Family home in - dkc9trqgco1sw.cloudfront.net · Family home in Sentosa Cove for $17 mil...

Family home in Sentosa Cove for $17 milSingapore’s waterfront luxury resort is coming back to life as prospective homebuyers swoop in, led by locals and permanent residents. See our Cover Story on Pages 6 and 7.

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Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of October 23, 2017 | ISSUE 802-24

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OffshoreHome prices in Hanoiand HCMC to rise until

2019, says CBRE EP10

Done DealsStrata bungalows at

Goodwood Grand sold for $6.95 mil each

EP12

Gains and LossesThree-bedroom unit at

Regency Parksold at $2.5 mil profi t

EP14

Deal WatchOne-of-a-kind terraced house on Shelford Road

going for $5.6 milEP15

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Chip Eng Seng buys Changi Garden for $248.8 milChip Eng Seng Corp announced on Oct 17 that it

had successfully tendered for the collective sale of

Changi Garden at $248.8 million, or $888 psf per

plot ratio (ppr), about 27% above the asking price

of $196 million.

Marketing agent Edmund Tie & Co (ET&Co) says

no development charge is payable for the site because

of its high development baseline.

At the selling price, an apartment owner will receive

between $2.14 million and $2.27 million; a penthouse

owner, between $4.03 million and $4.74 million; and

shop owners, between $4.7 million and $7.08 mil-

lion, says ET&Co.

Chip Eng Seng intends to redevelop Changi Garden

into a low-rise condominium of about 320 residential

units with a possible retail component.

Tay Siong Siew, chairman of Changi Garden’s en

bloc sales committee, says the collective sale process

began in March last year.

The existing property comprises 84 residential

and retail units on a 200,095 sq ft site. According to

URA’s 2014 Master Plan, the site has a plot ratio of

1.4, which translates into a maximum allowable gross

floor area of 280,133 sq ft.

Royalville on the market for $368 milRoyalville, a 93-unit condo with 11 shops built in the

1980s, is making its third collective sale attempt. Ac-

cording to URA’s 2014 Master Plan, the freehold site

of 174,176 sq ft has a plot ratio of 1.4.

Located on Bukit Timah Road, Royalville has been

launched for sale by tender by marketing agent ET&Co

with an asking price of $368 million, which translates

into a land rate of $1,509 psf ppr. However, if an ad-

ditional 10% bonus balcony space and development

charge of $1.16 million are included, the land rate

works out to $1,376 psf ppr, says ET&Co.

No development charge is payable for the site.

Royalville is located 260m from the Sixth Avenue

MRT station. According to Swee Shou Fern, ET&Co’s

senior director of investment advisory, the last time

a freehold site of this size on Bukit Timah was pur-

chased en bloc was more than 10 years ago, when

GuocoLand bought Casa Rosita in 2006 and rede-

veloped it into luxury condo Goodwood Residence.

According to ET&Co, the Royalville site can be

redeveloped into a 323-unit condo. The tender clos-

es on Nov 10.

Hyflux to sell and partially lease back Tuas propertyHyflux announced on Oct 18 that it was selling its

leasehold interest in 8 Tuas South Lane as well as

equipment relating to the property at $95 million.

The prospective buyer is RBC Investor Services Trust

Singa pore, trustee of ESR REIT.

Upon completion of the sale, RBC is to grant Hy-

flux subsidiaries a partial leaseback of the Tuas prop-

erty for a lease period of 15 years. The property is cur-

rently used by Hyflux as a factory, warehouse facility

and workers’ dormitory.

Hyflux leased the property with a land area of

830,711 sq ft from JTC Corp for an initial term of 30

years from April 1, 2008, with an option for an exten-

sion. The completion of the sale is subject to the ap-

proval of JTC and other relevant authorities.

URA unveils plans for Kampong Bugis, Holland Plain and Bayshore precinctsOn Oct 16, URA announced plans for three upcoming

precincts — Kampong Bugis, Holland Plain and Bay-

shore — that will feature an estimated 18,500 homes.

The plans centre on making the precincts car-lite,

incorporating sustainable and green features as well

as promoting vibrant community spaces.

URA says it will continue to engage the surround-

ing communities to refine its plans in the lead-up to

the launches of the precincts. Kampong Bugis will be

launched over the next one or two years, followed by

Holland Plain around 2021, and Bayshore after 2024.

The 17ha Kampong Bugis is projected to yield

4,000 homes. Holland Plain, which spans 34ha, and

Bayshore, which spans 60ha, are expected to yield

2,500 and 12,000 homes respectively.

Nicholas Mak, executive director of ZACD Group,

reckons that promoting car-lite precincts might have

an impact on the unit types offered by developers.

“They may be inclined to develop smaller units meant

for singles, young families without children and for

rental purposes, which have lesser need for parking

lots,” he says.

Developers sell more units in 9M2017 than in 2016Developers moved 9,582 private residential units be-

tween January and September this year, surpassing

the total of 8,363 private residential units sold in 2016.

This means that private home sales as at end-Septem-

ber 2017 were already about 15% higher than the fig-

ures achieved in the whole of 2016, according to the

latest URA figures.

Last month alone, developers moved 657 private

residential units, a 29% y-o-y increase from the 509

units sold in September 2016.

Kingsford Waterway was the bestselling private

project in September. Chinese developer Kingsford De-

velopment sold 45 units at a median price of $1,289

psf. About 23% (269) of the 1,165 units in the 99-

year leasehold project on Upper Serangoon View re-

mained to be sold as at end-September.

Coming in at second place was the 600-unit Sympho-

ny Suites in Yishun, where EL Development moved 42

units at a median price of $1,098 psf. As at end-3Q2017,

98% (539) of the 548 units launched have been sold.

UOL Group and Kheng Leong Co’s Principal Gar-

den came in third, with 40 units sold in September

at a median price of $1,761 psf.

Symphony Suites and Principal Garden are 99-year

leasehold developments.

Compared with their performance in August, how-

ever, developers moved 47% fewer units m-o-m, on

the back of a lower launch volume of just 73 units in

September. Nicholas Mak, executive director of ZACD

Group, attributes the low launch volume in Septem-

ber to the Hungry Ghost month and developers hold-

ing back units in anticipation of increasing property

prices in the near future.

Collective sales to rise through 2018 and into 2019: Colliers InternationalThe number of residential collective sales is set to con-

tinue rising through 2018, and the trend is likely to last

into 2019, says Colliers International in a recent report.

Excluding Changi Garden, which was bought after

the report was produced, the current collective sale

wave — which began in late 2016 with the sale of

Shunfu Ville, Harbour View Gardens and Raintree Gar-

dens and continued this year with 14 more collective

sales year-to-date — has netted $6.36 billion in sales.

According to research by Colliers, a surge in col-

lective sale transactions in the residential market typ-

ically goes on for eight to 12 quarters. The last collec-

tive sale fever lasted for about three years, from 2005

to 2007, with sales totalling $21.8 billion.

Tang Wei Leng, managing director of Colliers In-

ternational, Singapore, comments: “With the more

aggressive land prices achieved in the mass mar-

kets, we expect more prime freehold plots to come

on the market.”

Despite the surge, Colliers believes that the risk

of oversupply is low. Given that the 2006 to 2016

annual average demand for residential units stood

at 12,453, the 14,000 units that could be generated

from the collective sales so far could be absorbed in

slightly more than a year.

Moreover, developers’ pacing of launches over time

as well as across different market segments and loca-

tions will keep the oversupply risk low, says Colliers.

Regin Hotel up for sale at $20 milRegin Hotel, on Sims Avenue, has been put up for

sale by expression of interest (EOI). According to ex-

clusive marketing agent Savills Singapore, the indic-

ative price of the freehold property is $20 million,

which works out to an average of $435,000 per key.

Located near the junction of Sims Way and Sims

Avenue, Regin Hotel currently operates as a budget

accommodation. Comprising 46 rooms ranging from

single suites to family suites across five levels, the

hotel caters predominantly for travellers from Asean

cities and corporate clients from the nearby industri-

al estate, says Savills.

Regin Hotel is 600m from the Kallang MRT sta-

tion, or about an eight-minute walk, says Savill Sin-

gapore. Interested parties can consider repositioning

the hotel as a themed boutique hotel or a hip hostel,

says Philip Ng, director of investment sales at Sav-

ills Singapore.

The EOI exercise closes on Nov 15.

Investment sales rise 9.3% q-o-q in 3Q2017Investment sales in 3Q2017 amounted to $10.1 bil-

lion, a 9.3% q-o-q increase, says a recent CBRE Re-

search report.

The strong performance of the investment market

in 3Q2017 was attributed to the collective sale market,

the return of domestic capital — which rose 52.8%

y-o-y and accounted for 67.6% of total investment

sales — and larger-ticket deals.

The largest deals for the residential and office sec-

tors so far this year were transacted in the quarter.

Tampines Court, which was sold to Sim Lian Devel-

opment at $970 million, was the largest residential

deal YTD. On the office front, CapitaLand Commer-

cial Trust’s acquisition of Asia Square Tower 2 at $2.1

billion was the largest deal so far this year.

The quarter also marked the first increase in of-

fice rents in 10 quarters, says CBRE Research. Grade

A Core CBD rents rose 1.7% q-o-q.

Thai developer Sansiri invests in co-working space provider JustCoSingapore-based co-working space provider JustCo

announced that it has grown its valuation to US$200

million ($270 million) at the close of its Series B fund-

ing, which saw one of Thailand’s leading developers,

Sansiri, invest an undisclosed sum. The latest round

of funding will finance JustCo’s expansion into oth-

er key cities in Southeast Asia, namely Bangkok, Ja-

karta, Kuala Lumpur, Ho Chi Minh City and Manila.

JustCo aims to open more co-working centres in

at least six regional countries, bringing the total num-

ber of locations in Asia to 30 by 2018. It projects a

fivefold growth of its member base from the current

12,000-strong community.

“Each market in this region presents its own unique

challenges,” says Kong Wan Sing, founder and CEO of

JustCo. “But our groundwork for exponential rollout

has been laid and we have cultivated strategic part-

ners in various cities.” The partnership with Sansiri

will help JustCo make inroads into Bangkok. — Com-

piled by Timothy Tay and Angela Teo

EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY EDITOR | Lin ZhiqinWRITERS | Angela Teo, Timothy TayDIGITAL WRITER | Fiona Ho

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi MurugiahPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Yen TanDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimSENIOR ACCOUNT MANAGER | Priscilla WongACCOUNT MANAGER |James Chua

CIRCULATIONDIRECTOR | Victor TheEXECUTIVES | Malliga Muthusamy, Ashikin Kader,Winnie Lim

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620

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EDGEPROP | OCTOBER 23, 2017 • EP3


PERSONALITY

Prof who wears many hats| BY CECILIA CHOW |

Yu Shi Ming, an associate pro-

fessor at the National Uni-

versity of Singapore’s De-

partment of Real Estate, has

been a don for more than 35

years. He is fondly called “Prof” by his

former students, even though some

of them are already middle-aged, in

top management positions and left

school more than 20 years ago. “That

is why I have remained an academic

for so long,” says Yu. “One of my

greatest satisfactions is seeing my

former students doing well in the

industry.”

Yu is also well known for his extra-

curricular activities as a Justice of

the Peace. And he does not just sol-

emnise the marriages of his former

students. In fact, Yu is so sought-af-

ter that he is ranked among the “40

most popular Justices of the Peace”

on KiasuBride.com.

Prolific in publishing articles in

the areas of real-estate appraisal,

housing, urban planning and facili-

ties management, Yu has presented

many papers at international confer-

ences too. He has served as a mem-

ber of several government organisa-

tions in Singapore, including HDB,

the Council for Estate Agencies, the

Valuation Review Board and the West

Coast Town Council.

Yu is also one of the three co-au-

thors of a book released earlier this

year titled Singapore’s Real Estate:

50 Years of Transformation, which

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adopted energy-efficient systems and

pneumatic waste conveyance systems

as well as dual chutes for refuse and

recyclables. Tan also said: “In the

future, we can expect our develop-

ments to become smarter, greener

and more resilient.”

Importance of planning and designIn January 2013, the government

released a population white paper

titled “A sustainable population for

a dynamic Singapore”. It project-

ed that the city state could have a

population of 6.5 million to 6.9 mil-

lion by 2030. Yu believes the tar-

get is achievable, and that there is

a need for Singapore’s population

to increase further. “We don’t have

a hinterland,” he points out. “And

high density can be mitigated by

good planning and design.”

Singapore’s population in 2017

is around 5.6 million, up just 0.1%

y-o-y, according to the Department

of Statistics. Population density is

7,796 per sq km, which is the world’s

third highest after Macau (20,848 per

sq km) and Monaco (15,254 per sq

km), according to IndexMundi. Even

though Hong Kong has a population

of 7.36 million, its density is 6,682.5

per sq km and it ranks fourth after

Singapore in terms of density.

Yu believes the areas in Singapore

that will undergo the biggest trans-

formation over the next few decades

will be Jurong Lake District, ear-

marked by the government as Singa-

pore’s second CBD; the Kallang Ba-

sin area, which will be revitalised,

along with the Kallang River, with

parkland, community spaces and bi-

cycle trails; and the Southern Water-

front City, when an area of 1,000ha

(three times the size of Marina Bay)

is freed up for development, follow-

ing the relocation of the ports in Tan-

jong Pagar and Pasir Panjang.

Yu believes planning and design

are critical for Singapore’s success

in land use and for the real estate

industry. He is one of the five judg-

es for the inaugural EdgeProp Ex-

cellence Awards, to be held on Oct

23. “Awards are a means of recog-

nising excellence and quality,” he

says. He also sees such awards as

motivation for developers to offer

better-quality projects and embrace

new technology.

URA

Yu: Awards are a means of recognising excellence and quality

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The Kallang Basin area is one of the locales in Singapore that are likely to undergo the biggest transformation in the coming decade

main contributing factors is legisla-

tion. Over the past seven years, the

government has been trying to wean

the construction industry from its re-

liance on cheap foreign workers by

imposing a quota on these workers

and gradually increasing the levy on

them since July 2010. “Our reliance

on foreign labour has its roots in our

meritocratic and achievement-ori-

ented policies, such that locals shun

the construction industry,” says Yu.

In an effort to encourage more

companies to adopt new technol-

ogy, URA has stipulated the use of

65% prefabricated prefinished volu-

metric construction (PPVC) in some

land tenders, such as mixed-use de-

velopment The Wisteria, executive

condominium The Brownstone and

private condo Clement Canopy.

The government is also pushing

through its vision of an “Eco-Smart”

City to spur green innovation and

help mitigate the impact of climate

change. “Many of the members of

Redas [Real Estate Developers’ As-

sociation of Singapore] are guided by

robust corporate environmental sus-

tainability principles and are strong

advocates of eco-friendly buildings

that promote good passive design,

façade performance and effective

natural ventilation to reduce carbon

emission and enhance the well-be-

ing of occupants,” said Augustine

Tan, president of Redas, in a speech

on Oct 4 at a Mid-Autumn Festival

lunch held by the association.

Many developments have also

traces the evolution of the city state’s

real estate. He recently led the pro-

duction of a sleek video for the De-

partment of Real Estate that pre-

sents Singapore’s “Smart City” and

“Smart Nation” initiatives. The video

is now available on YouTube. “As a

city state and a global city, Singapore

benefits from a greater flow of infor-

mation and the sharing of ideas, as

well as innovation and technological

advancements,” observes Yu.

Government’s push to automateSingapore’s building quality has im-

proved over the years. One of the


COVER STORY

| BY CECILIA CHOW |

The Pawley family count them-

selves among the pioneer res-

idents in Sentosa Cove, Sin-

gapore’s waterfront luxury

residential enclave. “In Jan-

uary, we would have lived here for

10 years,” says Mrs Sharon Pawley.

Being the first to move in had a

price: They had to put up with the

noise and dust of construction in the

first two years. “When we moved in,

the house next door was being built,”

recalls Mrs Pawley. “There was nothing

on those islands [Treasure Island and

Paradise Island] then. Mr [Stephen]

Riady bought a house out there, but

demolished it and built two houses.

Everywhere around us, construction

was going on.”

However, the family has grown

to love their home on Ocean Drive.

The choice of the site facing the wa-

terway was deliberate. “For sure, it’s

nice to [have a view of] the sea, but

there’s no privacy — people will walk

by, stop and look into your house,”

says Mrs Pawley. “But it’s very qui-

et here and more private. You have

a berth for your boat and you can go

kayaking or canoeing.”

Mrs Pawley was very involved

in the design of the family home,

which took two years to complete

— six months for the planning and

design and 18 months for construc-

tion. She worked closely with the

architect, Chan Wai Kin of Timur

Designs, who designed many of the

luxury homes in the prime districts

of Singapore and Sentosa Cove.

‘A combination of everything’Prior to moving to their home in Sen-

tosa Cove, the Pawleys had lived in a

black-and-white colonial bungalow.

Mrs Pawley liked the overhangs of

the bungalow, as they kept the house

cool, and incorporated that feature

in the new house. She also wanted

a Balinese-style home with a lot of

covered outdoor spaces for enter-

taining. Another must-have was a

basement entertainment area, typi-

cal of American homes. “It’s a com-

bination of everything for our fami-

ly needs,” says Mrs Pawley.

She also worked closely with

the builder, Mr Peh of Euro Builder

& Electrical Pte Ltd. “He was very

meticulous and paid great atten-

tion to detail,” she recounts. “The

team that built the house from the

very beginning would come down

to maintain the house.” They made

sure that the materials used for the

house would weather well over time;

for instance, all the wood used for

the house are termite-resistant, with

chengal wood for the outdoors and

teak for the indoors.

“It’s a functional family home,

and the kids have loved it here,” says

Singapore’s waterfront luxury resort is coming back to life as prospective homebuyersswoop in, led by locals and permanent residents

Family home in Sentosa Cove for $17 mil

The living room is designed as the nucleus of the house

This Balinese-style house with pavilions onOcean Drive was designed by Timur Designs

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COVER STORY

Mrs Pawley. However, now that the

children have grown up and are go-

ing to the UK for their tertiary stud-

ies, Mrs Pawley feels it is time to sell

the house.

The house on Ocean Drive has a

built-up area of 8,000 sq ft and sits

on a land area of 8,675 sq ft. On

the first level is an en suite guest

bedroom, and on the second level

are the master suite with attached

private gym, as well as three en

suite bedrooms. The attic is used

as a study.

The basement is the entertain-

ment area. There are glass sliding

doors that open out to a courtyard,

ensuring natural light and ventila-

tion. “It brightens the basement lev-

el,” says Bruce Lye, managing part-

ner of SRI, the exclusive marketing

agent for the house. “This is unlike

the basements of some houses, which

tend to be dark and damp and pro-

mote growth of mould and mildew

over time.”

In good conditionLye has noticed that some of the new

owners of houses in Sentosa Cove

have recently either torn down the

original structures or undertaken

extensive additions and alterations

after buying them. “That’s why you

see quite a few empty plots in Sen-

tosa Cove,” he says. “If the origi-

nal house was not well built and

doesn’t weather well under the trop-

ical coastal conditions, they have to

be rebuilt.”

This is not the case with the Paw-

ley home on Ocean Drive, which, af-

ter close to 10 years, is still in good

condition. “It has always been our

family home and was never let out;

we take care of it,” says Mrs Pawley.

The buyer needs to do only “mi-

nor touch-ups” before moving in,

says SRI’s Lye. The price tag on

the house is $17 million, or $1,960

psf. “This is a competitive price for

a quality home with character,” he

points out.

Six months ago, Lye brokered the

sale of two other bungalows. The

one that sits on a 7,384 sq ft plot is

located on Ocean Drive and fronts

the sea. It was sold for $12.5 mil-

lion ($1,694 psf). The one that sits

on a 7,416 sq ft plot is on Cove Drive

and faces the waterway. It fetched

$10 million ($1,348 psf), according

to caveats lodged in April.

“Sentiment has improved amid

reports that the housing market has

bottomed,” observes Lye. New-home

sales have been brisk, and even the

luxury condo market in the prime dis-

tricts and Good Class Bungalows, the

most luxurious of bungalows, have

started to see renewed buying ac-

tivity. “This has spurred those who

have been contemplating making a

purchase for the last couple of years

to take action,” he adds.

Today, the premium between

seafront and waterway houses has

narrowed to just 15%, notes SRI’s

Lye. “Those who own boats would

prefer a home on the waterway,” he

adds. “Besides price, buyers are also

focused on the design of the house

and the land size and shape.”

As more homebuyers consider

Sentosa Cove as a place for their

family home — like the Pawleys —

the enclave is starting to regain some

of its shine.

Interest has returned to Sentosa Cove this year, as buyers are starting to see value in the top end of the luxury segment, notes Steve Tay, senior vice-president, resale division, CBRE Realty Associates.

Based on caveats lodged, there have been 11 transactions in Sentosa Cove so far this year. “To my knowledge, there were at least five deals this year, in which caveats were not lodged, which brings the tally to 16,” says CBRE’s Tay. He brokered eight bungalow deals, although not all had caveats lodged.

The deals handled by Tay include the sale of a bungalow on Lakeshore View for $15.5 million ($1,807 psf) at end-July, another on Cove Grove for $16.6 million ($1,707 psf) in June, and a house on Lakeshore View that fetched $21.25 million ($1,886 psf) in March, which was an exclusive listing with CBRE. Based on caveats lodged, it was the first bungalow to be sold this year (see Table 2).

Transactions this year have been the highest since 2013, when 18 bungalows were sold (based on caveats lodged), despite a hefty additional buyer’s stamp duty (ABSD) of 15% that kicked in in January that year. From 2014 to 2016, sales were lacklustre, with only four bungalows changing hands for each of those years (see Table 1).

Many attribute the lacklustre sales to the cumulative effects of the eight rounds of property cooling measures that culminated in the total debt servicing ratio (TDSR) framework, which came into effect at end-June 2013. The Singapore economy had also slowed, owing to the global economic uncertainty, plunging oil prices and volatile stock markets.

With the local economy set to recover, the property market has become more buoyant. This is also having a positive impact on Sentosa Cove.

CBRE’s Steve Tay was the broker for the sale of a bungalow on Lakeshore View at end-July

for $15.5 million ($1,807 psf)

Highest transaction volume since 2013

Transaction volume and total sales of Sentosa Cove bungalows (2007 to 2017)

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Total transactions in 2017 based on caveats lodged

NO ADDRESS LAND TRANSACTED UNIT SALE DATE TENURE COMPLETION TYPE AREA PRICE ($) PRICE DATE OF SALE (SQ FT) ($ PSF)

1 Lakeshore View 11,270 21,250,000 1,886 March 1, 2017 99 years from 31/8/2005 2007 Resale

2 Coral Island 9,322 11,000,000 1,180 March 21, 2017 99 years from 27/2/2005 2007 Resale

3 Cove Drive 7,416 10,000,000 1,348 April 3, 2017 99 years from 26/6/2007 2009 Resale

4 Ocean Drive 7,384 12,500,000 1,694 April 4, 2017 99 years from 06/7/2005 2008 Resale

5 Cove Grove 9,354 16,800,000 1,797 April 17, 2017 99 years from 04/10/2007 2011 Resale

6 Cove Grove 11,517 14,500,000 1,259 May 5, 2017 99 years from 02/10/2007 2011 Resale

7 Cove Grove 9,731 16,600,000 1,707 June 8, 2017 99 years from 11/11/2009 2010 Resale

8 Pearl Island 8,945 16,550,000 1,851 June 13, 2017 99 years from 03/3/2008 2012 Resale

9 Cove Drive 9,688 14,000,000 1,445 June 28, 2017 99 years from 01/11/2006 2010 Resale

10 Pearl Island 7,007 11,288,000 1,610 July 13, 2017 99 years from 03/3/2008 2012 Resale

11 Lakeshore View 8,579 15,500,000 1,807 July 28, 2017 99 years from 19/9/2005 2009 Resale

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NO ADDRESS LAND TRANSACTED UNIT SALE DATE TENURE COMPLETION TYPE AREA PRICE ($) PRICE DATE OF SALE (SQ FT) ($ PSF)

Lakeshore View

Coral Island

Cove Drive

Ocean Drive

Cove Grove

Cove Grove

Cove Grove

Pearl Island

Cove Drive

Pearl Island

Lakeshore View

ADDRESS

21,250,000

11,000,000

10,000,000

12,500,000

16,800,000

14,500,000

16,600,000

16,550,000

14,000,000

11,288,000

15,500,000

TRANSACTED PRICE ($)

March 1, 2017

March 21, 2017

April 3, 2017

April 4, 2017

April 17, 2017

May 5, 2017

June 8, 2017

June 13, 2017

June 28, 2017

July 13, 2017

July 28, 2017

SALE DATE

2007

2007

2009

2008

2011

2011

2010

2012

2010

2012

2009

COMPLETION DATE

YEAR NO OF UNITS SOLD TOTAL SALES ($ MIL) AVERAGE PRICE ($ PSF)

2007 36 348.17 1,153

2008 1 12.28 1,939

2009 36 484.84 1,517

2010 54 921.02 1,910

2011 24 439.79 2,113

2012 25 513.90 2,150

2013 18 366.76 2,123

2014 4 56.50 1,621

2015 4 66.80 2,018

2016 4 64.50 1,881

2017* 11 159.99 1,596

*2017 to date, with caveats lodged as at Oct 17

Profile of buyersWhat is different this time around is the profile of the buyers. “It’s now a fair mix of local buyers looking at both investment and enjoyment of the lifestyle at the Cove; and new citizens and PRs [permanent residents] — mainly from China, India or the other Southeast Asian countries — who prefer the lifestyle at the Cove to that on the mainland,” says CBRE’s Tay. “Foreigners made up about a quarter of the buyers this year.”

With more homeowners using their Sentosa Cove houses as their primary residence, there are fewer empty houses around. In the past, many of the homes purchased by Singaporeans were used only as weekend homes, while foreign investors used them as second or vacation homes. “Now, many of the homes are lived in, and people are truly enjoying the Sentosa Cove lifestyle and environment,” notes Tay.

Prices 30% to 40% below peak What is also drawing buyers back is that prices of houses in Sentosa Cove today are 30% to 40% below the record prices achieved in 2010 and 2012, says Tay. In terms of psf price, the highest achieved was for a seafront bungalow on Ocean Drive that fetched $28.2 million ($2,989 psf) in October 2010. In terms of absolute prices, the highest achieved was for a house on Cove Drive that fetched $39 million ($2,448 psf) in February 2012; another property on Paradise Island was sold for $36 million ($2,403 psf) in May 2010.

At the peak of the market, in 2010, average prices of waterway homes were $2,000 psf, while those with premium views of the golf course, lake and sea on Lakeshore View fetched closer to $3,000 psf, says CBRE’s Tay.

The triple-volume living area has an unobstructed view of the swimming pool and waterway

The dining room, which opens out onto the outdoor dining area, is ideal for entertaining

E

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Table 2


SPECIAL FEATURE BROUGHT TO YOU BY COUNTRY GARDEN

World-class golf resort adds to Forest City’s attractions

FOREST CITY by Country Garden

Pacificview (CGPV) Sdn Bhd will have

an international golf resort in the next

phase of its development. According

to the developer of the mega-project,

the golf resort is located about 7km

from Forest City and will span eight

sq km. It will have three 18-hole golf

courses, luxury hotels and low-densi-

ty residences.

CGPV envisions Forest City Golf Re-

sort as a leisure amenity to the larger

Forest City environment that will draw

the world’s elite to visit or reside there.

“It is a core tourism asset that helps

complement our other offerings and

make Forest City more complete and

attractive,” says Zhou Jun, vice-gener-

al manager of regional sales and mar-

keting at CGPV.

The first golf course will be designed

by legendary golfer-turned-designer

Jack William Nicklaus and his son, Jack

Nicklaus II. The elder Nicklaus is a re-

tired American professional golfer who

won a record 18 major championships

throughout his career.

Today, Nicklaus devotes his time

to designing golf courses and oper-

ates one of the world’s leading golf

design practices, Nicklaus Design. At

Forest City Golf Resort, Nicklaus has

masterfully integrated the natural fea-

tures of the site and a scenic river into

the design of the 183-acre golf course.

The second golf course will be de-

signed by renowned landscape archi-

tect and golf course designer Liang

Guo Kun. Liang is also executive di-

rector and vice-president of Country

Garden Holdings Co Ltd, one of the

parent companies of CGPV. He is the

landscape designer for many of the

projects by Country Garden and “sets

the benchmark for our landscape de-

sign”, according to Zhou.

A new expressway linking Forest

City Golf Resort to Forest City will cut

travelling time between the two des-

tinations from the current 30 minutes

to 15. The high speed rail that will link

Singapore and Kuala Lumpur will offer

easy accessibility to Forest City.

HOME FOR GOLFERSThe fi rst tranche of villas at Forest City

Golf Resort to be launched for sale

will comprise 202 units, with land area

ranging from 2,034 to 6,974 sq ft. They

are billed as homes for golf afi ciona-

dos from around the world, and will be

no more than a 10-minute walk from

the golf course designed by Nicklaus.

Located by the river, the properties will

have views of Forest City.

The villas in Phase 1 will comprise

semi-detached and cluster houses that

will have their own gardens, thus en-

suring privacy. CGPV will hold a glob-

al launch on Nov 5.

Also in Phase 1 of the golf resort is

a five-star hotel with 305 suites in two

11-floor towers. The hotel’s soft open-

ing is slated for early 2018, while the

golf course is expected to be complet-

ed later that same year.

The timing is perfect, Zhou reckons,

as Jurong Country Club has been closed

and Raffles Country Club will cease

operations in July 2018 to make way

for the Singapore-Malaysia high speed

rail. “I think our golf resort will be very

attractive to Singaporeans,” she says.

ICONIC MULTI-YEAR DEVELOPMENTForest City, located about 5km from

the Tuas Second Link, is set to be-

come one of the world’s most ad-

vanced cities. Its developer, CGPV,

is a joint-venture company formed by

Hong Kong-listed Country Garden

Holdings and Esplanade Danga 88

Sdn Bhd.

According to Zhou, Forest City

is a mega-project that will take 25

to 30 years to be completed. It will

span an area of 30 sq km. There will

be four reclaimed islands totalling

20

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Forest City Golf Resort will span eight sq km and have three 18-hole courses, luxury hotels and low-density residences

Zhou: I think our golf resort will be very attractive to SingaporeansA stdes

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* This is an overseas investment. As overseas investments carry additional financial, regulatory and legal risks, investors are advised to do the necessary checks and research on the investment beforehand.


20 sq km. Forest City Golf Resort will occupy

eight sq km, and two sq km will be set aside

for the Industrial Building System factories. The

factories will support the construction of For-

est City and also supply material for the con-

struction of other developments in Singapore

and Johor in future.

Forest City is envisioned as a showcase mod-

ern city that caters for all the live-work-play needs

of its population of 700,000. The project has a

unique traffic infrastructure that is divided into

three levels. Motor vehicles will move and park

on the lower levels while the topmost level will

be a tropical garden. The latter will be reserved

for pedestrians and non-motorised transport

modes such as bicycles.

To cater for educational needs, Forest City

will host a variety of international schools. Among

them is Shattuck-St Mary’s School, a renowned

private boarding school in the US that will of-

fer kindergarten to high school education. The

construction of the campus has begun and the

school is expected to enroll its first student co-

hort in August 2018.

A healthcare centre managed by Taiwanese

healthcare provider MJ Group was completed

in July. CGPV is collaborating with other world-

class hospitals and institutions to bring world-

class medical services to Forest City.

BUDDING COMMUNITYForest City recently celebrated the Mid-Autumn

Festival with the public at its sales gallery, as it

aims to build stronger ties with the local com-

munity.

In May this year, homeowners took posses-

sion of the first residences completed at Forest

City. The 132-unit Kylin condominium is part of

the luxurious Phoenix Hotel, which opened its

doors last December.

According to Zhou, the 283-room hotel, part

of a chain owned and operated by Country Gar-

den, enjoys near full occupancy and is especial-

ly crowded with holidaymakers who love to shop

at the adjacent Harbour Commercial Street dur-

ing the weekends. The two-storey mall has eat-

eries and stores, and the price of cosmetics and

perfumes sold at the stores is among the most

competitive in Asia-Pacific, says Zhou. The mall

is popular with Singaporeans, who often head to

Johor Bahru to shop and dine.

In 2019, a new mall will be added to For-

est City. It is part of the Forest City Landmark,

which will comprise apartments, offices and re-

tail units. The strata office units and apartments

at the Landmark will be launched for sale “very

soon”, says Zhou.

According to Zhou, Singaporeans and Ma-

laysians accounted for a substantial proportion

of the sales this year.

Condo units at Forest City have been sold

to purchasers from nearly 30 countries and the

number is set to grow. CGPV plans to succes-

sively open Forest City sales galleries in Du-

bai, Japan, Laos, Myanmar, the Philippines,

Taiwan, Thailand and Vietnam. And there are

plans to market Forest City in Europe and the

US, says Zhou.

Forest City offers a wide range of real-estate

products. Investors prefer two- and three-bed-

room apartments, while those who buy the lux-

ury villas are usually owner-occupiers. Prices of

villas at Forest City Golf Resort start from $2 mil-

lion, much lower than a similar product in Singa-

pore, says Zhou. “Furthermore, all the properties

in Forest City are freehold,” she adds.

Artist’s impression of a golf course at Forest City Golf Resort

A store at Harbour Commercial Street, a popular shopping and dining destination adjacent to Phoenix Hotel

Residents have moved into the 132-unit Kylin condominium, which is part of the luxurious Phoenix Hotel

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Scale model of Forest City Landmark, a mixed-use development that is slated for completion in 2019

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OFFSHORE

Prices to rise 5% in HCMC and 3% in Hanoi annually until 2019, says CBRE

Uptrend in primary-market pricesfor apartments expected to continue

Note: Base year is 2005; no luxury project in Hanoi until 2011

CBRE

VIE

TNAM

, 3Q

2017

HANOI

HCMC

200150100

500

FORECAST

% c

hang

e

2005

2005

2006

2006

2007

2007

2008

2008

2009

2009

2010

2010

2011

2011

2012

2012

2013

2013

2014

2014

2015

2015

2016

2016

2017

F20

17F

2018

F20

18F

2019

F20

19F

200150100

500

Luxury High-end Mid-tier Affordable

% c

hang

e

| BY LIN ZHIQIN |

Singaporean buyers still account

for “significant demand” in

Vietnam’s residential prop-

erty market, and they prefer

to buy properties in Ho Chi

Minh City (HCMC) and Hanoi, says

Hang Dang, managing director of

CBRE Vietnam.

This is despite a dearth of Viet-

namese projects launched in Singa-

pore since April, when Mapletree In-

vestments’ RichLane Residences in

HCMC and CapitaLand’s latest phase

of its Hanoi residential project, Sea-

sons Avenue, were introduced.

It is expensive to launch projects

overseas and difficult to attract po-

tential buyers who are not familiar

with Vietnam and the country’s

developers, says Hang. Thus, Viet-

namese developers are less likely

than their Singapore counterparts

to bring their projects to Singa-

pore, she says.

Foreigners are allowed to own

only up to 30% of the units in a

condominium project. As a result,

develop ers tend to focus their mar-

keting efforts on Vietnamese, fol-

lowed by expatriates who live in Vi-

etnam, says Hang. With the current

buoyant market sentiment, foreign-

ers in Vietnam often take up the en-

tire 30% quota before the projects

are launched overseas.

In 1H2017, foreigners account-

ed for 59% of the deals brokered by

CBRE at Vietnamese projects. This

is an increase from the 37% record-

ed for 1H2016. Besides Singapore-

ans, buyers from South Korea, Tai-

wan, Hong Kong and China are also

active in Vietnam’s residential prop-

erty market. Hang expects continued

interest from foreign buyers, owing to

the upbeat market sentiment and the

attractive rental yield of 5% to 7%

in HCMC and 4% to 6% in Hanoi.

Rising prices but pacelikely to slowAccording to Hang, prices in the pri-

mary market were up 9% in HCMC

and 4% in Hanoi in 1H2017 com-

pared with 1H2016. She adds that

developers had raised prices at re-

cently launched projects in good lo-

cations in both Hanoi and HCMC,

particularly in the high-end segment.

In HCMC, prices of new apart-

ments rose 4.9% q-o-q and 8.8%

y-o-y in 3Q2017, according to JLL

Vietnam. During the period, a total

of 11,744 units were launched in

HCMC, an increase of 53.9% q-o-q

and 39.2% y-o-y. The sales volume

in the primary market rose 12.5%

q-o-q to 12,919 units. Of the units

launched in 3Q2017, a total of 6,163

were in the mid-tier segment, where

asking prices averaged US$1,500 psm

($190 psf). JLL expects the number

of units launched in HCMC this year

to total about 15,000, with those in

the affordable segment making up

the bulk. This segment, which ap-

peals to owner-occupiers, is also

likely to drive future developer sales,

says JLL.

In Hanoi, about 6,000 units were

launched in 3Q2017, taking the total

number of units launched in

the first nine months of 2017

to nearly 22,000, according

to JLL. More than 6,500 units

were sold in 3Q2017, which

was an increase of 7.3%

from 2Q2017. Of the units

sold, 75.5% were in the af-

fordable and mid-tier seg-

ments, where asking pric-

es ranged from US$800 to

$1,300 psm. Overall prices

of new apartments in Hanoi

slipped 2% q-o-q and 2.2%

y-o-y in 3Q2017, as devel-

opers offered promotional

deals to attract buyers. How-

ever, there was an increase

in prices in the mid-tier and

premium market segments,

says JLL.

CBRE’s Hang believes

price growth will moderate

in 2H2017 as developers fo-

cus on the mid-tier and af-

fordable segments, where

“prices will not increase sig-

nificantly”. CBRE, however,

expects overall prices of apartments

in the primary market to rise, with a

5% increase in HCMC and 3% gain

in Hanoi annually until 2019.

Demand led by occupiersWith the strong supply of new pro-

jects today, buyers would consider

the secondary market only if they

need to occupy the property imme-

diately, or if prices are cheaper or the

project is in an exceptional location

and of outstanding quality, says Hang.

“There are so many project launches.

The secondary market will develop

in a few more years when those who

bought units in these projects sell.”

According to JLL, prices in HCMC’s

secondary market slipped 0.7% q-o-q

in 3Q2017, owing to the large sup-

ply of projects in the mid-tier and af-

fordable segments entering the mar-

ket. In Hanoi, average prices in the

secondary market rose 1.5% q-o-q

to reach US$1,230 psm.

As at end-3Q2017, there were a total

of 110,000 completed and 86,000 un-

completed apartment units in HCMC,

and the unsold inventory stood at

10.6%, according to JLL. In Hanoi,

there were 133,000 completed and

57,000 uncompleted units, and the

unsold inventory was 20.6%.

The sales volume in the primary

and secondary markets is expected

to continue growing in 2H2017, driv-

en by demand from owner-occupi-

ers rather than investors or specula-

tors, says JLL.

According to research by Sav-

ills Vietnam, owner-occupiers made

up 66% of buyers in 2Q2017, while

buy-to-let investors and speculators

made up 26% and 8% respectively.

In 2Q2016, 34% of purchasers were

buy-to-let investors, 11% were spec-

ulators and 55% owner-occupiers.

The increase in end-user demand

is likely to lend stability to the mar-

ket as the number of units complet-

ed and handed over is expected to

reach a record 33,000 units each in

Hanoi and HCMC this year, accord-

ing to estimates by Savills. In 2018,

about 28,000 units will be complet-

ed in Hanoi and close to 30,000 units

in HCMC.

Despite the record supply enter-

ing the rental market, rents are still

stable, according to CBRE’s Hang.

This is because the number of ex-

patriates has grown in tandem with

foreign direct investment in Viet-

nam. According to JLL, Vietnam’s

FDI reached a record US$25.5 billion

($34.6 billion) between 1Q2017 and

3Q2017, a 34.3% increase over the

same period in 2016.

There has also been demand from

locals, who make up 30% to 40% of

the rental market today, says Hang.

And more are looking to rent, she adds.

“They are willing to pay the same

rents as foreigners,” she notes.

Hang expects continued interest in Vietnam’s property market from foreign buyers, owing to the upbeat sentiment

Mapletree’s RichLane Residences saw strong sales when it was launched in Singapore over the weekend of April 1 and 2

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

Residential transactions with contracts dated Oct 3 to 10

District 1 ONE SHENTON Apartment 99 years Oct 05, 2017 1,098 1,710,000 - 1,557 2011 ResalePEOPLE’S PARK COMPLEX Apartment 99 years Oct 05, 2017 409 460,000 - 1,125 1972 ResaleTHE SAIL @ MARINA BAY Apartment 99 years Oct 04, 2017 861 1,499,888 - 1,742 2008 ResaleTHE SAIL @ MARINA BAY Apartment 99 years Oct 03, 2017 883 1,680,000 - 1,903 2008 ResaleDistrict 2 SKYSUITES@ANSON Apartment 99 years Oct 06, 2017 667 1,330,440 - 1,994 2014 ResaleSKYSUITES@ANSON Apartment 99 years Oct 06, 2017 667 1,328,000 - 1,990 2014 ResaleSKYSUITES@ANSON Apartment 99 years Oct 03, 2017 667 1,453,770 - 2,178 2014 ResaleSPOTTISWOODE SUITES Apartment Freehold Oct 04, 2017 1,119 2,060,000 - 1,840 2017 New SaleDistrict 3 ALEX RESIDENCES Apartment 99 years Oct 08, 2017 904 1,740,000 - 1,924 2017 New SaleALEX RESIDENCES Apartment 99 years Oct 08, 2017 904 1,740,000 - 1,924 2017 New SaleALEXIS Apartment Freehold Oct 03, 2017 398 700,000 - 1,758 2012 ResaleARTRA Apartment 99 years Oct 05, 2017 786 1,541,400 - 1,962 Uncompleted New SaleARTRA Apartment 99 years Oct 03, 2017 786 1,415,999 - 1,802 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Oct 08, 2017 1,033 1,688,800 - 1,634 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Oct 08, 2017 904 1,712,200 - 1,894 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Oct 08, 2017 904 1,710,200 - 1,891 Uncompleted New SaleHIGHLINE RESIDENCES * Condominium 99 years Oct 07, 2017 1,152 1,967,600 - 1,708 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Oct 06, 2017 1,152 2,052,000 - 1,782 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Oct 05, 2017 1,292 2,500,000 - 1,935 Uncompleted New SalePRINCIPAL GARDEN * Condominium 99 years Oct 08, 2017 764 1,300,000 - 1,701 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Oct 08, 2017 764 1,301,000 1,296,000 1,696 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Oct 08, 2017 861 1,486,000 1,481,000 1,720 Uncompleted New SaleQUEENS Condominium 99 years Oct 04, 2017 1,195 1,415,000 - 1,184 2002 ResaleQUEENS PEAK * Condominium 99 years Oct 07, 2017 775 1,286,000 - 1,659 Uncompleted New SaleQUEENS PEAK Condominium 99 years Oct 06, 2017 775 1,342,000 - 1,732 Uncompleted New SaleQUEENS PEAK Condominium 99 years Oct 06, 2017 936 1,626,242 - 1,737 Uncompleted New SaleRIVER PLACE Condominium 99 years Oct 04, 2017 786 1,070,000 - 1,362 2000 ResaleTANGLIN VIEW Condominium 99 years Oct 09, 2017 1,141 1,300,000 - 1,139 2001 ResaleTHE CREST Condominium 99 years Oct 05, 2017 1,216 2,172,000 - 1,786 2017 ResaleTHE CREST Condominium 99 years Oct 05, 2017 1,572 2,844,000 - 1,810 2017 ResaleTHE CREST Condominium 99 years Oct 05, 2017 1,195 2,113,000 - 1,768 2017 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 06, 2017 1,281 1,740,000 - 1,358 2004 Resale

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

CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 05, 2017 1,636 2,530,000 - 1,546 2004 ResaleREFLECTIONS AT KEPPEL BAY * Condominium 99 years Oct 09, 2017 1,098 1,760,220 - 1,603 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 09, 2017 1,109 1,776,390 - 1,602 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 09, 2017 1,076 1,774,080 - 1,648 2011 ResaleTHE INTERLACE Condominium 99 years Oct 03, 2017 807 1,080,000 - 1,338 2013 ResaleDistrict 5 FABER HILLS Apartment Freehold Oct 03, 2017 1,668 1,399,988 - 839 1977 ResaleLANDRIDGE CONDOMINIUM Condominium Freehold Oct 09, 2017 1,830 2,160,000 - 1,180 1993 ResaleONE-NORTH RESIDENCES Apartment 99 years Oct 09, 2017 592 860,000 - 1,453 2009 ResalePARC RIVIERA * Condominium 99 years Oct 08, 2017 904 1,104,460 - 1,222 Uncompleted New SalePARC RIVIERA Condominium 99 years Oct 06, 2017 904 1,112,000 - 1,230 Uncompleted New SalePARC RIVIERA Condominium 99 years Oct 06, 2017 1,152 1,438,000 - 1,249 Uncompleted New SaleTHE CLEMENT CANOPY * Apartment 99 years Oct 08, 2017 990 1,388,000 - 1,402 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years Oct 08, 2017 1,109 1,538,000 - 1,387 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years Oct 08, 2017 1,109 1,598,000 - 1,441 Uncompleted New SaleTHE PARC CONDOMINIUM Condominium Freehold Oct 04, 2017 980 1,250,000 - 1,276 2010 ResaleTHE TRILINQ Condominium 99 years Oct 05, 2017 538 855,000 - 1,589 2017 New SaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years Oct 06, 2017 1,152 1,790,000 - 1,554 2014 ResaleDUO RESIDENCES Apartment 99 years Oct 07, 2017 1,528 3,783,188 - 2,475 2017 New SaleDUO RESIDENCES Apartment 99 years Oct 06, 2017 1,023 1,800,000 - 1,760 2017 New SaleDistrict 8 FORTE SUITES Apartment Freehold Oct 07, 2017 603 1,150,000 - 1,908 2016 New SaleSING AVENUE Apartment Freehold Oct 06, 2017 1,163 1,168,000 - 1,005 1974 ResaleSTURDEE RESIDENCES Condominium 99 years Oct 07, 2017 947 1,505,800 - 1,590 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Oct 04, 2017 1,302 1,833,183 - 1,407 Uncompleted New SaleDistrict 9 1919 Apartment Freehold Oct 05, 2017 861 1,780,000 - 2,067 2015 ResaleBELLE VUE RESIDENCES Condominium Freehold Oct 09, 2017 1,938 3,486,600 - 1,800 2010 ResaleESPADA Apartment Freehold Oct 06, 2017 355 870,000 - 2,449 2013 ResaleHORIZON TOWERS Condominium 99 years Oct 09, 2017 2,314 2,600,000 - 1,123 1984 ResaleLENGKOK ANGSA Terrace Freehold Oct 06, 2017 2,486 6,600,000 - 2,652 2015 ResaleMARTIN MODERN * Condominium 99 years Oct 08, 2017 1,733 3,918,432 - 2,261 Uncompleted New SaleMARTIN MODERN Condominium 99 years Oct 06, 2017 1,012 2,469,012 - 2,440 Uncompleted New SaleMARTIN MODERN Condominium 99 years Oct 05, 2017 1,399 3,339,225 - 2,386 Uncompleted New SaleMOUNT SOPHIA SUITES Apartment Freehold Oct 06, 2017 560 880,000 - 1,572 2010 ResaleOLEANAS RESIDENCE Condominium Freehold Oct 04, 2017 1,668 2,370,000 - 1,421 1999 ResaleRIVERGATE Apartment Freehold Oct 05, 2017 1,044 2,250,000 - 2,155 2009 ResaleRIVERIA GARDENS Apartment Freehold Oct 09, 2017 1,432 2,790,450 - 1,949 2010 ResaleSAM KIANG MANSIONS Apartment Freehold Oct 03, 2017 1,281 2,050,000 - 1,600 1999 ResaleSOPHIA HILLS * Condominium 99 years Oct 08, 2017 570 1,137,000 - 1,993 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Oct 08, 2017 700 1,398,000 - 1,998 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Oct 08, 2017 700 1,411,000 - 2,017 Uncompleted New SaleSUITES AT ORCHARD Apartment 99 years Oct 06, 2017 2,099 1,890,000 - 900 2014 ResaleTHE ORCHARD RESIDENCES Apartment 99 years Oct 06, 2017 2,174 6,200,000 - 2,851 2010 ResaleTHE RISE @ OXLEY - RESIDENCES Apartment Freehold Oct 04, 2017 1,023 2,068,000 - 2,022 Uncompleted New SaleVIDA Apartment Freehold Oct 03, 2017 527 1,150,000 - 2,180 2009 ResaleDistrict 10 CORONATION ROAD Semi-Detached Freehold Oct 06, 2017 5,360 5,780,000 - 1,079 Unknown ResaleD’ DALVEY Apartment Freehold Oct 06, 2017 1,206 1,800,000 - 1,493 2005 ResaleDUKES RESIDENCE Apartment Freehold Oct 04, 2017 1,615 2,480,000 - 1,536 2011 ResaleGOODWOOD GRAND Detached Freehold Oct 05, 2017 5,231 6,950,000 - 1,329 2017 New SaleGOODWOOD GRAND Detached Freehold Oct 03, 2017 5,231 6,950,000 - 1,329 2017 New SaleLEEDON RESIDENCE Condominium Freehold Oct 05, 2017 4,704 9,600,000 - 2,041 2015 ResaleLEEDON RESIDENCE Condominium Freehold Oct 05, 2017 4,090 7,200,000 - 1,760 2015 ResaleLOTUS AVENUE Semi-Detached Freehold Oct 03, 2017 3,498 5,300,000 - 1,514 1975 ResaleLUTHERAN TOWERS Apartment 103 years Oct 04, 2017 1,916 1,675,000 - 874 Unknown ResaleM5 Apartment Freehold Oct 06, 2017 441 868,000 - 1,967 Uncompleted New SaleM5 Apartment Freehold Oct 06, 2017 474 969,000 - 2,046 Uncompleted New SaleMADISON RESIDENCES Condominium Freehold Oct 10, 2017 1,464 2,960,000 - 2,022 2012 ResaleNAMLY CRESCENT Semi-Detached Freehold Oct 06, 2017 3,175 7,200,000 - 2,265 1972 ResaleREGENCY PARK Condominium Freehold Oct 10, 2017 3,175 5,070,000 - 1,597 1990 ResaleRV RESIDENCES Condominium 999 years Oct 05, 2017 1,216 2,170,000 - 1,784 2015 ResaleTANGLIN REGENCY Condominium 99 years Oct 04, 2017 850 1,060,000 - 1,247 1998 ResaleTHE EQUATORIAL Condominium Freehold Oct 06, 2017 3,455 4,200,000 - 1,216 2001 ResaleTHE LEVELZ Condominium Freehold Oct 05, 2017 1,335 1,720,000 - 1,289 2004 ResaleTHE LEVELZ Condominium Freehold Oct 05, 2017 980 1,540,000 - 1,572 2004 ResaleTHE SIXTH AVENUE RESIDENCES Condominium Freehold Oct 09, 2017 1,356 2,288,000 - 1,687 2009 ResaleTHE TRESOR Condominium 999 years Oct 09, 2017 1,012 1,790,000 - 1,769 2007 ResaleTHREE BALMORAL Apartment Freehold Oct 05, 2017 1,539 3,359,466 - 2,183 2016 Resale


E

Two Goodwood Grand strata bungalows sold for $6.95 mil each

DONE DEALS

| BY ANGELA TEO |

Interest in the Balmoral area has

increased, especially following the

recent en bloc sale of Sloane Court

Hotel, notes Edwin Tham, an agent

with ERA Realty, who is marketing

units at Volari condominium across

the road. Sloane Court Hotel was sold

for $80.5 million in August to a joint

venture between Tiong Seng Holdings

and Ocean Sky International. The his-

toric Tudor-style hotel will soon make

way for a 12-storey condo with about

80 units.

A freehold, high-end condo, the

85-unit Volari by City Developments

was completed in 2012 and is a re-

development of the former Garden

Hotel. Adjacent to Volari is the newly

completed Goodwood Grand, a bene-

fi ciary of the recent en bloc sale of

Sloane Court Hotel.

Goodwood Grand itself is a prod-

uct of a redevelopment of an en bloc

purchase of the former Balmoral Con-

dominium in 2011. It was acquired

for $141 million by a consortium

comprising Tong Eng Group, the

Ng family of Clarus Corp and Tiong

Seng Holdings.

The 73-unit Goodwood Grand has

65 condo units in seven 13-storey

blocks as well as eight strata bunga-

lows. The condo comprises a mix of

two- to four-bedroom units measur-

ing 775 to 3,111 sq ft. The eight stra-

ta bungalows are sized from 5,167

to 5,479 sq ft.

Goodwood Grand saw a spike in

the number of transactions after its

completion in June and was 85% sold

as at end-September. Recent transac-

tions include two strata bungalows

in October, both measuring 5,231

sq ft each and sold for $6.95 million

($1,329 psf) apiece, according to ca-

veats lodged with URA Realis. The

buyers are believed to be Singapore-

ans who purchased for investment.

This brings the total tally of stra-

ta bungalows sold at Goodwood

Grand to four. The biggest of the stra-

ta bungalows has a built-up area of

5,479 sq ft and was sold for $7 mil-

lion ($1,278 psf) in June 2014. The

smallest has a built-up area of 5,167

sq ft and was sold for $6.63 million

($1,283 psf), according to a caveat

lodged in July 2015.

Two strata bungalows at Goodwood Grand were sold earlier this month, bringing the total sales to four out of eight strata bungalowsin the development

ALBE

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DISCLAIMER:*Not all the caveats are reflected, owing to the high volume of transactions**Collective sale of six unitsSource: URA Realis. Updated Oct 17, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

Residential transactions with contracts dated Oct 3 to 10


VALLEY PARK Condominium 999 years Oct 09, 2017 1,109 1,790,000 - 1,615 1997 ResaleVALLEY PARK Condominium 999 years Oct 03, 2017 1,808 2,980,000 - 1,648 1997 ResaleVICTORIA PARK VILLAS Semi-Detached 99 years Oct 04, 2017 2,745 4,563,000 - 1,662 Uncompleted New SaleDistrict 11 AMANINDA Condominium Freehold Oct 06, 2017 678 868,000 - 1,280 2005 ResaleAMARYLLIS VILLE Condominium 99 years Oct 05, 2017 1,033 1,330,000 - 1,287 2004 ResaleHILLCREST ARCADIA Condominium 99 years Oct 04, 2017 1,711 1,350,000 - 789 1980 ResaleLA SUISSE Terrace 999 years Oct 04, 2017 2,551 3,050,000 - 1,198 1993 ResaleMINBU COURT Apartment Freehold Oct 04, 2017 1,636 1,740,000 - 1,063 1986 ResaleNEWTON ONE Condominium Freehold Oct 03, 2017 1,808 3,520,000 - 1,947 2009 ResalePARK INFINIA AT WEE NAM Condominium Freehold Oct 04, 2017 1,442 2,816,000 - 1,952 2008 ResaleTHE LINCOLN RESIDENCES Condominium Freehold Oct 06, 2017 1,776 2,670,000 - 1,503 2011 ResaleTRILIGHT Condominium Freehold Oct 05, 2017 1,087 2,068,000 - 1,902 2012 ResaleVANDA ROAD Detached Freehold Oct 03, 2017 7,244 10,500,000 - 1,449 1975 ResaleWATTEN ESTATE Detached Freehold Oct 10, 2017 8,514 10,700,000 - 1,257 1980 ResaleWATTEN PARK Semi-Detached Freehold Oct 06, 2017 4,015 6,220,000 - 1,549 Unknown ResaleDistrict 12 AIRSTREAM Apartment Freehold Oct 03, 2017 334 510,000 - 1,528 2012 ResaleGEM RESIDENCES * Condominium 99 years Oct 08, 2017 947 1,433,000 - 1,513 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Oct 08, 2017 947 1,309,000 - 1,382 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Oct 07, 2017 980 1,423,000 - 1,453 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold Oct 05, 2017 1,970 5,218,358 - 2,649 Uncompleted New SaleONE ST MICHAEL’S Condominium Freehold Oct 06, 2017 1,249 1,550,000 - 1,241 2009 ResaleST MICHAEL’S ROAD Terrace Freehold Oct 03, 2017 1,658 837,500 - 505 1971 ResaleTHE ARTE Condominium Freehold Oct 05, 2017 1,873 2,350,000 - 1,255 2010 ResaleTREVISTA Condominium 99 years Oct 09, 2017 1,787 2,238,000 - 1,253 2011 ResaleVIIO @ BALESTIER Condominium Freehold Oct 05, 2017 1,076 1,650,000 - 1,533 Uncompleted New SaleDistrict 13 8@WOODLEIGH Condominium 99 years Oct 04, 2017 1,367 1,730,000 - 1,266 2012 ResaleE MAISON Apartment Freehold Oct 08, 2017 667 876,919 - 1,314 2016 New SaleJALAN CHENGKEK Terrace Freehold Oct 03, 2017 2,702 2,250,000 - 833 1958 ResaleJALAN MELOR Terrace Freehold Oct 06, 2017 2,400 2,100,000 - 876 1961 ResaleONE LEICESTER Condominium Freehold Oct 06, 2017 958 1,180,000 - 1,232 2008 ResaleTHE POIZ RESIDENCES Apartment 99 years Oct 06, 2017 1,184 1,695,380 - 1,432 Uncompleted New SaleDistrict 14 ASTON MANSIONS Apartment 99 years Oct 06, 2017 1,012 850,000 - 840 1998 ResaleASTON MANSIONS Apartment 99 years Oct 05, 2017 1,012 840,000 - 830 1998 ResaleCOSMO Apartment Freehold Oct 05, 2017 420 610,000 - 1,453 2010 ResaleDAKOTA RESIDENCES Condominium 99 years Oct 09, 2017 1,313 1,704,000 - 1,298 2010 ResaleDAKOTA RESIDENCES Condominium 99 years Oct 09, 2017 1,292 1,838,000 - 1,423 2010 ResaleEUNOS GREEN Condominium Freehold Oct 05, 2017 1,970 1,850,000 - 939 1998 ResaleGUILLEMARD EDGE Apartment Freehold Oct 03, 2017 549 690,000 - 1,257 2014 ResaleLORONG MELAYU Terrace Freehold Oct 04, 2017 2,174 2,388,000 - 1,100 1971 ResaleSIMS DORADO Apartment Freehold Oct 10, 2017 861 950,000 - 1,103 2008 ResaleSIMS GREEN Apartment 99 years Oct 05, 2017 1,238 968,000 - 782 2003 ResaleSIMS GREEN Apartment 99 years Oct 03, 2017 1,238 950,000 - 767 2003 ResaleSIMS URBAN OASIS Condominium 99 years Oct 07, 2017 958 1,364,200 - 1,424 Uncompleted New SaleTHE WATER EDGE Apartment Freehold Oct 06, 2017 495 655,000 - 1,323 2013 ResaleTHE WATERINA Apartment Freehold Oct 10, 2017 1,356 1,660,800 - 1,225 2005 ResaleTRE RESIDENCES * Condominium 99 years Oct 08, 2017 861 1,202,000 - 1,396 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Oct 08, 2017 861 1,251,000 - 1,453 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Oct 08, 2017 861 1,255,000 - 1,457 Uncompleted New SaleVACANZA @ EAST Condominium Freehold Oct 06, 2017 840 968,888 - 1,154 2014 ResaleWATERBANK AT DAKOTA Condominium 99 years Oct 06, 2017 883 1,300,000 - 1,473 2013 ResaleWING FONG COURT Apartment Freehold Oct 03, 2017 1,195 840,000 - 703 1997 ResaleDistrict 15 AMBER SKYE Apartment Freehold Oct 05, 2017 1,119 2,251,370 - 2,011 2017 New SaleBELLEZZA @ KATONG Apartment Freehold Oct 10, 2017 1,615 1,780,000 - 1,102 2008 ResaleCOSTA RHU Condominium 99 years Oct 03, 2017 1,399 1,635,000 - 1,168 1997 ResaleDUNMAN PLACE Apartment Freehold Oct 04, 2017 1,292 1,620,000 - 1,254 2001 ResaleELITE TERRACE Terrace Freehold Oct 04, 2017 1,862 2,800,000 - 1,504 1986 ResaleGRAND DUCHESS AT ST PATRICK’S Condominium Freehold Oct 03, 2017 1,044 1,515,000 - 1,451 2010 ResaleJALAN SOTONG Terrace Freehold Oct 09, 2017 1,830 2,680,000 - 1,464 1965 ResaleLE CONNEY PARK Apartment Freehold Oct 09, 2017 829 838,888 - 1,012 1995 ResaleLEGENDA AT JOO CHIAT Condominium 99 years Oct 03, 2017 1,216 1,150,000 - 945 2004 ResaleMARINE BLUE Condominium Freehold Oct 06, 2017 732 1,354,500 - 1,851 2016 ResaleMEIER SUITES Condominium Freehold Oct 09, 2017 2,207 3,532,000 - 1,601 2012 ResaleMELROSE VILLE Apartment Freehold Oct 03, 2017 592 720,000 - 1,216 2011 ResaleMERIDIAN 38 Apartment Freehold Oct 03, 2017 1,238 1,628,000 - 1,315 2015 ResaleJOO CHIAT PLACE Terrace Freehold Oct 05, 2017 1,776 2,250,000 - 1,266 Unknown ResaleOLA RESIDENCES Condominium Freehold Oct 03, 2017 2,110 2,330,000 - 1,104 2011 ResaleONE FORT Condominium Freehold Oct 09, 2017 1,033 1,480,000 - 1,432 2005 ResaleOPERA ESTATE Terrace Freehold Oct 09, 2017 1,582 1,850,000 - 1,168 Unknown ResaleOPERA ESTATE Semi-Detached Freehold Oct 03, 2017 2,390 2,900,000 - 1,214 2002 ResalePARC ELEGANCE Apartment Freehold Oct 03, 2017 398 565,000 - 1,419 2013 ResaleSANCTUARY GREEN Condominium 99 years Oct 03, 2017 1,356 1,451,000 - 1,070 2004 ResaleSANDY EIGHT Apartment Freehold Oct 06, 2017 506 890,000 - 1,759 Uncompleted New SaleSEASIDE RESIDENCES * Apartment 99 years Oct 08, 2017 592 1,109,000 - 1,873 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Oct 08, 2017 560 907,000 - 1,620 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Oct 08, 2017 592 1,011,000 - 1,708 Uncompleted New SaleST PATRICK’S RESIDENCES Apartment Freehold Oct 06, 2017 1,518 2,080,000 - 1,370 2013 ResaleSUNNYVALE RESIDENCES Apartment Freehold Oct 07, 2017 1,130 1,750,000 - 1,548 2017 New SaleTAY LIAN TECK ROAD Terrace Freehold Oct 06, 2017 1,625 2,860,000 - 1,765 1996 ResaleTHE CHERRYWOOD Apartment Freehold Oct 04, 2017 667 833,888 - 1,250 2013 ResaleTHE SEA VIEW Condominium Freehold Oct 04, 2017 1,216 2,120,000 - 1,743 2008 ResaleTHE SERENNIA Apartment Freehold Oct 06, 2017 646 710,000 - 1,099 2010 ResaleTORIE MANSIONS Apartment Freehold Oct 10, 2017 1,356 1,220,000 - 900 1993 ResaleWAREHAM ROAD Detached Freehold Oct 10, 2017 8,805 9,738,000 - 1,105 1986 ResaleWILKINSON ROAD Semi-Detached Freehold Oct 05, 2017 5,726 6,500,000 - 1,135 1987 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years Oct 06, 2017 1,227 1,035,000 - 843 2001 ResaleARCHIPELAGO Condominium 99 years Oct 06, 2017 527 695,000 - 1,318 2015 ResaleBEDOK COURT Condominium 99 years Oct 06, 2017 2,271 1,400,000 - 616 1985 ResaleBEDOK RESIDENCES Apartment 99 years Oct 06, 2017 527 820,000 - 1,555 2015 ResaleCHANGI COURT Condominium Freehold Oct 05, 2017 969 950,000 - 981 1997 ResaleEAST MEADOWS Condominium 99 years Oct 03, 2017 1,238 1,050,000 - 848 2001 ResaleECO Condominium 99 years Oct 04, 2017 840 1,135,000 - 1,352 2017 Sub SaleGRANDEUR PARK RESIDENCES * Condominium 99 years Oct 08, 2017 883 1,210,000 - 1,371 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years Oct 08, 2017 883 1,150,480 - 1,303 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years Oct 08, 2017 893 1,241,000 - 1,389 Uncompleted New SaleKEW GROVE Semi-Detached Freehold Oct 06, 2017 4,639 5,600,000 - 1,207 1985 ResaleTHE BAYSHORE Condominium 99 years Oct 06, 2017 1,259 1,095,330 - 870 1996 ResaleUBER 388 Condominium Freehold Oct 04, 2017 1,453 1,765,000 - 1,215 2014 ResaleWATERFRONT KEY Condominium 99 years Oct 10, 2017 915 1,020,000 - 1,115 2012 ResaleWATERFRONT KEY Condominium 99 years Oct 09, 2017 1,206 1,268,800 - 1,052 2012 ResaleWATERFRONT WAVES Condominium 99 years Oct 10, 2017 1,292 1,280,000 - 991 2011 ResaleDistrict 17 AVILA TERRACE Terrace Freehold Oct 05, 2017 1,798 2,250,000 - 1,249 1996 ResaleDAHLIA PARK CONDOMINIUM Condominium Freehold Oct 03, 2017 1,787 1,138,888 - 637 2003 ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold Oct 09, 2017 1,033 830,000 - 803 2006 ResaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years Oct 03, 2017 1,259 970,000 - 770 2004 ResaleCOCO PALMS * Condominium 99 years Oct 08, 2017 1,259 1,400,280 - 1,112 Uncompleted New SaleCOCO PALMS Condominium 99 years Oct 07, 2017 1,259 1,394,400 - 1,107 Uncompleted New SaleCOCO PALMS Condominium 99 years Oct 07, 2017 1,259 1,443,120 - 1,146 Uncompleted New Sale


DOUBLE BAY RESIDENCES Condominium 99 years Oct 04, 2017 1,367 1,480,000 - 1,083 2012 ResaleRIPPLE BAY Condominium 99 years Oct 05, 2017 786 750,000 - 954 2015 ResaleSIMEI GREEN CONDOMINIUM EC 99 years Oct 04, 2017 1,249 900,000 - 721 1999 ResaleTHE ALPS RESIDENCES * Condominium 99 years Oct 08, 2017 936 1,007,000 - 1,075 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 08, 2017 1,066 1,139,000 - 1,069 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 08, 2017 1,066 1,145,000 - 1,074 Uncompleted New SaleTHE PALETTE Condominium 99 years Oct 04, 2017 1,066 1,030,000 - 967 2015 ResaleTHE SANTORINI * Condominium 99 years Oct 06, 2017 915 944,350 - 1,032 2017 New SaleTHE SANTORINI Condominium 99 years Oct 06, 2017 1,152 1,220,000 - 1,059 2017 New SaleTHE SANTORINI Condominium 99 years Oct 06, 2017 1,119 1,163,520 - 1,039 2017 New SaleTHE TROPICA Condominium 99 years Oct 06, 2017 1,227 975,000 - 795 2000 ResaleTHE TROPICA Condominium 99 years Oct 03, 2017 1,227 1,015,000 - 827 2000 ResaleDistrict 19 BARTLEY RESIDENCES Apartment 99 years Oct 06, 2017 1,647 1,730,000 - 1,050 2015 ResaleFOREST WOODS Condominium 99 years Oct 08, 2017 936 1,390,000 - 1,484 Uncompleted New SaleKOVAN RESIDENCES Condominium 99 years Oct 04, 2017 1,798 1,950,000 - 1,085 2011 ResaleLEGEND @ JANSEN Terrace 999 years Oct 06, 2017 2,056 1,820,000 - 885 2008 ResalePEOPLE’S GARDEN Terrace 999 years Oct 03, 2017 2,648 2,650,000 - 1,001 Unknown ResalePLACE-8 Terrace Freehold Oct 04, 2017 3,175 2,600,000 - 819 Uncompleted New SalePRIVE EC 99 years Oct 09, 2017 1,442 1,185,000 - 822 2013 ResaleREGENTVILLE Apartment 99 years Oct 05, 2017 1,076 780,000 - 725 1999 ResaleRIVERSAILS Condominium 99 years Oct 04, 2017 2,562 1,964,027 - 767 2016 ResaleRIVERSAILS Condominium 99 years Oct 03, 2017 506 610,000 - 1,206 2016 ResaleRIVERVALE CREST Apartment 99 years Oct 06, 2017 1,206 803,000 - 666 2002 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years Oct 03, 2017 2,799 4,168,888 - 1,488 Unknown ResaleSTARS OF KOVAN * Apartment 99 years Oct 08, 2017 958 1,457,000 - 1,521 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Oct 08, 2017 764 1,056,880 - 1,383 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Oct 07, 2017 732 1,140,000 - 1,557 Uncompleted New SaleSUNGLADE Condominium 99 years Oct 06, 2017 1,173 1,250,000 - 1,065 2003 ResaleTAI PENG GARDENS Terrace Freehold Oct 06, 2017 2,034 2,460,000 - 1,210 Unknown ResaleTANGERINE GROVE Condominium Freehold Oct 06, 2017 915 1,030,000 - 1,126 2007 ResaleTHE FLORIDA EC 99 years Oct 05, 2017 1,227 855,000 - 697 2000 ResaleTHE LUXURIE Condominium 99 years Oct 10, 2017 732 825,000 - 1,127 2015 ResaleTHE MINTON Condominium 99 years Oct 09, 2017 1,109 1,150,000 - 1,037 2013 ResaleTHE MINTON Condominium 99 years Oct 09, 2017 980 920,000 - 939 2013 ResaleTHE QUARTZ Condominium 99 years Oct 09, 2017 1,270 1,168,000 - 920 2009 ResaleTHE VUE Apartment Freehold Oct 10, 2017 452 582,000 - 1,287 2013 ResaleVIBES@UPPER SERANGOON Apartment Freehold Oct 10, 2017 409 590,000 - 1,442 2016 ResaleDistrict 20 FAR HORIZON GARDENS Condominium 99 years Oct 03, 2017 1,948 1,580,000 - 811 1986 ResaleJALAN PINTAU Terrace Freehold Oct 06, 2017 1,711 2,105,000 - 1,234 Unknown ResaleSERAYA CRESCENT ** Terrace Freehold Oct 10, 2017 21,797 25,740,000 - 1,181 1987 ResaleTHOMSON RISE ESTATE Detached Freehold Oct 10, 2017 5,942 7,500,000 - 1,262 1995 ResaleDistrict 21 HUME PARK I Condominium Freehold Oct 09, 2017 1,582 1,400,000 - 885 1995 ResaleLORONG PISANG BATU Semi-Detached Freehold Oct 03, 2017 2,960 3,800,000 - 1,284 1992 ResalePINE GROVE Condominium 99 years Oct 09, 2017 1,938 1,575,000 - 813 Unknown ResaleSIGNATURE PARK Condominium Freehold Oct 03, 2017 1,055 1,150,000 - 1,090 1998 ResaleTHE CREEK @ BUKIT Condominium Freehold Oct 07, 2017 1,206 1,690,000 - 1,402 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold Oct 05, 2017 850 1,524,645 - 1,793 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold Oct 04, 2017 1,722 2,361,850 - 1,371 2017 New SaleUNIQUE GARDEN Semi-Detached 99 years Oct 05, 2017 4,349 1,750,000 - 403 1975 ResaleDistrict 22 LAKE GRANDE Condominium 99 years Oct 07, 2017 1,173 1,621,000 - 1,382 Uncompleted New SaleLAKE GRANDE Condominium 99 years Oct 07, 2017 818 1,066,000 - 1,303 Uncompleted New SaleLAKE GRANDE Condominium 99 years Oct 06, 2017 818 1,074,000 - 1,313 Uncompleted New SalePARC OASIS Condominium 99 years Oct 06, 2017 1,227 1,000,000 - 815 1994 ResaleDistrict 23 CHESTERVALE EC 99 years Oct 04, 2017 1,259 805,000 - 639 1999 ResaleHILLBROOKS Condominium Freehold Oct 05, 2017 1,173 1,100,000 - 938 1999 ResaleHILLION RESIDENCES Apartment 99 years Oct 04, 2017 474 769,000 - 1,624 2017 New SaleINZ RESIDENCE * EC 99 years Oct 08, 2017 1,130 885,000 - 783 Uncompleted New SaleINZ RESIDENCE EC 99 years Oct 07, 2017 1,066 849,000 - 797 Uncompleted New SaleINZ RESIDENCE EC 99 years Oct 07, 2017 990 831,000 - 839 Uncompleted New SaleMI CASA Condominium 99 years Oct 05, 2017 1,119 910,000 - 813 2012 ResaleNORTHVALE Apartment 99 years Oct 03, 2017 2,702 1,470,000 - 544 1998 ResalePARKVIEW APARTMENTS Apartment 99 years Oct 09, 2017 980 710,000 - 725 1998 ResalePAVILION PARK Terrace Freehold Oct 05, 2017 1,615 2,725,619 - 1,688 2014 ResalePAVILION PARK Terrace Freehold Oct 05, 2017 1,615 2,725,619 - 1,688 2014 ResaleSOL ACRES EC 99 years Oct 08, 2017 872 711,000 - 815 Uncompleted New SaleTHE HILLIER Apartment 99 years Oct 06, 2017 581 765,000 - 1,316 2016 ResaleTHE JADE Condominium 99 years Oct 04, 2017 2,433 1,800,000 - 740 2004 ResaleTHE MADEIRA Condominium 99 years Oct 03, 2017 1,249 960,000 - 769 2003 ResaleTREE HOUSE Condominium 99 years Oct 04, 2017 1,152 1,173,000 - 1,018 2013 ResaleDistrict 25 NORTHWAVE EC 99 years Oct 05, 2017 990 733,300 - 740 Uncompleted New SaleNORTHWAVE EC 99 years Oct 04, 2017 1,130 844,800 - 747 Uncompleted New SaleNORTHWAVE EC 99 years Oct 03, 2017 1,119 839,900 - 750 Uncompleted New SaleTHE WOODGROVE Apartment 99 years Oct 05, 2017 872 632,000 - 725 1998 ResaleTHE WOODGROVE Apartment 99 years Oct 05, 2017 1,023 702,000 - 686 1998 ResaleDistrict 26 THE SPRINGSIDE Terrace Freehold Oct 09, 2017 1,744 2,708,000 - 1,553 2016 ResaleDistrict 27 NORTH PARK RESIDENCES * Apartment 99 years Oct 05, 2017 732 1,054,620 - 1,441 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Oct 04, 2017 1,055 1,367,100 - 1,296 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Oct 04, 2017 732 1,026,720 - 1,403 Uncompleted New SalePARC LIFE * EC 99 years Oct 08, 2017 1,066 864,360 - 811 Uncompleted New SalePARC LIFE EC 99 years Oct 08, 2017 1,001 794,780 - 794 Uncompleted New SalePARC LIFE EC 99 years Oct 07, 2017 1,109 908,460 - 819 Uncompleted New SaleSIGNATURE AT YISHUN * EC 99 years Oct 08, 2017 1,098 841,000 - 766 2017 New SaleSIGNATURE AT YISHUN EC 99 years Oct 05, 2017 947 735,500 - 776 2017 New SaleSIGNATURE AT YISHUN EC 99 years Oct 05, 2017 1,098 831,000 - 757 2017 New SaleSYMPHONY SUITES Condominium 99 years Oct 04, 2017 786 858,480 - 1,093 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 04, 2017 915 999,000 - 1,092 Uncompleted New SaleTHE BROWNSTONE EC 99 years Oct 06, 2017 969 789,600 - 815 Uncompleted New SaleTHE CRITERION * EC 99 years Oct 08, 2017 915 705,600 - 771 Uncompleted New SaleTHE CRITERION EC 99 years Oct 08, 2017 1,023 770,400 - 753 Uncompleted New SaleTHE CRITERION EC 99 years Oct 07, 2017 1,098 838,400 - 764 Uncompleted New SaleTHE MILTONIA RESIDENCES Condominium 99 years Oct 06, 2017 517 590,000 - 1,142 2014 ResaleTHE VISIONAIRE EC 99 years Oct 08, 2017 721 627,000 - 869 Uncompleted New SaleTHE VISIONAIRE EC 99 years Oct 07, 2017 721 619,000 - 858 Uncompleted New SaleTHE WISTERIA Apartment 99 years Oct 05, 2017 969 1,089,712 - 1,125 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold Oct 08, 2017 3,584 2,916,350 - 814 Uncompleted New SaleBELGRAVIA VILLAS Terrace Freehold Oct 06, 2017 3,584 2,854,300 - 796 Uncompleted New SaleBELGRAVIA VILLAS Terrace Freehold Oct 04, 2017 3,584 3,020,780 - 843 Uncompleted New SaleH2O RESIDENCES Condominium 99 years Oct 04, 2017 753 810,000 - 1,075 2015 ResaleSELETAR HILLS ESTATE Semi-Detached 999 years Oct 06, 2017 7,459 6,340,159 - 850 Unknown ResaleSELETAR HILLS ESTATE Semi-Detached Freehold Oct 05, 2017 3,154 2,820,000 - 895 1996 ResaleSELETAR HILLS ESTATE Terrace Freehold Oct 03, 2017 2,164 1,920,000 - 889 Unknown ResaleWASHINGTONIA VILLA Semi-Detached Freehold Oct 05, 2017 4,553 4,100,000 - 900 1976 Resale

DONE DEALS

GAINS AND LOSSES


Three-bedroom unit at Regency Park sold for $2.47 mil profit

E

Top 10 gains and losses from Oct 3 to 10

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

1 Regency Park 10 3,175 Oct 10 1,597 Aug 11, 2003 819 2,470,000 95 5 14.2

2 Landridge Condominium 5 1,830 Oct 9 1,180 Sept 22, 2006 465 1,310,000 154 9 11.1

3 Oleanas Residence 9 1,668 Oct 4 1,421 June 1, 1999 779 1,070,000 82 3 18.4

4 The Lincoln Residences 11 1,776 Oct 6 1,503 April 28, 2009 927 1,024,000 62 6 8.4

5 Caribbean at Keppel Bay 4 1,636 Oct 5 1,546 Nov 1, 2000 940 992,800 65 3 16.9

6 Bellezza @ Katong 15 1,615 Oct 10 1,102 Feb 22, 2007 597 900,000 102 7 10.6

7 The Levelz 10 1,335 Oct 5 1,289 Oct 31, 2001 655 846,100 97 4 15.9

8 The Jade 23 2,433 Oct 4 740 March 19, 2002 404 817,000 83 4 15.6

9 Caribbean at Keppel Bay 4 1,281 Oct 6 1,358 July 14, 2006 738 795,225 84 6 11.2

10 Pine Grove 21 1,938 Oct 9 813 March 22, 2007 439 725,000 85 6 10.6

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

1 One Shenton 1 1,098 Oct 5 1,557 Dec 21, 2011 2,300 815,400 32 7 5.8

2 The Orchard Residences 9 2,174 Oct 6 2,851 July 19, 2007 3,207 774,000 11 1 10.2

3 Bedok Court 16 2,271 Oct 6 616 Oct 11, 2012 801 420,000 23 5 5.0

4 Mount Sophia Suites 9 560 Oct 6 1,572 Nov 2, 2012 1,876 170,000 16 4 4.9

5 Uber 388 16 1,453 Oct 4 1,215 Oct 10, 2011 1,304 129,780 7 1 6.0

6 Reflections at Keppel Bay 4 1,119 Oct 6 1,469 Oct 16, 2007 1,526 63,000 4 0 10.0

7 The Woodgrove 25 872 Oct 5 725 July 12, 2011 780 48,000 7 1 6.2

8 Bartley Residences 19 1,647 Oct 6 1,050 Jan 14, 2013 1,077 43,000 2 1 4.7

9 The Woodgrove 25 1,023 Oct 5 686 Oct 12, 2012 724 38,000 5 1 5.0

10 The Luxurie 19 732 Oct 10 1,127 April 27, 2012 1,146 13,900 2 0 5.5

Note: Computed based on URA caveat data as at Oct 17 for private non-landed houses transacted between Oct 3 and 10. The profit-and-loss computation excludes transaction costs such as stamp duties.

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

Non-profi table deals

| BY TIMOTHY TAY |

A three-bedroom unit at Regency Park,

in Prime District 10, was sold for

a $2.47 million profit on Oct 10.

The 3,175 sq ft unit on the 20th

floor was bought in 2003 for $2.6

million ($819 psf) and sold for $5.07 million

($1,597 psf). This translates into an annual-

ised profit of 5%.

This is the most profitable transaction at Re-

gency Park this year. The second-largest profit

this year was registered in August when a 3,647

sq ft, four-bedroom unit on the 14th floor was

sold for a $2.2 million profit.

There has been one unprofitable transaction

at Regency Park this year, according to URA

caveats. In September, the owner of a 3,647

sq ft unit on the 15th floor incurred a loss of

$530,000. The unit was purchased in 2012 for

$6.88 million ($1,885 psf) and sold for $6.35

million ($1,740 psf).

Regency Park is a 292-unit freehold con-

dominium completed in 1990. It comprises

three- and four-bedroom units and penthous-

es. Three-bedroom units are 2,227 to 3,281 sq

ft, four-bedroom units are 3,454 to 3,647 sq ft

and penthouses are 6,047 to 6,412 sq ft.

Located on Nathan Road, Regency Park is

400m to Valley Point Shopping Centre and ac-

cessible via River Valley Road and Grange Road.

Over in District 4, two units at Caribbean

at Keppel Bay were sold for profits of $992,800

and $795,225.

On Oct 5, the owner of a 1,636 sq ft,

three-bedroom unit on the fifth floor made

a $992,800 (65%) profit when the unit was

sold for $2.5 million ($1,546 psf). He bought

the unit from the developer in 2000 for $1.5

million ($940 psf). After a holding period

of almost 17 years, he made an annualised

profit of 3%. This marks the most profitable

transaction for a unit at Caribbean at Kep-

pel Bay this year.

A 1,281 sq ft unit on the sixth floor of the

Caribbean at Keppel Bay was sold on Oct 6 for

a $795,225 (84%) profit. The unit was bought

for $944,775 ($738 psf) in 2006 and sold at

$1.74 million ($1,358 psf). The owner made

an annualised profit of 6% over 11 years.

There have been 36 transactions at Carib-

bean at Keppel Bay this year, with 19 profit-

able ones, according to the matching of URA

caveat data. Previously, the highest profit at

Caribbean was registered in February, when

a 4,650 sq ft penthouse fetched a $940,880

profit.

The 969-unit development by Keppel Land

comprises 22 ten-storey towers, with a mix of

two- to four-bedroom units and penthouses

ranging from 840 to 6,135 sq ft. Most towers

have views of waterways or pools, and some

have views of the sea and Sentosa Island.

Completed in 2004, the 99-year lease-

hold Caribbean at Keppel Bay is popular with

expatriates and owner-occupiers because

of its proximity to HarbourFront and

Vivo City Mall.

A three-bedroom unit at Regency Park was sold for a $2.47 million profit on Oct 10. Find the most affordable listings in theproject at edgepr.link/Regency-Park.

Two units at Caribbean at Keppel Bay were sold at profits of $992,800 and $795,225. Find the most affordable listings in the project at edgepr.link/Caribbean-at-Keppel-Bay.

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DEAL WATCH


tub. The tiles in the accompanying

steam room were also laid by Loh.

The junior master suite is de-

signed for children, with multi-

functional spaces for teaching and

play. It comes with a cubby space

and ample storage. The en-suite

bathroom has a sunken bath and

a child-friendly toilet.

There have been eight viewings

since the property was listed at the be-

ginning of October, says Tan. Potential

buyers are likely to be owner-occupiers

who see more value in the house than

a typical terraced house on Shelford

Road, she says.

| BY TIMOTHY TAY |

A four-storey terraced house on

Shelford Road is on the mar-

ket for $5.6 million ($1,217

psf). Located in prime Dis-

trict 11, the property sits on

a 1,884 sq ft plot and has a gross floor

area of about 4,600 sq ft.

The ground floor comprises a mul-

tifunctional room with a 4.5m ceil-

ing height. Cross-beams are used to

create an uninterrupted space. The

owner has used the space to host

children’s parties and showcase art.

There are gallery hooks and universal

three-way light tracks on the ceiling.

All five en-suite bedrooms have

space for a double bed, study table,

wardrobe and TV area. The floors

and doors have semi-acoustic pad-

ding to dampen footsteps and sounds.

The house is also equipped with a

platform lift.

The design concept of the house

provides spacious living areas for

families to create enduring mem-

ories and live harmoniously, says

Michelle Loh, the designer.

One-of-a-kind terraced house on Shelford Road on the market for $5.6 mil

PICT

URES

: LEW

IS L

EE

The four-storey terraced house on Shelford Road can accommodate a multi-generational family

E

The new owner will be buying a

uniquely designed home in a highly

desired neighbourhood. All the build-

ing materials and furnishings are of

high quality, and Loh did much of the

creative tiling in the house herself.

New owners will not need to do

much renovation, and there are many

areas that they can further customise

to their preference, says Candice Tan,

senior sales director at Savills Residen-

tial, the exclusive marketing agent. The

property was bought in 2012 for $3.55

million and is being sold now because

the owner is moving to the US.

The master bedroom on the fourth

floor has a 4.3m ceiling height and

extends out onto a sheltered patio.

The master bathroom has his-and-

her vanity tops and a sunken bath-

All the building materials and furnishings are of high quality andpersonally selected by the property’s designer, Michelle Loh

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