE RESIDENCES Apartment 99 years April 2 2,110 5,352,000 2,537 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years April 3 2,250 6,157,060 2,737 2017 New SaleDistrict 2 SKYSUITES@ANSON Apartment 99 years April 3 700 1,200,000 1,715 2014 ResaleSPOTTISWOODE 18 Apartment Freehold April 8 388 853,000 2,201 2014 ResaleDistrict 3 ARTRA Apartment 99 years April 5 1,227 2,245,800 1,830 Uncompleted New SaleMARGARET VILLE Apartment 99 years April 4 969 1,775,172 1,832 Uncompleted New SaleMARGARET VILLE Apartment 99 years April 6 829 1,396,696 1,685 Uncompleted New SaleQUEENS Condominium 99 years April 5 1,184 1,530,000 1,292 2002 ResaleSTIRLING RESIDENCES Apartment 99 years April 2 980 1,718,000 1,754 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 3 624 1,075,000 1,722 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 4 980 1,671,000 1,706 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 5 764 1,311,000 1,715 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 883 1,607,000 1,821 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 764 1,415,000 1,852 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 624 1,183,000 1,895 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 980 1,726,000 1,762 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 764 1,323,000 1,731 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 624 1,127,000 1,805 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 657 1,100,000 1,675 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 1,346 2,457,000 1,826 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 678 1,336,000 1,970 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 6 635 1,178,000 1,855 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 7 624 1,119,000 1,792 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 7 657 1,116,000 1,700 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 7 980 1,683,000 1,718 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years April 7 657 1,112,000 1,694 Uncompleted New SaleTHE CREST Condominium 99 years April 2 1,270 2,318,000 1,825 2017 ResaleTHE CREST Condominium 99 years April 2 1,184 2,010,000 1,698 2017 ResaleDistrict 4 HARBOUR VIEW TOWERS Condominium 99 years April 8 797 1,100,000 1,381 1994 ResaleDistrict 5 BLUE HORIZON Condominium 99 years April 3 1,152 1,200,000 1,042 2005 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years April 5 883 1,461,000 1,655 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years April 6 646 1,102,000 1,706 Uncompleted New SaleTHE PARC CONDOMINIUM Condominium Freehold April 4 1,346 1,810,000 1,345 2010 ResaleTHE ROCHESTER RESIDENCES Apartment 99 years April 5 1,948 2,500,000 1,283 2011 ResaleTHE STELLAR Condominium Freehold April 5 1,421 1,735,000 1,221 2008 ResaleTHE TRILINQ Condominium 99 years April 8 936 1,520,148 1,623 2017 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years April 2 1,367 1,600,000 1,170 2008 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years April 4 1,615 1,740,000 1,078 2008 ResaleWHISTLER GRAND Apartment 99 years April 2 506 716,040 1,415 Uncompleted New SaleWHISTLER GRAND Apartment 99 years April 4 764 1,189,890 1,557 Uncompleted New SaleWHISTLER GRAND Apartment 99 years April 6 614 882,090 1,438 Uncompleted New SaleWHISTLER GRAND Apartment 99 years April 6 764 1,106,460 1,448 Uncompleted New SaleWHISTLER GRAND Apartment 99 years April 6 1,066 1,372,950 1,288 Uncompleted New SaleDistrict 7 CITY GATE Apartment 99 years April 5 678 1,350,000 1,991 2018 Sub SaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold April 5 570 955,000 1,674 2009 ResaleCITY SQUARE RESIDENCES Condominium Freehold April 5 1,496 2,250,000 1,504 2009 ResaleCITYLIGHTS Condominium 99 years April 3 893 1,438,000 1,610 2007 ResaleSUITES @ OWEN Apartment Freehold April 5 538 830,000 1,542 2009 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold April 2 1,044 2,828,000 2,709 2018 Resale8 SAINT THOMAS Condominium Freehold April 2 506 1,580,000 3,123 2018 Resale8 SAINT THOMAS Condominium Freehold April 2 517 1,580,000 3,058 2018 ResaleASPEN HEIGHTS Condominium 999 years April 5 1,324 2,250,000 1,699 1998 ResaleLANGSTON VILLE Apartment 999 years April 8 947 1,485,000 1,568 2000 ResaleMARTIN MODERN Condominium 99 years April 7 764 2,165,100 2,833 Uncompleted New SaleMIRAGE TOWER Condominium Freehold April 4 958 1,860,000 1,942 1996 ResalePARC EMILY Condominium Freehold April 2 980 1,710,000 1,746 2008 ResalePARC MACKENZIE Apartment Freehold April 8 1,432 1,750,000 1,222 2009 ResaleRIVERGATE Apartment Freehold April 5 1,550 3,668,000 2,366 2009 ResaleDistrict 10 3 CUSCADEN Apartment Freehold April 3 764 3,043,299 3,982 Uncompleted New Sale3 CUSCADEN Apartment Freehold April 4 764 2,877,000 3,765 Uncompleted New Sale3 CUSCADEN Apartment Freehold April 5 764 2,630,134 3,441 Uncompleted New SaleBISHOPSGATE RESIDENCES Condominium Freehold April 5 2,949 9,500,000 3,221 2012 ResaleCORONATION VILLE Semi-Detached 999 years April 3 3,326 5,000,000 1,503 1986 ResaleCYAN Condominium Freehold April 5 678 1,330,000 1,961 2014 ResaleDRAYCOTT EIGHT Condominium 99 years April 2 1,173 2,290,000 1,952 2005 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years April 3 710 1,813,000 2,552 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years April 6 1,485 3,581,000 2,411 Uncompleted New SaleLOFT @ NATHAN Apartment Freehold April 8 452 815,000 1,803 2014 ResaleNAMLY AVENUE Semi-Detached Freehold April 3 3,218 4,980,000 1,547 Unknown ResaleNASSIM MANSION Apartment Freehold April 8 7,115 14,880,000 2,091 1977 ResaleNATHAN PLACE Condominium Freehold April 5 1,830 2,525,000 1,380 2006 ResaleONE JERVOIS Condominium Freehold April 8 1,313 2,350,000 1,790 2009 ResaleTANGLIN REGENCY Condominium 99 years April 8 1,259 1,680,000 1,334 1998 ResaleTHE LADYHILL Condominium Freehold April 2 3,283 7,000,000 2,132 2002 ResaleTHE MARBELLA Condominium Freehold April 4 1,625 2,950,000 1,815 2005 ResaleTHE TESSARINA Condominium Freehold April 4 1,012 1,760,000 1,739 2003 ResaleTHE TRIZON Condominium Freehold April 5 2,174 3,780,000 1,738 2012 ResaleWATERFALL GARDENS Condominium Freehold April 8 1,830 3,050,000 1,667 2010 ResaleDistrict 11 35 GILSTEAD Apartment Freehold April 7 840 2,132,000 2,539 Uncompleted New SaleCAPITOL PARK Detached Freehold April 5 4,306 7,613,000 1,768 2009 ResaleDUNEARN ESTATE Semi-Detached Freehold April 9 3,434 5,700,000 1,658 2005 ResaleFYVE DERBYSHIRE Apartment Freehold April 2 592 1,482,000 2,503 Uncompleted New SaleGILSTEAD MANSION Apartment Freehold April 8 1,636 2,097,000 1,282 Unknown ResaleHILLCREST ARCADIA Condominium 99 years April 2 2,745 2,450,000 893 1980 Resale

HILLCREST VILLA Terrace 99 years April 2 3,100 2,950,000 952 2009 ResaleMIRO Apartment Freehold April 2 1,249 2,025,000 1,622 2012 ResaleRESIDENCES @ EVELYN Condominium Freehold April 5 1,539 3,400,000 2,209 2007 ResaleROCHELLE AT NEWTON Condominium 99 years April 5 1,744 2,785,000 1,597 2012 ResaleSANNY PARK Terrace Freehold April 5 1,658 4,380,000 2,644 1976 ResaleSHELFORD GREEN Condominium Freehold April 5 3,735 4,590,000 1,229 1982 ResaleSOLEIL @ SINARAN Condominium 99 years April 2 1,442 2,300,000 1,595 2011 ResaleSOLEIL @ SINARAN Condominium 99 years April 2 1,098 2,080,000 1,894 2011 ResaleSOLEIL @ SINARAN Condominium 99 years April 2 1,453 2,750,000 1,892 2011 ResaleTHE GREENWOOD Terrace Freehold April 2 1,625 4,350,000 2,673 2006 ResaleTHE GREENWOOD Terrace 103 years April 3 3,175 2,880,000 907 2011 ResaleZEDGE Apartment Freehold April 5 915 1,360,000 1,486 2010 ResaleDistrict 12 D’MIRA Apartment Freehold April 5 969 1,280,000 1,321 2012 ResaleEIGHT RIVERSUITES Condominium 99 years April 4 840 1,280,000 1,525 2016 ResaleEURO-ASIA APARTMENTS Apartment Freehold April 9 1,615 1,690,000 1,047 1990 ResaleJUI RESIDENCES Apartment Freehold April 7 463 843,000 1,821 Uncompleted New SaleNOVA 48 Apartment Freehold April 5 1,098 1,398,000 1,273 2011 ResaleRIVERBAY Apartment 999 years April 5 646 870,000 1,347 2014 ResaleTHE CALLISTA Apartment 999 years April 5 840 885,000 1,054 2005 ResaleTREVISTA Condominium 99 years April 8 1,281 1,695,000 1,323 2011 ResaleDistrict 13 PARK COLONIAL Condominium 99 years April 5 1,808 2,500,000 1,382 Uncompleted New SalePARK COLONIAL Condominium 99 years April 5 624 1,161,000 1,860 Uncompleted New SaleSERANGOON PARK Terrace Freehold April 5 2,465 4,250,000 1,724 Unknown ResaleTHE TRE VER Condominium 99 years April 2 743 1,201,000 1,617 Uncompleted New SaleTHE TRE VER Condominium 99 years April 2 495 799,000 1,614 Uncompleted New SaleTHE TRE VER Condominium 99 years April 2 700 1,131,000 1,616 Uncompleted New SaleTHE TRE VER Condominium 99 years April 3 753 1,187,000 1,575 Uncompleted New SaleTHE TRE VER Condominium 99 years April 3 743 1,232,000 1,659 Uncompleted New SaleTHE TRE VER Condominium 99 years April 3 495 805,000 1,626 Uncompleted New SaleTHE TRE VER Condominium 99 years April 5 495 800,000 1,616 Uncompleted New SaleTHE TRE VER Condominium 99 years April 5 495 844,000 1,705 Uncompleted New SaleTHE TRE VER Condominium 99 years April 6 1,109 1,720,000 1,551 Uncompleted New SaleTHE TRE VER Condominium 99 years April 6 743 1,256,000 1,691 Uncompleted New SaleTHE TRE VER Condominium 99 years April 6 743 1,248,000 1,680 Uncompleted New SaleTHE TRE VER Condominium 99 years April 6 1,378 2,198,000 1,595 Uncompleted New SaleTHE TRE VER Condominium 99 years April 6 495 804,000 1,624 Uncompleted New SaleTHE TRE VER Condominium 99 years April 6 646 1,020,000 1,579 Uncompleted New SaleTHE TRE VER Condominium 99 years April 6 646 1,072,000 1,660 Uncompleted New SaleTHE TRE VER Condominium 99 years April 7 1,098 1,680,000 1,530 Uncompleted New SaleTHE TRE VER Condominium 99 years April 7 495 795,000 1,606 Uncompleted New SaleTHE TRE VER Condominium 99 years April 7 646 1,067,000 1,652 Uncompleted New SaleTHE TRE VER Condominium 99 years April 7 700 1,082,000 1,546 Uncompleted New SaleDistrict 14 GUILLEMARD EDGE Apartment Freehold April 5 1,356 1,150,000 848 2014 ResalePARC ESTA Apartment 99 years April 2 527 905,000 1,716 Uncompleted New SalePARC ESTA Apartment 99 years April 3 904 1,398,000 1,546 Uncompleted New SalePARC ESTA Apartment 99 years April 3 527 952,000 1,805 Uncompleted New SalePARC ESTA Apartment 99 years April 6 721 1,213,000 1,682 Uncompleted New SalePARC ESTA Apartment 99 years April 6 527 925,000 1,754 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years April 3 1,076 1,800,000 1,672 Uncompleted New SaleSIMS GREEN Apartment 99 years April 3 1,238 1,100,000 889 2003 ResaleDistrict 15 AMBER 45 Apartment Freehold April 6 1,346 2,763,455 2,054 Uncompleted New SaleAMBER 45 Apartment Freehold April 7 1,346 2,820,312 2,096 Uncompleted New SaleAMBER 45 Apartment Freehold April 7 1,130 2,326,645 2,059 Uncompleted New SaleCAYMAN RESIDENCES Terrace Freehold April 3 1,711 4,600,000 2,688 Uncompleted New SaleCOSTA RHU Condominium 99 years April 3 2,648 3,250,000 1,227 1997 ResaleEAST SIGNATURE Apartment Freehold April 3 1,636 1,700,000 1,039 2005 ResaleELLIOT AT THE EAST COAST Condominium Freehold April 8 1,313 1,880,000 1,432 2012 ResaleGOODMAN CREST Detached Freehold April 3 4,639 3,580,000 772 2011 ResaleMODA Apartment Freehold April 5 980 1,495,000 1,526 2014 ResaleMOUNTBATTEN ROAD Semi-Detached Freehold April 5 2,680 3,860,000 1,440 Unknown ResaleNYON Apartment Freehold April 6 818 1,898,000 2,320 Uncompleted New SaleRIVEREDGE Condominium 99 years April 3 1,335 1,750,000 1,311 2008 ResaleSEASIDE RESIDENCES Apartment 99 years April 6 1,259 2,425,000 1,926 Uncompleted New SaleTHE BALE Apartment Freehold April 3 1,055 1,250,000 1,185 2008 ResaleTHE LUCENT Apartment Freehold April 4 474 680,000 1,436 2011 ResaleTHE MAKENA Condominium Freehold April 8 1,292 2,100,000 1,626 1998 ResaleTHE MAKENA Condominium Freehold April 8 1,152 1,650,000 1,433 1998 ResaleTHE WATERSIDE Condominium Freehold April 9 2,142 3,500,000 1,634 1993 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years April 8 1,206 1,170,000 970 2000 ResaleBAYWATER Condominium 99 years April 5 1,292 1,388,000 1,075 2006 ResaleCHANGI GREEN Condominium Freehold April 2 1,130 1,230,000 1,088 1998 ResaleEAST COAST HILL Terrace Freehold April 8 1,841 2,500,000 1,355 1983 ResaleEASTWOOD CENTRE Apartment 99 years April 8 2,928 1,530,000 523 1998 ResaleECO Condominium 99 years April 8 1,152 1,650,000 1,433 2017 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years April 3 1,238 1,857,000 1,500 Uncompleted New SaleLIMAU VILLAS Terrace 99 years April 3 1,722 1,770,000 1,027 1998 ResaleBEDOK AVENUE Terrace Freehold April 3 2,928 3,900,000 1,332 1990 ResalePALMWOODS Condominium 99 years April 4 1,023 940,000 919 1999 ResalePARBURY HILL CONDOMINIUM Condominium Freehold April 2 1,776 2,300,000 1,295 1997 ResaleTANAMERA CREST Condominium 99 years April 4 861 818,000 950 2004 ResaleTHE BAYSHORE Condominium 99 years April 3 1,184 1,160,000 980 1997 ResaleTHE BAYSHORE Condominium 99 years April 8 958 900,000 939 1997 ResaleWATERFRONT GOLD Condominium 99 years April 5 1,195 1,510,000 1,264 2014 ResaleWATERFRONT WAVES Condominium 99 years April 2 1,292 1,380,000 1,068 2011 ResaleDistrict 17 EDELWEISS PARK CONDOMINIUM Condominium Freehold April 2 1,335 1,210,000 907 2006 ResaleTHE JOVELL Condominium 99 years April 3 721 961,000 1,333 Uncompleted New SaleTOH ESTATE Detached Freehold April 8 9,774 11,400,000 1,167 Unknown ResaleDistrict 18 BELYSA EC 99 years April 8 1,055 890,000 844 2014 ResaleCOCO PALMS Condominium 99 years April 2 463 653,000 1,411 2018 ResaleD’NEST Condominium 99 years April 8 969 981,888 1,014 2017 ResaleMELVILLE PARK Condominium 99 years April 8 936 752,000 803 1996 ResaleMODENA Condominium 99 years April 8 1,485 1,365,000 919 2001 ResalePINEVALE EC 99 years April 3 1,292 950,000 735 1999 ResaleQ BAY RESIDENCES Condominium 99 years April 3 1,119 1,175,000 1,050 2016 ResaleSAVANNAH CONDOPARK Condominium 99 years April 4 1,227 1,020,000 831 2005 ResaleTREASURE AT TAMPINES Condominium 99 years April 2 818 1,008,000 1,232 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 3 463 653,000 1,411 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 4 1,012 1,290,000 1,275 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 5 484 629,000 1,299 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 6 592 789,000 1,333 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 6 484 662,000 1,367 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 6 592 815,000 1,377 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 7 581 769,000 1,323 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 7 484 621,000 1,282 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 7 592 803,000 1,356 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years April 7 592 798,000 1,348 Uncompleted New SaleWATERVIEW Condominium 99 years April 8 1,216 1,388,000 1,141 2014 ResaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years April 3 538 784,000 1,457 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years April 3 474 704,000 1,486 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years April 4 474 707,000 1,493 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years April 5 732 1,162,000 1,588 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years April 6 732 1,169,000 1,597 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years April 7 484 701,000 1,447 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years April 7 474 722,000 1,524 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years April 7 538 789,500 1,467 Uncompleted New SaleBOATHOUSE RESIDENCES Condominium 99 years April 3 1,130 1,180,000 1,044 2015 ResaleCHERRYHILL Condominium Freehold April 8 1,744 1,720,000 986 1994 ResaleESPARINA RESIDENCES EC 99 years April 3 829 885,000 1,068 2013 Resale

DONE DEALS


with both commercial and residential com-ponents since the late 1960s and early 1970s, when the government first launched the gov-ernment land sales (GLS) programme in the CBD,” recounts Tan Tiong Cheng, senior ad-visor of Knight Frank Asia Pacific.

One of the first such buildings was the former Robina House developed by the late Robin SK Loh, an Indonesian-born Singapo-rean businessman and real estate developer. Loh’s penthouse at Robina House was “the only one that came with its own bowling al-ley”, relates Tan.

Robina House has since been redeveloped into One Shenton, a 341-unit, twin tower con-do development by City Developments and completed in 2011.

Meanwhile, another tycoon, SP Tao, the founder of Shing Kwan Group, whose busi-nesses include commodities, real estate and shipping, had his penthouse at the former Shing Kwang House at Shenton Way. It was redeveloped together with the adjacent build-ing into the present-day SGX Centre.

TO REDEVELOP OR NOT TO REDEVELOP?It was around 2005-2010 that there was a spate of redevelopment and conversion of old office buildings to residential towers. For instance, the former VTB Building on Robin-son Road has been redeveloped into the new Robinson Suites; the former HMC Building on Mistri Road has been turned into Lum-iere; while 76 Shenton is a redevelopment of the former Hong Leong House.

Meanwhile, EON Shenton, a mixed-use scheme with strata commercial space and residential units, is a redevelopment of the former Marina House. UIC Building was also redeveloped into a new 23-storey office

block of the same name and a new 54-sto-rey residential tower with 510 units called V on Shenton.

In 2011, there were some applications for office buildings to be converted to residen-tial development that were turned down by the URA. These included Cecil Court on Cecil Street and the former Fuji Xerox Towers (now AXA Tower) at 8 Shenton Way.

There were also some buildings where ap-plications for conversion from commercial to residential use were approved by URA, but where the owners did not proceed. These in-cluded the former Chow House, which has since been redeveloped into the new com-mercial building, Crowne at Robinson, and two adjoining office blocks at 137 and 139 Cecil Street, formerly known as Aviva Build-ing and Cecil House respectively. The build-ings have changed hands several times over the past decade.

In 2010, SE Cheong, the previous owner of both 137 and 139 Cecil Street, had secured provisional permission from URA to redevel-op the two office blocks into a new residential project with 227 apartments. However, he did not proceed with redevelopment.

The office building at 137 Cecil Street is now owned by the Zhou family of Shanghai Heng-da Group, which therefore renamed it Hengda Building. Meanwhile, 139 Cecil Street has been put on the market by the owner, a joint ven-ture between Vibrant Group and DB2 Group. The asking price of the building is $218 mil-lion, and is jointly marketed by JLL and CBRE.

The former 11-storey building at 139 Cecil Street has been extensively refurbished and is now a new 16-storey office building with a restaurant on the first level and a roof terrace with swimming pool on the topmost level. The building is 100% leased to a Hong Kong

co-working operator Campfire, which will take up a total area of 85,000 sq ft when the building is completed sometime in 3Q2019.

OFFICE STILL THE FLAVOUR OF THE MONTH“With major changes in demographics and life-styles, URA’s efforts to bring more life in the CBD is encouraging,” says Knight Frank’s Tan. “It is in the right direction although at the mo-ment, the office market is the hottest sector.”

In fact, the prevailing concern is the dearth of new office supply over the next two to three years, which is putting pressure on office rents. According to CBRE Research, Grade-A Core CBD monthly office rents in 1Q2019 grew 3.2% q-o-q to $11.15 psf. This marks the seventh consec-

utive quarter of rent growth, bringing rents to 24.6% higher than the last trough back in 2017.

“A small but growing number of corporates have been exploring enterprise solutions of-fered by co-working providers,” says CBRE’s Armstrong. “However, it’s still early days and we do not see a significant threat to tradition-al office demand at this point.”

What the draft Master Plan 2019 has done, however, is to put a certain basket of proper-ties in the spotlight, says Armstrong.

ET&Co’s Ong agrees. “It’s clear that the URA master plan is not intended to be for the short-term,” she adds. “It is a rejuvenation process that will evolve over time to avoid an office crunch.”

MAYFAIR MODERN Condominium 99 years April 6 958 1,950,800 2,036 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 6 958 1,940,800 2,026 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 6 958 1,930,800 2,015 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 6 807 1,640,000 2,031 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 6 807 1,618,800 2,005 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 6 807 1,605,050 1,988 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 6 1,044 2,120,000 2,030 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 6 1,044 2,070,800 1,983 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 7 1,206 2,294,800 1,904 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years April 7 807 1,619,000 2,005 Uncompleted New SaleENG KONG ROAD Semi-Detached Freehold April 2 2,713 4,100,000 1,511 1997 ResaleSUNSET WAY Detached Freehold April 8 8,407 7,880,000 937 Unknown ResaleDistrict 22 WESTWOOD PARK Terrace 99 years April 4 1,668 1,348,000 806 1998 ResaleDistrict 23 FUYONG ESTATE Semi-Detached 99 years April 2 5,167 1,250,000 242 Unknown ResaleGLENDALE PARK Condominium Freehold April 3 1,044 1,230,000 1,178 2000 ResaleGUILIN VIEW Condominium 99 years April 5 1,496 1,270,000 849 2000 ResaleHILLINGTON GREEN Condominium 999 years April 4 1,528 1,610,000 1,053 2002 ResaleNORTHVALE Apartment 99 years April 8 1,518 1,200,000 791 1998 ResalePARKVIEW APARTMENTS Apartment 99 years April 3 1,141 800,000 701 1998 ResaleREGENT GROVE Condominium 99 years April 4 1,173 820,000 699 2000 ResaleREGENT HEIGHTS Condominium 99 years April 8 1,023 855,000 836 1999 ResaleTHE HILLIER Apartment 99 years April 3 592 810,000 1,368 2016 ResaleTHE WARREN Condominium 99 years April 5 1,195 950,000 795 2004 ResaleTHE WARREN Condominium 99 years April 5 1,356 1,170,000 863 2004 ResaleDistrict 25 NORTHOAKS EC 99 years April 5 1,238 750,000 606 2000 ResaleNORTHWAVE EC 99 years April 4 990 972,300 982 2019 New SaleDistrict 26 THE ESSENCE Apartment 99 years April 6 1,227 1,576,684 1,285 Uncompleted New SaleTHE ESSENCE Apartment 99 years April 7 732 1,051,090 1,436 Uncompleted New SaleDistrict 27 EUPHONY GARDENS Condominium 99 years April 3 1,216 830,000 682 2001 ResaleSKIES MILTONIA Condominium 99 years April 2 721 780,000 1,082 2016 ResaleTHE ESTUARY Condominium 99 years April 8 1,119 1,058,000 945 2013 ResaleTHE ESTUARY Condominium 99 years April 9 926 860,000 929 2013 ResaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold April 8 3,584 2,908,888 812 2018 Sub SalePARC BOTANNIA Condominium 99 years April 2 667 914,000 1,370 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 2 1,281 1,620,870 1,265 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 2 969 1,209,590 1,249 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 3 1,668 1,806,140 1,083 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 3 1,453 1,820,690 1,253 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 4 1,453 1,843,000 1,268 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 6 872 1,099,000 1,260 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 6 958 1,240,000 1,294 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 6 1,281 1,627,660 1,271 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 6 667 919,560 1,378 Uncompleted New SalePARC BOTANNIA Condominium 99 years April 7 872 1,147,000 1,316 Uncompleted New Sale

Residential transactions with contracts dated April 2 to 9



(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALE PROJECT PROPERTY TYPE TENURE SALE DATE


(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALE

DISCLAIMER:Source: URA Realis. Updated April 16, 2019. The Edge Publishing Pte Ltd shall not be responsible for any loss or liabilityarising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

ESPARINA RESIDENCES EC 99 years April 5 1,001 1,125,888 1,125 2013 ResaleESPARINA RESIDENCES EC 99 years April 8 1,367 1,595,000 1,167 2013 ResaleHENLEY GARDENS Terrace 99 years April 9 1,615 1,700,000 1,053 2001 ResaleKOVAN RESIDENCES Condominium 99 years April 2 1,701 1,670,000 982 2011 ResaleKOVAN RESIDENCES Condominium 99 years April 5 1,442 1,785,000 1,238 2011 ResaleLOWLAND TERRACE Terrace Freehold April 3 1,668 2,700,000 1,622 1993 ResaleJALAN LABU AYER Terrace Freehold April 4 1,959 2,320,000 1,184 Unknown ResalePALM GROVE CONDOMINIUM Condominium 999 years April 3 1,927 1,870,000 971 2002 ResalePALM GROVE CONDOMINIUM Condominium 999 years April 5 1,389 1,610,000 1,159 2002 ResalePARC CENTROS Condominium 99 years April 2 990 1,050,000 1,060 2016 ResaleRIVERFRONT RESIDENCES Apartment 99 years April 5 463 675,000 1,458 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years April 6 721 908,000 1,259 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years April 6 463 687,000 1,484 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years April 6 463 612,000 1,322 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years April 7 915 1,182,000 1,292 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years April 7 872 1,116,000 1,280 Uncompleted New SaleRIVERSOUND RESIDENCE Condominium 99 years April 3 1,367 1,428,000 1,045 2015 ResaleRIVERVALE CREST Apartment 99 years April 3 1,238 835,000 675 2002 ResaleSANCTUARY @ 813 Apartment Freehold April 9 893 941,300 1,054 2011 ResaleSERANGOON GARDEN ESTATE Detached 999 years April 8 5,888 6,000,000 1,019 Unknown ResaleSPACE @ KOVAN Apartment Freehold April 4 635 825,000 1,299 2015 ResaleTAI HWAN GARDEN Terrace Freehold April 5 2,788 2,990,000 1,075 1979 ResaleTHE FLORENCE RESIDENCES Apartment 99 years April 4 484 693,000 1,431 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years April 6 1,001 1,466,000 1,464 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years April 6 700 1,036,000 1,481 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years April 6 936 1,336,000 1,427 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years April 7 527 770,000 1,460 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years April 7 1,012 1,509,000 1,491 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years April 6 452 719,000 1,590 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years April 6 452 709,700 1,570 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years April 6 904 1,464,600 1,620 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years April 7 689 1,032,000 1,498 Uncompleted New SaleTHE MINTON Condominium 99 years April 5 1,087 1,150,000 1,058 2013 ResaleTHE QUARTZ Condominium 99 years April 5 1,173 1,100,000 938 2009 ResaleTHE RIVERVALE EC 99 years April 3 1,249 870,000 697 2000 ResaleTHE SPRINGBLOOM Condominium 99 years April 3 1,302 1,450,000 1,113 1999 ResaleDistrict 20 BISHAN LOFT EC 99 years April 4 1,378 1,600,000 1,161 2003 ResaleGRANDEUR 8 Condominium 99 years April 5 1,647 1,300,000 789 2005 ResaleJADESCAPE Condominium 99 years April 3 764 1,323,800 1,732 Uncompleted New SaleJADESCAPE Condominium 99 years April 4 904 1,599,400 1,769 Uncompleted New SaleJADESCAPE Condominium 99 years April 6 1,647 2,811,900 1,707 Uncompleted New SaleJADESCAPE Condominium 99 years April 6 1,055 1,703,400 1,615 Uncompleted New SaleJADESCAPE Condominium 99 years April 6 1,012 1,702,400 1,683 Uncompleted New SaleJADESCAPE Condominium 99 years April 7 1,259 2,166,900 1,721 Uncompleted New SaleJADESCAPE Condominium 99 years April 7 904 1,554,400 1,719 Uncompleted New SaleJADESCAPE Condominium 99 years April 7 527 858,300 1,627 Uncompleted New SaleJADESCAPE Condominium 99 years April 7 1,259 2,087,200 1,657 Uncompleted New SaleJALAN SEMBILANG Terrace Freehold April 2 1,658 2,040,000 1,231 Unknown ResaleSEMBAWANG HILLS ESTATE Terrace Freehold April 2 1,905 2,600,000 1,363 Unknown ResaleSKY HABITAT Condominium 99 years April 9 710 1,160,000 1,633 2015 ResaleTHE WINDSOR Condominium Freehold April 4 1,399 1,600,000 1,143 1988 ResaleDistrict 21 CLEMENTI PARK Condominium Freehold April 5 2,153 2,530,000 1,175 1986 ResaleMAPLE WOODS Condominium Freehold April 2 1,335 2,080,000 1,558 1997 ResaleMAYFAIR MODERN Condominium 99 years April 6 807 1,716,800 2,127 Uncompleted New Sale

COVER STORY

DONE DEALS

FROM PAGE EP13

Realty Centre was put on the market for collective sale in January, and falls within the Anson Road area which is part of the rejuvenation scheme

CUSHMAN & WAKEFIELD

E


Top gains and losses from April 2 to 9

Source: URA, EdgeProp Note: Computed based on URA caveat data as at April 16 for private non-landed houses transacted between April 2 to 9. The profit and loss computation excludes transaction costs such as stamp duties.

Most profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

($ PSF)PROFIT ($) PROFIT

(%)ANNUALISED PROFIT

(%)HOLDING PERIOD

(YEARS)

1 CITY SQUARE RESIDENCES 8 1,496 Apr 5 1,504 Jun 23, 2005 683 1,227,600 120 6 13.82 RIVERGATE 9 1,550 Apr 5 2,366 Jan 8, 2007 1,639 1,127,300 44 3 12.23 VARSITY PARK CONDOMINIUM 5 1,615 Apr 4 1,078 Oct 25, 2004 400 1,094,470 170 7 14.44 THE TESSARINA 10 1,012 Apr 4 1,739 Sep 25, 2002 781 970,000 123 5 16.55 THE WATERSIDE 15 2,142 Apr 9 1,634 Jun 5, 2007 1,190 950,000 37 3 11.96 RESIDENCES @ EVELYN 11 1,539 Apr 5 2,209 Jan 26, 2010 1,649 862,000 34 3 9.27 CITYLIGHTS 8 893 Apr 3 1,610 Jun 24, 2005 667 842,200 141 7 13.88 LANGSTON VILLE 9 947 Apr 8 1,568 May 1, 1999 688 833,000 128 4 20.09 CHERRYHILL 19 1,744 Apr 8 986 Apr 9, 1998 516 820,000 91 3 21.010 QUEENS 3 1,184 Apr 5 1,292 Feb 28, 2002 604 815,000 114 5 17.111 THE TRIZON 10 2,174 Apr 5 1,738 May 11, 2010 1,365 811,800 27 3 8.912 RIVEREDGE 15 1,335 Apr 3 1,311 Apr 30, 2007 722 786,100 82 5 11.913 PALM GROVE CONDOMINIUM 19 1,927 Apr 3 971 Jul 21, 2000 567 778,448 71 3 18.714 PALM GROVE CONDOMINIUM 19 1,389 Apr 5 1,159 Oct 14, 2002 611 761,000 90 4 16.515 THE MARBELLA 10 1,625 Apr 4 1,815 Aug 5, 2008 1,350 756,250 34 3 10.7

Non-profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

($ PSF)LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD

(YEARS)

1 SHELFORD GREEN 11 3,735 Apr 5 1,229 Apr 21, 2008 1,660 1,610,000 26 3 11.02 NASSIM MANSION 10 7,115 Apr 8 2,091 Jun 7, 2007 2,249 1,120,000 7 1 11.83 SKYSUITES@ANSON 2 700 Apr 3 1,715 Apr 9, 2012 1,998 197,700 14 2 7.04 WATERFALL GARDENS 10 1,830 Apr 8 1,667 Dec 13, 2010 1,750 152,500 5 1 8.35 MELVILLE PARK 18 936 Apr 8 803 May 9, 2014 897 88,000 10 2 4.96 LOFT @ NATHAN 10 452 Apr 8 1,803 Feb 9, 2011 1,971 76,000 9 1 8.27 Q BAY RESIDENCES 18 1,119 Apr 3 1,050 Apr 9, 2013 1,106 63,400 5 1 6.08 RIVERBAY 12 646 Apr 5 1,347 Dec 27, 2013 1,411 41,200 5 1 5.39 TANAMERA CREST 16 861 Apr 4 950 Oct 4, 2012 993 37,000 4 1 6.510 CYAN 10 678 Apr 5 1,961 Dec 4, 2009 2,003 28,300 2 0.2 9.3

UNDER THE HAMMER

| BY BONG XIN YING |

At Fontaine Parry in District 19, a 2,303 sq ft duplex penthouse will be put up for its first auction on April 30, ac-cording to the auctioneer at Edmund Tie & Co (ET&Co). This is an own-

er’s sale, and the unit has a guide price of $2.2 million ($955 psf).

Fontaine Parry is a 999-year leasehold, low-rise condominium by Grensburg Investment, and was completed in 2010. Located at Poh Huat Road, off Yio Chu Kang Road and Upper Seran-goon Road, Fontaine Parry has 125 units in a to-tal of seven 5-storey blocks. The units range from 850 sq ft, two-bedroom apartments, to 2,309 sq ft, four-bedroom penthouses.

The three-bedroom penthouse unit to be auctioned is located on the fifth floor. It will be sold with tenancy. It is currently tenanted at $3,500 a month, and the tenancy has just been extended for another year till April 2020. The Singaporean owner purchased the unit for in-vestment at $1.373 million ($596 psf) from the developer in August 2007, according to the ca-veat lodged in URA Realis.

Based on caveats, Fontaine Parry saw only one resale transaction this year. On March 26, a 1,206 sq ft three-bedroom unit on the fourth floor was sold for $1.42 million ($1,178 psf). Last year, three duplex penthouses comparable to the one up for auction, were transacted. In March, a 2,120 sq ft unit was sold at $2.18 mil-lion ($1,028 psf); in August, a 2,120 sq ft unit was sold for $2.218 million ($1,046 psf); and in September, a 1,991 sq ft unit was transacted at $2.018 million ($1,013 sq ft).

The duplex penthouse to be auctioned has an open roof terrace on the upper level. On the lower level is the living and dining area. The occupant can enjoy the pool view from the liv-ing area, which extends to the balcony, as well as from the ensuite master bedroom, notes Joy Tan, head of auction and sales at ET&Co. There are also two other bedrooms and a shared bath-room on the level. The two bedrooms and roof terrace look over the surrounding landed estate.

Tan adds that the apartment enjoys good ven-tilation, and is “breezy and bright”.

Fontaine Parry is 1.4 km away from Kovan MRT Station on the North East Line, and is served by the Kallang-Paya Lebar Expressway and Cen-

tral Expressway. For families with school-going children, both Rosyth School and Xinmin Pri-

mary School are a five-minute drive from the development.

Duplex penthouse at Fontaine Parry going for $2.2 mil

The living room and master bedroom will have a pool view

Views of the surrounding landed estate could be seen from the roof terrace

PICTURES: ET&CO

Recent transactions at Fontaine Parry

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

Mar 26, 2019 1,206 1,420,000 1,178

Nov 26, 2018 915 1,070,000 1,169

Sep 20, 2018 1,991 2,018,000 1,013

Sep 17, 2018 1,066 1,100,000 1,032

Aug 27, 2018 2,120 2,218,000 1,046

URA, EDGEPROP SINGAPORE

E

GAINS AND LOSSES


Visit https://awards.edgeprop.sg/awards-eligibility to check your project eligibility.

TOP DEVELOPER 2019 - WHO WILL TRIUMPH?

City Developments Limited I Far East Organization I Frasers Property Limited

GuocoLand (Singapore) I M+S Pte Ltd

2018 WINNERS

Supported by: In Partnership with:

TOP DEVELOPER2019

LAST CALL FOR ENTRIESDeadline for Submissions: 26 APRIL 2019


EVENTS

| BY TIMOTHY TAY |

More than nine months after the latest property cooling measures were implemented in July last year, homebuyers are still holding off on purchases. “Most people are not

buying because they just don’t want to pay the additional buyer’s stamp duty (ABSD),” says Lee Nai Jia, head of research for Knight Frank Singapore.

Generally, people also feel that prices are like-ly to decline, says Lee. “When people think that prices are going to drop, they tend to give low-ball offers.” This is contributing to a decline in sales at new launches so far this year, he says. Based on URA’s latest statistics for new private home sales last month, the take-up rate was the lowest since November 2014.

Lee was speaking at the EdgeProp 360 event “Buying property: Is it the right time?”, organ-ised by EdgeProp Singapore. It took place on April 11 at the Marina One auditorium. Other keynote speakers included Marcus Chu, COO of ERA Realty Network; and Regina Lim, head of research for Southeast Asia at JLL Singapore.

Avalanche of potential upgradersWhile the higher ABSD and tightened LTV ra-tio continue to impact homebuyers’ affordabil-ity, property hunters are not putting off buying a new property. “We believe there is pent-up demand building up, and we suspect that it is likely to come back,” says Lee.

Most of this demand will come from HDB upgraders, who have contributed to more than a third of new private home buyers for the past 24 years, says Chu. “From 2019 to 2022, there will be a record number of HDB flats reaching their minimum occupation period (MOP). This means their owners will be eligible to sell the flats in the open market,” he says.

In a sign that HDB owners are selling their properties, the HDB resale volume has been in-creasing since 2014, from 17,318 transactions to last year’s 23,099 transactions. This segment of

buyers is picking up private properties due to the divergence between the price index of pri-vate properties and that of HDB properties since 2Q2017, says Chu.

Last year, most of the flats that completed their MOP were in the Punggol, Sengkang, and Yishun areas. This year will see a large number of flats in Chua Chu Kang, Punggol, and Seng-kang reach their MOP. Upgraders tend to buy a new property within 1km of their current neigh-bourhood, says Chu. “So if you are looking to buy a property in the suburbs, you should look at all these areas because this is where all the upgraders are buying into, and it will give a lot of support to the property price in the area.”

But buyers today are eventually settling on smaller-sized units when picking properties in the suburbs and city-fringe locations. In par-ticular, most buyers surveyed by Knight Frank indicate that they intend to buy units of about 700 sq ft to 900 sq ft, and are willing to pay $800,000 to $1 million. This range falls within the current affordability of most homebuyers today, says Lee.

Prices fall in luxury resale marketIn the ultra-luxury market, prices have recent-ly been pushed down due to an increase in mortgagee sales of properties in Districts 9, 10, and 11. “We see more owners facing diffi-culties to service their loans, and this leads to more mortgagee sales,” Lee says.

Resale prices in the city-centre, or Core Cen-tral Region (CCR), have fallen since 3Q2018 compared to the suburbs and city-fringe are-as, which have been largely flat. “This is be-cause most sellers bought their properties five to eight years ago, and they are willing to take a small price cut to buy new and better prod-ucts in new growth areas that show greater in-vestment promise,” says Lee.

Pockets of opportunity overseasFor some property investors, given the state of the local property market, investing in residen-tial properties in some overseas markets could

be a more attractive alternative. That gives in-vestors a chance to diversify their portfolio of properties, and benefit from attractive growth opportunities overseas and a stronger rental yield compared to Singapore, says JLL’s Lim.

For one, London remains a safe haven for property investment, despite difficulties sur-rounding Brexit negotiations, says Lim. “Proper-ty prices (in London) will start recovering once the government eventually gets through Brex-it negotiations,” she says. ”Prices in prime cen-tral London, though down 15% to 20% from their last peak in 2015, will likely recover over the next five years.”

London is also projected to face a hous-ing shortfall of close to 225,000 new homes over the next 10 years, as very strong demand from population inflow into London every year cannot be met by the current levels of supply. “This chronic under-supply will be supportive of rental demand, especially in central London,” she says.

Other less familiar overseas opportunities in-clude Japan and Portugal, which JLL identifies as choice investment locations for those seeking strong yields and capital growth respectively.

The Japanese government’s US$28 million rejuvenation plan for Tokyo complements its ef-forts to encourage foreign investment through a lower corporate tax rate in Tokyo, visa relaxa-tions, and language support. “Japan’s property market offers one of the most tax-efficient lo-cations globally. There is no additional stamp duty for foreigners, unlike 3% in London and 7% in Melbourne,” says Lim.

For capital gains, she suggests considering Lisbon in Portugal, which is steadily recovering from its housing crisis that started a decade ago. “Compared to other European capitals, Lisbon is one of the most affordable property markets,” she says. The number of new homes transact-ed in Lisbon has risen from 21,352 in 2012 to 47,067 last year, “but more supply is still need-ed to meet demand”.


More than 300 people gathered at the Marina One auditorium on April 11 for the EdgeProp 360 event

On stage from left: Boaz Boon, director (real estate advisory) of VestAsia Group; Marcus Chu, COO of ERA Realty Network; Regina Lim, head of research for Southeast Asia at JLL Singapore; and Lee Nai Jia, head of research at Knight Frank Singapore

Homebuyers hold off purchases amid hopes of lower prices

E


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10

I can get to know theWho’s Who in the property industry

9

I heard EdgeProp provides feng shui

advice too. True ahh?!

8

they are really in tune with the new launches market. I really appreciate

that they do showroom tours

videos, so that when I can't attend the condo preview

I can watch the tours from EdgeProp's

Facebook page

7

6

I need a place to hide my girlfriend in

Bangkok. My friend told me EdgeProp has many property

choices for me

I am not local. I use the online Heatmap tool to see the breakdown of

sales transactions of the properties in a certain area, so I know how to

strategise my bargaining tactics when

talking to property owners

17

24

it helps me to compare the rents for different shophouses

and to filter the shophouses that are

currently available for rental

20 they always have good-looking

people on the cover

27

it is a great resource for planning for my

next property investment

26

I am tired of moving and I want a stable

relationship with the same bed. I use EdgeProp's

online amenities check tool

to check out the amenities around

the area before renting. They have

an intensive list ranging from

supermarket to childcare centre.

It helps me to make better

decisions

21

the CEO is good looking. Is he single?

(for proof, see photoson Page EP3)

2

1

I feel more intelligent when

speaking withmy friends

after reading EdgeProp articles

906643

I like to look at their property photos, which

stand out due to the unique white

paper they are printed on

12

I know a guy who wanted to sell his home and it was a good bargain. After

getting in touch with EdgeProp's editor,they put up a story featuring his home.

Now, even though he has sold his home,

people still won’t stop calling him for the

good deal. EdgeProp is the go-to point for the

sale of property

11

I own an HDB flat, EdgeProp tells

me about VERS and other new HDB measures

19

it helps megain favour

from my potential mother-in-law

- she is aproperty agent!

18

understand the market and

prepare for my first agent

meeting with good informed

questions as I'm looking to rent

an industrial factory

100

check out the$1 million homes that I can buy in

Singapore

93

(What our readers and users say...)


Scan QR code for more details

Properties for Sale To be featured, email [email protected] or call 8822-2997

$3,880,000Semi Detached HouseD26 SPRINGLEAF DRIVE | FreeholdBuilt-Up(sqft): 4,000 | Land(sqft): 3,552PSF: $1,092

$24,800,000Detached HouseD4 COVE DRIVE | 99 yearsBuilt-Up(sqft): 10,500 | Land(sqft): 8,000PSF: $3,100

$19,800,000Detached HouseD4 LAKESHORE VIEW | 99 yearsBuilt-Up(sqft): 10,800 | Land(sqft): 10,180PSF: $1,945

South East facing. Renovated Semi Detached on a regular piece of Land. Electrical and Plumbing in the house have been upgraded. Please call Elaine for other SemiDs for Sale in Springleaf Estate.

A bespoke 2.5 storey with basement and lift. Design by award winning architect, the extraordinary house boast an architecture that has open living areas and spacious rooms with the open sea as a backdrop, making this prized address a delight to come home to. It also parks 8 cars.

Rare triple views-Lake/Golf/Sea. Beautiful Euro-Asian architecture home that is featured in several reknown magazines. 2.5 sty + basement with entertainment & wine cellar. Gym and Spa. 39m frontage. Parks 5 cars. 5/6rms. Private and exclusive. View to offer.

Cheng Ching ChingSLP SCOTIA PTE LTDR060569J

65 9845 2567

$15,600,000Detached HouseD19 KOVAN | FreeholdBuilt-Up(sqft): 3,500 | Land(sqft): 14,280PSF: $1,092

Eminence Landed Team. Detached @Upp Serangoon Rd. 14,280 SF, Regular, elevated F’hold land. Walking distance to Kovan MRT & amenities. Within 1km to Xinmin Pri, Holy Innocents' Pri & Montfort Junior Sch. Best for rebuilding to your dream, serious seller. Don’t missed it again! Call for exclusive viewing.

$6,000,000Kampong Glam Conservation AreaD7 BUSSORAH | 99 yearsLand(sqft): 2,520 | PSF: $2,381

$1,450,000Loft @ NathanD10 NATHAN ROAD | FreeholdSize(sqft): 926 | PSF: $1,566Bedroom: 2

Super Nice Shop Houses - NO ABSD. Foreigner eligible to buy. Don’t miss this opportunity to own this Characteristic F&B outlet with good frontage. Located in Singapore historical site with high traffic flow. Good for investment or run your dream shop

MOTIVATED SELLER, Price under value, Must sell. Choice unit, 926sf actual usable floor space. No West Sun, High floor, Good view, Pool, Gym. New Condo, hip & trendy crowd is making its charm. Rare freehold mixed development. Don't miss this Super Nice opportunity!

Jason Tan ERA REALTY NETWORK PTE LTDR048613F

65 9119 1175

Jason Tan ERA REALTY NETWORK PTE LTDR048613F

65 9119 1175

Elaine LeongPROPNEX REALTY PTE LTDR016199G

65 9695 6656

Rowena ChanLIST INTERNATIONAL REALTY PTE.LTD.R051926C

65 9038 3166

Rowena ChanLIST INTERNATIONAL REALTY PTE.LTD.R051926C

65 9038 3166

Matt ChiangSAVILLS RESIDENTIAL PTE LTD R032242G

65 9169 7684

Matt ChiangSAVILLS RESIDENTIAL PTE LTD R032242G

65 9169 7684

$4,999,000Newton 21D11 NEWTON ROAD | FreeholdSize(sqft): 3,066 | PSF: $1,630Bedroom: 4

$899,000Suites @ TopazD12 TOPAZ ROAD | FreeholdSize(sqft): 668 | PSF: $1,346Bedroom: 2

Immerse in a million dollar view of Marina Bay Sands and CBD, as well as fireworks in the comfort of your penthouse! Prime location between Orchard & Novena and yet low maintenance fee! Good size at reasonable price! Must view!

This Rare FREEHOLD Condominium is located at Topaz Road - mid level unit. Centrally Located, Private Cosy Apartment, City Living. Opp St Andrew Jnr Sch and JC. Potong Pasir MRT walkable distance - 12mins.

$1,799,000Foresque ResidencesD23 PETIR ROAD | 99 yearsSize(sqft): 1,668 | PSF: $1,079Bedroom: 3

Enjoy the tranquility and live amongst the greenery of Bukit Timah hill. Relax in your Cabana patio unit with >4m high ceiling and comes with your own private garden plus jacuzzi! Quiet facing with full privacy. Value for money! Price $1.799mil nego.

Esther Tan PROPNEX REALTY PTE LTDR010604Z 65 8169 7778


65 9845 2567

$23,000,000Treasure IslandD4 TREASURE ISLAND | 99 yearsSize(sqft): 8,632 | PSF: $2,665Bedroom: 5

Private Island Tranquillity. Luxurious Sentosa Villa with own yacht berth. Contemporary Modern Villa with architectural concepts that brings light & nature closer to the internal spaces. Foreigners are eligible to purchase, with fast track approval

$4,200,000Conservation House D15 KOON SENG ROAD | FreeholdBuilt-Up(sqft): 2,700 | Land(sqft): 1,700PSF: $2,471

Colorful Peranakan House for sale. Nestled in the heart of Joo Chiat, surrounded by eateries & splashes of peranakan culture. Be dazzled by its Rich Architectural Heritage and a Picturesque Facade. Truly a Limited Edition conservation unit not to be missed!


65 9845 2567

$1,650,000D'LeedonD10 LEEDON HEIGHTS | 99 yearsSize(sqft): 1,076 | PSF: $1,533Bedroom: 2

$1.65m/$1533psf ONLY for Prime D10, Selling Below Valuation, 2 bedroom/ 2 bathroom, 1KM within Nan Yang Primary, short walk to MRT, Tenanted for $3800 rental till Nov 2019, MF - $306pm

Peter Pang ERA REALTY NETWORK PTE LTDR055027F

65 9224 3737

PROP HUNT CLASSIFIEDS

AFFINITY ATSERANGOON (LH) : 350m 1052

DAINTREERESIDENCE (LH) : 482m : 327

Ageing buildings in the CBD get a lifeline Week of... · PROPERTY PERSONALISED Visit...

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