MAKE BETTER DECISIONSs3-ap-southeast-1.amazonaws.com/... · 2016-11-04 · A PULLOUT WITH MCI (P)...

A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF NOVEMBER 7, 2016 | ISSUE 753

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

EPJ2 • THEEDGE SINGAPORE | NOVEMBER 7, 2016

OffshoreIs it time to buy

Dubai real estate?EP4

Your NeighbourhoodGeylang’s bohemian residential enclave

EP6&7

Done DealsValue deals across market segments

EP10&11

Gains and LossesAnother loss at

Cliveden at GrangeEP13

A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF NOVEMBER 7, 2016 | ISSUE 753

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

Shedding light on the rental market

Condo rents in several locations have buckled under supply pressure.See our Cover Story on Pages 8 and 9.

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

Night view from The Pinnacle @ Duxton

EP2 • THEEDGE SINGAPORE | NOVEMBER 7, 2016

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

SECTION EDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY SECTION EDITOR |Michael LimSENIOR ANALYST | Esther Hoon, Lin ZhiqinANALYST | Tan Chee Yuen

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean,Geraldine TanPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Rahayu MohamadDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimACCOUNT MANAGERS | Priscilla Wong, James Chua

THE EDGE SINGAPORE

ADVERTISING + MARKETING

ADVERTISING SALES

CHIEF MARKETING OFFICER |Cecilia KaySENIOR MANAGER | Windy TanMANAGER | Elaine TanEVENTS

SENIOR MANAGER | Sivam KumarMARKETING

EXECUTIVES | Tim Jacobs, Sam Ridzam

COORDINATOR | Nor Aisah Bte Asmain

CIRCULATIONBUSINESS DEVELOPMENT DIRECTOR | Victor TheASSISTANT MANAGER | Sandrine GerberEXECUTIVES | Malliga Muthusamy, Ashikin Kader

CORPORATE CHIEF EXECUTIVE OFFICER | Ben PaulDIRECTOR | Anne Tong CORPORATE AFFAIRS DIRECTOR | Ng Say Guan

PUBLISHERThe Edge Publishing Pte Ltd150 Cecil Street #08-01Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620

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

We welcome your commentsand criticism: [email protected]

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

PROPERTY BRIEFS

F&B spaces in Jurong and Bedokfor sale at $30 milTwo F&B spaces have been put up for sale by expres-sion of interest (EOI). The indicative price for both is $30 million. Interested buyers could either buy them collectively or individually.

The F&B space located at 134 Jurong Gateway is being operated as an air-conditioned coffee shop and food court with an annex outdoor refreshment area. The indicative price for the coffee shop is $18 million.

The other F&B space is located at 744 Bedok Res-ervoir Road, next to Bedok Reservoir Park, and is cur-rently leased to McDonald’s Restaurant with an out-door refreshment area (right). The subject property also comes with living quarters or a three-room flat on the second storey that is accessible separately. The indicative price for this F&B unit is $12 million.

Savills is the appointed sole marketing agent and the EOI closes on Nov 30.

One-tier prices for early buyers of EL Development’s Parc Riviera EL Development will be offering a one-tier pricing scheme when it launches its latest development, Parc Riviera, condominium for sale on Nov 5. The developer is offering units of the same type from the second floor to the 15th floor at the same price. For example, a 603 sq ft two-bedroom unit will be priced at $725,000 whether it is on the second floor, the 15th floor or anywhere in between.

The one-tier pricing scheme will only be available during the condominium’s soft launch. Meanwhile, prices for units higher up the two 36-storey towers that comprise Parc Riviera will be offered at higher prices.

Parc Riviera is a 99-year leasehold condominium on West Coast Vale. The 752-unit project contains unit sizes ranging from 463 sq ft for a one-bedroom unit to 1,711 sq ft for the largest four-bedroom unit. Accord-ing to EL Development, about 65% of the project are made up of one- and two-bedroom units.

Conservation shophouse up for sale at $5.8 milA three-and-a-half-storey conservation shophouse lo-cated along New Bridge Road (bottom, left) is being put up for sale by expression of interest (EOI). The indicative price for the shophouse is $5.8 million.

The site is zoned for “commercial” usage under the 2014 Master Plan, within the Upper Circular Con-servation Area. Being in a secondary settlement con-servation area requires the front of the building to be conserved, but the rear can be altered to go up to six storeys, subject to the relevant authorities’ approval and payment of development charges (DCs), if applicable.

The shophouse has a land area of 1,442 sq ft with total floor area measuring 4,500 sq ft. The ground floor is currently tenanted to an F&B operator while the upper floors are vacant. The property will be sold with vacant possession. It currently has 11 years left on its 99-year leasehold tenure.

According to its appointed marketing agent, Fuller-ton Real Estate, the work plan to build it up to six sto-reys (with mechanised carpark at the back) has been approved by BCA. The seller has also obtained approv-al from the URA to refresh the lease to 99 years. The potential buyer will have to pay a total of $6.1 mil-lion to the relevant authorities if they want to top up the premium and DC to increase the gross floor area.

The EOI closes Nov 18.

CASE signs MOU with RIAConsumers Association of Singapore (CASE) and Re-alty International Associates School of Real Estate (RIA) have inked a memorandum of understanding to raise greater awareness and understanding of real estate matters and ethical industry practices among real estate practitioners.

Over the next two years, CASE and RIA will col-laborate and conduct a series of Continuing Pro-fessional Development (CPD) courses set by the Council for Estate Agencies (CEA) for real estate salespersons.

CASE will schedule trained speakers for the month-ly CPD courses, who will educate participants on dispute resolutions for residential property trans-actions and implementation of fair trading practic-es. Meanwhile, RIA will support this collaboration by creating publicity to encourage strong participa-tion, as well as to provide appropriate venues and host the courses.

More reasons to buy and hold London property, says JLLThere are more reasons to buy and hold than sell when it comes to London property, according to JLL’s latest research paper. The research paper outlines six key points to consider when making decisions about London residential property investments.

According to JLL, London is currently facing un-dersupply in housing, especially those below the £2 million ($3.4 million) mark. Based on government figures, it is estimated that there will be a large an-nual shortfall between supply and the forecast of 20,000 to 25,000 housing units needed each year for the next four years.

More people are also moving to work in London, given the growth of the technology, media and tele-communications sector in the city in the past seven years. In fact, the city’s population is set to rise by almost a million people by 2020, which creates a fur-ther demand for housing.

JLL reckons that the UK will continue to be one of the most important economies in Europe and globally.

Food factory at Chin Bee Crescent for sale A food factory located at 33 Chin Bee Crescent (bot-tom, right) has been launched for sale by expression of interest (EOI). The indicative price for the property is said to be in the region of $14 million to $15 million.

The subject property is a two-storey purpose-built detached food factory located within a short drive away from Boon Lay MRT station. It is sited on a 100,279 sq ft land with an existing floor area of about 70,663 sq ft. The development comprises warehouse-cum-pro-duction areas, two existing cold rooms, ancillary of-fice space and ample car parking space. Under the 2014 Master Plan, the site is zoned for Business 2 use with a plot ratio of 1.4. The plot has a balance tenure of approximately 23 years.

Cushman & Wakefield is the appointed marketing agent for the property and the EOI closes on Nov 30.

Chinese cities dominate top 10 rankings for annual price growth, says KFChinese cities dominated the top 10 positions for annual prime residential price growth, according to Knight Frank’s latest Prime Global Cities Index re-port in 3Q2016. The Chinese cities such as Shang-hai, Guangzhou and Beijing posted 23.4%, 14.3% and 7.1% y-o-y growth respectively. Singapore was ranked 12th with a y-o-y growth of 6.2%.

Meanwhile, Hong Kong, where luxury residential prices are 4.7% below their 2Q2015 peak, has bucked the trend with prices rising by 4.1% in 3Q2016. Strong demand has led to a recent upturn in sales in the city.

Despite an average annual growth rate of 3.8%, 18 of the 37 cities tracked by the index saw their rate of price growth slide compared with the previ-ous quarter. Among them were Vancouver, Toronto, London, Sydney and Melbourne, where new taxes have been imposed in the last 12 months.

Knight Frank reckons currency movements to be the single-largest determinant of international demand in the world’s top cities over the next six to 12 months. Investors are increasingly looking to the US as their haven of choice as the world economy stutters, but a strong dollar will have repercussions globally, adds Knight Frank. — Compiled by Tan Chee Yuen

SAVI

LLS

SIN

GAP

ORE

FULL

ERTO

N R

EAL

ESTA

TE

C&W

E

THEEDGE SINGAPORE | NOVEMBER 7, 2016 • EP3


OFFSHORE

| BY CECILIA CHOW |

Nakheel, Dubai’s second-largest prop-erty developer, was in Singapore on Oct 22 and 23 for its first standalone overseas roadshow. The event was held at the Four Seasons Singapore

and drew 150 visitors. The master developer of Palm Jumeirah

and The World — man-made islands located off the coast of Dubai and visible from space — Nakheel last came to Singapore to show-case its projects eight years ago, before the global financial crisis.

Investors from Singapore and other Asian countries are said to have collectively purchased 500 villas, apartments and land plots worth AED900 million ($340 million) from Nakheel.

“Asia has been neglected by developers from Dubai for the last eight years, but it’s never too late,” Ali Rashid Lootah, chairman of Nakheel,tells The Edge Singapore.

Roll-out of skyscrapersTwo new projects launched by Nakheel in Singa pore are located within Palm Jumeirah. They are The Palm Tower, a 52-storey luxury residential and hotel complex, and Palm 360, a landmark twin-tower development with 12,000 sq ft penthouses.

The Palm Tower is located at the centre of the trunk of Palm Jumeirah. The first 18 sto-reys will house five-star hotel St Regis Dubai. The 502 branded serviced residences will span the 19th to 47th floors. The serviced residenc-es will be fully furnished and contain a mix of studios and one- to three-bedroom apartments.

Studios measuring 495 to 593 sq ft account for 334 units (66.5%) in the project; one-bed-room units measuring 1,015 to 1,085 sq ft ac-count for 31% of the units. Only 10 units are two-bedroom apartments of 2,062 to 2,337 sq ft, and just two are three-bedroom units of 2,855 sq ft.

The freehold residences at The Palm Tow-er are priced at an average of $1,177 psf, with studios starting from $630,000. According to Lootah, the project is already more than 60% sold since its launch in Dubai more than a year ago.

Construction of The Palm Tower has already begun, with the project expected to be completedby 2018. The topmost floors will contain a mix of cafés and restaurants, including a rooftop restaurant, viewing deck and infinity pool.

The Palm Tower will be linked to a mono-rail station and the high-end Nakheel Mall, with 350 shops, a supermarket, a 15-screen cinema, medical facilities, department stores and a fitness complex. The project is also adja-cent to a park with a 3.2km jogging track, and accessi ble to the beach.

Palm 360 was unveiled at Cityscape Glob-al, held in Dubai in early September. A mixed-use complex, Palm 360 comprises two bou-tique luxury hotels, 252 one- and two-bedroom apartments and 12 four-bedroom penthouses of 12,000 sq ft. Each penthouse will also have its own private cinema, gym and swimming pool, as well as living, dining and entertain-ment areas and a maid’s room.

“It’s one of a kind, and we have a lot of interest in the project,” says Lootah of Palm 360, which is expected to soar above 220m in height. “It has what an investor calls ‘bil-lion-dollar views’ — the whole palm in front of you and the skyline of Dubai city beyond.”

Record pricesPrices of Palm 360 have yet to be released, as the project is scheduled for launch in 1Q2017. Lootah is confident, however, that it will set a new record for luxury property prices in Du-

bai. Construction of Palm 360 is expected to take place in the middle of next year, and com-pletion of the towers is scheduled for 2020.

Some of the most expensive penthouses and villas in Dubai are located at Palm Jumeirah. Last year, a British businessman of Indian or-igin reportedly paid £12 million ($20 million) for a luxury six-bedroom villa at Palm Jumei-rah. Called M State, the 13,000 sq ft villa in-cludes a 167ft-long private beach, a 55ft infin-ity swimming pool and private cinema. It is considered Dubai’s priciest residential prop-erty so far.

The most expensive home in Dubai, listedat US$49 million ($68 million), is a penthouse at One at Palm Jumeirah. When completed in 2017, it will have a built-up area of 25,000 sq ft,seven bedrooms, eight bathrooms, and a 16,000 sq ft terrace. Amenities include a state-of-the-art security system, spa, gym, swimming pool, kids’ area, club houses and fine dining. The property will have views of Bluewaters Island and the world’s tallest ferris wheel, the Du-bai Eye.

Market correction, oversupplyIn 2015, average villa prices in Dubai report-edly fell 11% y-o-y, while average apartment prices corrected by 8% y-o-y, according to a report by real estate consultancy Asteco. Ave-rage rental rates saw a dip of just 1% over the same period.

Last year saw 13,500 apartments and 800 villas added to Dubai’s residential supply. A further 22,000 apartments and 7,700 villas are scheduled to be completed in 2016. The large pipeline for 2016, coupled with demand slow-down and continued low oil prices, will put pressure on both sale prices and rents until 2017, cautions Asteco.

In 3Q2016, 5,400 residential units were completed, which marked the highest quar-terly completion since 4Q2012, when about 6,200 units came onto the market, says JLL in its 3Q2016 Dubai market report in October. Another 11,000 units are scheduled to enter the market in 4Q2016.

With no change in either rents or prices of apartments in 3Q2016, the y-o-y decline in rents was 4%, compared with the y-o-y de-cline in prices of just 2%. The pace of decline also seems to be moderating in the villa seg-

ment, where prices and rents fell a margin-al 1% q-o-q.

“It appears that the residential market has now reached the bottom of its current cycle,” says JLL. While prices and rents are expected to recover in 2017, the pace of this recovery is limited by economic uncertainties and the volume of potential supply, adds the proper-ty consultant.

There was speculation earlier this year that another property bubble was in the making, but Lootah disagrees. “There are enough meas-ures in place to prevent that from happening.”

Post-crisis, the government introduced a hike in transactions fees from 2% to 4%, reduced loan-to-value ratio for mortgages for both localsand expatriates, and increased the supply of homes in an effort to moderate prices. Developershave also tightened their due diligence and the screening of buyers to reduce specula tion, adds Lootah.

Restructuring complete“The Dubai property market has matured,” ob-serves Lootah. During the global financial cri-sis, real estate prices in Dubai, along with the rest of the United Arab Emirates, plunged 50% from the peak in 2008 to early 2010.

Dubai World, the government-owned in-

vestment company and former parent compa-ny of Nakheel, took a severe hit, given the fall in real estate prices. In March 2010, the gov-ernment appointed Lootah as chairman of Na-kheel, which was spun off from Dubai World the following year.

In 2011, Nakheel agreed to a US$16 bil-lion debt restructuring and deferred several high-profile projects, which included two big-ger Palm islands — Deira and Jebel Ali, which was supposed to be up to seven times the size of Palm Jumeirah and whose construction is still on hold.

The last six years have been a challenging time for Nakheel, admits Lootah. In August, however, Nakheel declared itself debt-free af-ter repaying AED4.4 billion to sukuk (Islamic bond) holders. In August 2014, Nakheel had pre-paid all AED7.9 billion of its bank debt four years ahead of schedule.

Nakheel also delivered on its commitment to property investors. Those who purchasd its properties prior to the crisis have seen their val-ues increase. Lootah cites the example of villas in Jumeirah Park that were sold from 2007 to 2008 before the crisis at prices of AED2.4 mil-lion to AED3 million. At the peak of the mar-ket in 2014, prices of these villas hit a high of AED5 million. With the recent market slow-down, the villas are now worth AED3.5 mil-lion to AED4 million. “These investors made money by being patient,” says Lootah. “Even if there’s a slight correction in the market, pric-es are still higher than what they paid in the 2007/08 pre-crisis levels.”

Growth, diversificationLast month, Nakheel announced a net prof-it of AED3.91 billion for the first nine months of FY2016 ended Sept 30, up 8.3% y-o-y from AED3.61 million. The company recorded a net profit of AED955 million for 3QFY2016, up 22% y-o-y from AED781 million.

The growth in net profit reflects stable mar-ket conditions, according to Lootah. Nakheel currently has more than 2,300 units under con-struction at various projects. The developer has also pumped in AED40 billion to expand its retail, hospitality and residential leasing portfolios as part of a diversification strategy to strengthen its financial position.

Around 13 million sq ft of lettable space is under development at new, large-scale re-tail and mixed-use projects across Dubai. Its hospitality portfolio contains 16 hotels and serviced apartment complexes with a total of more than 5,200 rooms. Nakheel has 17,000 fully leased residential units, and it intends to double the portfolio by adding more than 18,000 new units.

While Jebel Ali is still on hold, Nakheel has already started developing projects on DeiraIslands, which has a 15.3 sq km area and a 40km coastline. “It’s also supposed to be the shape of a huge palm tree that’s much bigger than Palm Jumeirah,” says Lootah. “But we decided to develop the part that has been re-claimed first.”

Palm Jumeirah, which is 75% developed, has 30,000 residents. The archipelago is ex-pected to have double the number of residents when all the developments are completed. More than half the buyers of residential property at Palm Jumeirah are foreign investors, primar-ily from the UK, the Indian subcontinent and Russia, says Lootah. About half the residencesare owner-occupied, with the rest used as holidayor second homes.

Lootah believes this is a good time for Singa-poreans and other Asian investors to take an-other look at Dubai property. Average rental yields in the emirate are 7.6%, much higher than in Singapore, he says.

NAK

HEEL

Lootah: The Dubai property market has matured

The Palm Tower will be linked to Nakheel Mall and the monorail station

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

Time to revisit Dubai real estate?

E


YOUR NEIGHBOURHOOD

| BY MICHAEL LIM |

Mention Geylang and two views of the locale spring to mind. One is that of a place offering a slew of F&B options, ranging

from stalls serving local delights such as beef noodle and frog leg porridge, to a hodgepodge of Chinese, Thai, Vietnamese and Indian eating places which stay open until the wee hours. The other is its colourful and vibrant night life, with a host of pubs, KTVs and convenience stores in the tradi-tional red-light areas located between Lorong 4 and 24, where streetwalk-ers ply their trade.

It is Geylang’s notoriety that has kept many locals from placing it on their radar or calling it home. But what Singaporeans forget is that there are two sides to the area. The lower half that veers towards Kallang is where the traditional red-light district lies, but the upper area that leans towards the upcoming Paya Lebar hub is de-void of unsavoury activities.

“The one area which many Singa-poreans tend to overlook is the stretch between Lorong 26 and 38,” says Alan Cheong, head of research at Savills. “Here, it is rather peaceful and safe, just like any other residential neigh-bourhood. It is not noisy and totally unlike the lower-numbered lorong.”

In fact, sections of this area have undergone regeneration, with new developments containing smallish or shoebox-sized apartments sprouting since 2010. “This part of Geylang has

been cleaned up and is now home to families, couples and individuals. That is why I feel safe walking around the area even at night,” adds Cheong.

Geylang also has one unique fac-tor that is seldom seen elsewhere in Singapore: a diverse mix of residential properties. One will find old post-war terraced and detached houses, shop-houses and low-rise walk-up apart-ments interspersed with new modern apartment blocks, all on one street.

The rise in the number of new blocks with shoebox units — one-bed-ders measuring less than 500 sq ft — has prompted suggestions of an oversupply of such apartments in the area. The truth is far from that. “There may be oversupply island-wide, but not in this micro location of Geylang, where almost all the units have been taken up,” says Cheong. “That’s why, if I had $1 million, I would invest in two shoebox units [here] as they are easy to lease out.”

He notes that at least 75% of the tenants in the newer condos are for-eigners, with the remainder being lo-cals who have been living in the area for a long time. “If you were to go to the Paterson Road area at night, [you will see] many empty apart-ments. But in Geylang, a lot of them are occupied,” he adds.

Close proximity to townMark Kong, senior group division di-rector at ERA Realty, who has been marketing units in Geylang for the last six years, says the area’s main draw is its proximity to the city centre.

“While it has never been known to be family-oriented, it is ideal for singles or foreigners who work in the city,” says Kong. “It is served by the Kallang and Aljunied MRT sta-tions, as well as buses on Guillemard and Geylang Roads which take of-fice workers to and from the CBD.”

Living in a shoebox apartment also means that most people treat their residence as a hotel. “After work, you come home to sleep, and the next day, you get ready and go to work again,” says Savills’ Cheong. “That’s why it’s popular with singles and married ex-patriate couples with no kids.”

Teambuild Land has six residen-tial developments in Geylang, be-tween Lorong 26 and 30, all of which are fully sold. They are the 78-unit

Casa Aerata on Lorong 26; La Bri-sa (84 units) on Lorong 28; Vien-to (48 units) on Lorong 30; La Fleur (58 units); D’Weave (71 units); and Melosa (54 units). Casa Aerata and La Brisa were completed in 2012, Viento and Melosa, in 2013, and La Fleur and D’Weave, in 2014.

The building boom has created its own checks and balances in Gey-lang. Richie Chew, executive director of Teambuild Land, laments that the boom has pushed freehold land prices in the area up from between $300 and $400 psf per plot ratio in 2009/10 to the current price of over $700 psf ppr. This brings prices on a par with 99-year leasehold government land parcels.

With the government land sites, developers can build more units and

therefore, enjoy higher margins, says Chew. “So, developers are adopting a wait-and-see attitude when it comes to acquiring land in Geylang for re-development.”

Dearth in supplyWhen existing developments in Geylang, such as the 65-unit Rezi3Two by Tee Realty, Kim Seng Heng Realty and Heeton, the 30-unit Loft 33 by Macly Group, and the 145-unit Guille-mard Suites by MK 25, are completed within the next two years, there will be no new projects in the pipeline in the vicinity of Lorong 26 to 38. This could be good news for owners of the existing developments.

With no additional supply in the foreseeable future, it will take another

Geylang’s bohemian residential enclave at Lorong 26 to 38

six moforeren$2,witpeashoat l

are“Wcanarewoat 5

resiexipot

Aerial view of Geylang Lorong 26 to Lorong 38

Casa Aerata, a 78-unit freehold development by Teambuild Land, was completed in 2012

La Brisa is an 84-unit freehold apartment by Team-build Land and was completed in 2012

Thecomwith

Thecom

The

PICT

URES

: SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE


YOUR NEIGHBOURHOOD

ays ng a mes

re-

in Two alty by lle-ted

will e in his of

the her

six to 12 months before rents start to move up, notes Savills’ Cheong. He forecasts a 10% upside from current rental levels of between $2,000 and $2,100 to $2,200 to $2,400 per month within the next 12 months. At the peak of the market in 2012, rents of shoebox apartments in Geylang were at least $2,600 per month, he adds.

Even at today’s lower rents, yields are still in the 3%-to-3.5% range. “Whenever I walk around the area, I can see that most of the developments are quite well taken up,” he adds. “I would place the average vacancy rate at 5%, and units are being filled up.”

The current limited supply of new residential options in Geylang means existing freehold properties have the potential to appreciate further. Cheong

reckons that rental yields and cap-ital appreciation will draw investor interest back to the area.

Early last year, the URA announced that there will be no new residential developments between Lorong 4 and 22. This means there is an opportu-nity for this section of Geylang, be-tween Lorong 26 and 38, to be rejuve-nated from an old estate to a new commercial hub, says ERA’s Kong. The proxi mity of Geylang to the Paya Lebar Central is another attraction.

Condo prices in Geylang stable Feehold condos in Geylang Lorong 26 to 32 that were completed over the past four years have changed hands at prices ranging from $1,200 to just under $1,500 psf.

Macly Group developed several other projects in Geylang. One of them is the 27-unit Cassia Edge on Guillemard Road. Completed in 2015, the most recent transaction at the freehold Cassia Edge was in October 2014: A 646 sq ft two-bed-room unit on the third floor was sold for $860,000 ($1,332 psf). Ad-jacent to Cassia Edge is the 275-unit Guillemard Edge. Completed in 2014, Guillemard Edge is fully sold. The most recent transaction was a 560 sq ft, two-bedroom unit on the sixth floor that changed hands for $758,000 ($1,354 psf), according to a caveat lodged.

At the four-year-old Casa Aerata on Lorong 26, a 603 sq ft, two-bed-room unit on the fourth floor changed

hands for $780,000 ($1,294 psf) in July. One street away on Lorong 28 is La Brisa, also completed in 2012. A 440 sq ft, one-bedroom unit on the fifth floor changed hands two years ago for $620,000 ($1,405 psf). And at Vienta on Lorong 30, a 452 sq ft, one-bedroom unit changed hands for $545,000 ($1,206 psf) in May.

Even newer developments are priced within the range of $1,200 to under $1,500 psf. Along Lorong 32 are two freehold condominium pro-jects that are under construction, namely Rezi3Two and Loft 33. Both developments are expected to be completed by 2017.

Loft 33 is fully sold, with the latest transaction in July 2014, where a

710 sq ft, two-bedroom unit fetched $855,000 ($1,204 psf). ReziTwo is 89% sold as at end-September. The most recent sale was that of a 463 sq ft, one-bedroom unit on the third floor in June this year. It fetched $692,200 ($1,496 psf).

Therefore, Savills’ Cheong sees opportunity in Geylang, where prices and rents have been relatively stable. “People should take a closer look at the part of Geylang closer to Paya Lebar, which is also being gentri-fied,” he says.

“There is hardly any hint of the old Geylang there. It’s the lower, even-numbered lorong that will give you a potpourri of the sights, colours, sounds and smells of old Geylang.”

m-

The 275-unit Guillemard Edge by Macly Equity was completed in 2014. All 275 units were snapped up within two weeks of its launch in 2012.

The 27-unit freehold Cassia Edge is a single eight-storey apartment block developed by Macly Group and completed in 2015

Rezi3Two, a freehold 65-unit development by Tee Realty, Kim Seng Heng Realty and Heeton, is sched-uled for completion in 2017

Loft 33, a 30-unit freehold development by Macly Equity, is expected to be completed by 2017

The 48-unit Viento, a freehold apartment by Teambuild Land, was completed in 2013 There is a mix of post-war terraced houses, detached houses, shophouses, walk-up apartments and new condos on Lorong 34

MIC

HAEL

LIM

The Tuckshop on Guillemard Road is popular with both locals and expats living in the areaGeylang Road has a vibrant night life with pubs, KTVs and convenience stores in the traditional red-light areas located between Lorong 4 and 24

E

PICT

URES

: SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE


COVER STORY

| BY FEILY SOFIAN |

Halloween is not over yet in the residential rental market. According to the latest statistics released by the URA on Oct 28, rental decline for private non-landed homes accelerated to 1.4% q-o-q in 3Q, after slipping just 0.4% in 2Q. On a y-o-y basis, rents dipped by 4%.

The mass market, or Outside Central Region, was the worst performer as rents declined 2.4% q-o-q and 6.5% y-o-y in 3Q. A micro-market analysis also shed light on other trends.

Under supply pressure, condominiums in Pasir Ris were among those that took the biggest hit in rents. A total of 2,408 private non-landed homes were completed in Pasir Ris over the past year, the highest among the 38 planning areas featured by the URA. Hougang came in second with 2,255 units.

As a result, some existing developments in Pasir Ris suffered a double-digit y-o-y decline in rents. Monthly rents for two-bed-room units at Carissa Park Condominium, Edelweiss Park Con-dominium, Ferraria Park Condominium and Loyang Valley, for example, dipped between 11% and 17% y-o-y in 3Q2016.

Newer developments were not spared. At NV Residences, a 642-unit condo completed in 2013, monthly rents for two-bed-room units plunged by about $400, or 16% y-o-y, from $2,710 in 3Q2015 to $2,268 in 3Q2016. Those at Livia, a 724-unit con-do completed in 2011, fell 11% from $2,850 to $2,530 over the same period.

When The Edge Property visited some of these projects on a weekday after 8pm, pockets of dark units flagged signifi-cant vacancy rates.

Major new supply in Pasir Ris over the past year include

Parc Olympia (486 units), Ripple Bay (679 units), The Inflora (396 units) and The Palette (892 units). The latest project that came on-stream was Stratum on Elias Road, with 380 units.

On a brighter note, occupancy rates at newly completed pro-jects such as Ripple Bay and The Palette were visibly higher, judging from their share of lit units.

Bedok is another area in the East Region where a few con-dos booked hefty rental loss. Monthly rents for two-bedroom units at Eastern Lagoon fell 11% from $2,731 in 3Q2015 to $2,441 in 3Q2016. Similarly, those at Optima @ Tanah Merah declined by 11% from $3,352 to $2,991 over the same period. Meanwhile, monthly rents for two-bedroom units at Casa Merah were down 9% from $3,408 to $3,100.

Separately, several projects in the North-East Region, which includes Serangoon, Hougang and Sengkang, also sustained a

Shedding light on the rental marketCondo rents in several locations have buckled under supply pressure

Stiff competition from new supply has taken a toll on rents of existing condos in Pasir Ris

douMe3Q2

rooperfrom

ed @ ta ((61

OldPrivmoCenweof C3.4

havend

thais lMRdatrenroo

dendouAllaldOrc

roo3Q2fellthetha

SuAccexp

occuni Mewit

sitiestiin tkan

ShRenat aPockets of dark units reflect significant vacancy rates at existing condos in Pasir Ris

Com

PICT

URES

: ALB

ERT

CHUA

/THE

EDG

E SI

NG

APO

RE


COVER STORY

ora hat s.

pro-her,

on-om to rah od. rah

ich d a

double-digit y-o-y decline in rents. Two-bedroom rents at Kovan Melody, for example, dipped 13% from $3,218 per month in 3Q2015 to $2,806 in 3Q2016.

At Compass Heights in Sengkang, monthly rents for two-bed-room units dove 18% from $2,971 to $2,425 over the same period, while those for three-bedroom units were down 12% from $3,189 to $2,820.

Major projects in the North-East Region that were complet-ed in the past year include FLO Residence (530 units), Jewel @ Buangkok (616 units), Kovan Regency (393 units), La Fies-ta (810 units), Midtown Residences (160 units), Parc Centros (618 units) and Riversails (920 units).

Older condos in Central Region bear the bruntPrivate non-landed rents in the Central Region have shown more resilience than those in the mass market. In the Core Central Region, also known as the high-end segment, rents were down 1.4% q-o-q and 3.3% y-o-y in 3Q. Those in Rest of Central Region, or the city fringe, slipped 0.6% q-o-q and 3.4% y-o-y in 3Q.

Since their last peaks, rents for private non-landed homes have declined by 14% in the mass market, 11% in the high-end segment and 7.2% in the city fringe.

Occupancy rates in Eight Riversuites, an 862-unit condo that was completed in 1Q2016, look encouraging. The project is located in the city fringe, about 400m from the Boon Keng MRT station. It has close to 190 one-bedroom units and to date, there have been 137 rental contracts for these. Monthly rents averaged $2,279 and $2,717 for the one- and two-bed-room units respectively in 3Q.

Anecdotal evidence shows that older condos saw a big dent in rents, despite their central locations. Condos that saw double- digit y-o-y declines in two-bedroom rentals include Allsworth Park on Holland Road, Costa Rhu in Kallang, Emer-ald Park in Bukit Merah, Kim Sia Court near Mount Elizabeth Orchard and Pandan Valley.

In Allsworth Park, for example, monthly rents for two-bed-room units were down by $415, or 13% y-o-y, from $3,171 in 3Q2015 to $2,756 in 3Q2016. Those for three-bedroom units fell by almost $600, or 11% y-o-y from $5,210 to $4,628 over the same period. Allsworth Park is a 999-year leasehold condo that was completed in 1985.

Supply hot spotsAccording to the URA, 42,379 private non-landed homes are expected to be completed over the next five years.

In the high-end segment and city fringe, Downtown Core occupies the top spot in terms of pipeline supply, with 3,253 units that are being planned or under construction. Bukit Merah came in second with 2,964 units, followed by Geylang, with 2,592.

Despite the recent supply influx, Pasir Ris takes second po-sition with the highest pipeline supply in the mass market. An estimated 2,748 units are being planned or under construction in the area. Bedok tops the chart with 3,150 units, while Seng-kang ranks third with 2,440 units.

Shoebox woesRents for one-bedders, including shoebox units, trended down at a relatively steep pace of 5.4% y-o-y in 3Q. Mass-market

Mass-market and city-fringe projects led the decline in one-bedroom rents

KIM

SY

*Based on a set of projects with at least five rental contracts in 3Q2015 and 3Q2016 each

SEGMENT AVERAGE RENT ($/MONTH) CHANGE (%)

3Q2015 3Q2016

High-end segment 3,259 3,120 -4.3

City fringe 2,477 2,329 -6.0

Mass market 2,196 2,033 -7.4

and city-fringe projects led the decline as rents fell 7.4% and 6% respective-ly (see table).

In the mass market, a few projects in Bedok and Serangoon witnessed hefty rental declines for their one-bedroom units. At Kembangan Suites, for exam-ple, one-bedroom rents dipped 11% y-o-y from $2,614 in 3Q2015 to $2,314 in 3Q2016. Over in Serangoon, one-bed-room rents at Casa Cambio were down 9% y-o-y from $2,083 to $1,889 over the same period.

With less competition from new and HDB projects, one-bedroom rents in the high-end segment were more resilient, falling 4.3% y-o-y from $3,259 per month in 3Q2015 to $3,120 in 3Q2016.

Using new sales caveats from 2013 onwards for units measur-ing 70 sq m or less as a proxy, there are about 17,000 one-bed-

Occupancy rates at newly completed projects such as Ripple Bay and The Palette were visibly higher

Completed in 1Q, a good share of the units at Eight Riversuites were lit up

Bedok, Pasir Ris and Sengkang hold the highest pipeline supply in the mass market

URA,

THE

EDG

E PR

OPE

RTY

Several projects in Bedok and North-East Region also sustained a double-digit y-o-y decline in rents

room units island-wide in the pipeline. Sengkang has the highest pipeline supply with 1,652 units.

Other areas with more than 1,000 one-bedroom units in the pipeline include Geylang, Hougang, Toa Payoh, Pasir Ris, Bedok and Serangoon.

PICT

URES

: ALB

ERT

CHUA

/THE

EDG

E SI

NG

APO

RE

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

E


wapri

uni($1on uniSimera

15.23-562

uni($1cavpritrandevsq

es fronNoed lea

derpsfyeaan

DONE DEALS

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

Residential transactions with contracts dated Oct 18 to 25

District 1

PEOPLE’S PARK COMPLEX Apartment 99 years Oct 20, 2016 409 515,000 - 1,259 1972 ResaleV ON SHENTON Apartment 99 years Oct 18, 2016 452 1,150,000 - 2,544 Uncompleted New saleDistrict 2

ICON Apartment 99 years Oct 20, 2016 883 1,150,000 - 1,303 2007 ResaleDistrict 3

ALEX RESIDENCES Apartment 99 years Oct 18, 2016 657 1,365,100 - 2,079 Uncompleted New saleALEXIS Apartment Freehold Oct 21, 2016 409 683,000 - 1,670 2012 ResaleCOMMONWEALTH TOWERS Condominium 99 years Oct 22, 2016 904 1,383,600 - 1,530 Uncompleted New saleCOMMONWEALTH TOWERS Condominium 99 years Oct 22, 2016 904 1,421,200 - 1,572 Uncompleted New saleCOMMONWEALTH TOWERS Condominium 99 years Oct 22, 2016 904 1,457,400 - 1,612 Uncompleted New saleCOMMONWEALTH TOWERS Condominium 99 years Oct 23, 2016 904 1,432,600 - 1,584 Uncompleted New saleEMERALD PARK Condominium 99 years Oct 20, 2016 990 975,000 - 985 1993 ResaleHIGHLINE RESIDENCES Condominium 99 years Oct 22, 2016 700 1,485,200 - 2,123 Uncompleted New saleHIGHLINE RESIDENCES Condominium 99 years Oct 23, 2016 883 1,624,300 - 1,840 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 18, 2016 797 1,300,000 1,295,000 1,626 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 20, 2016 484 815,000 810,000 1,672 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 22, 2016 807 1,364,000 1,359,000 1,683 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 23, 2016 797 1,268,000 1,263,000 1,586 Uncompleted New saleQUEENS Condominium 99 years Oct 19, 2016 1,195 1,450,000 - 1,214 2002 ResaleTANGLIN VIEW Condominium 99 years Oct 21, 2016 1,152 1,280,000 - 1,111 2001 ResaleTHE CREST Condominium 99 years Oct 19, 2016 1,485 2,636,000 - 1,775 Uncompleted New SaleDistrict 4

CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 21, 2016 883 1,400,000 - 1,586 2004 ResaleDistrict 5

MONTEREY PARK CONDOMINIUM Condominium 999 years Oct 20, 2016 1,389 1,520,000 - 1,095 2005 ResalePARK WEST Condominium 99 years Oct 18, 2016 1,130 778,000 - 688 1985 ResaleTHE PARC CONDOMINIUM Condominium Freehold Oct 18, 2016 1,302 1,585,000 - 1,217 2010 ResaleTHE TRILINQ Condominium 99 years Oct 19, 2016 1,044 1,489,000 - 1,426 Uncompleted New saleTHE TRILINQ Condominium 99 years Oct 20, 2016 710 1,054,000 - 1,484 Uncompleted New saleTHE TRILINQ Condominium 99 years Oct 21, 2016 1,356 1,586,000 - 1,169 Uncompleted New saleTHE VISION Condominium 99 years Oct 18, 2016 904 1,170,000 - 1,294 2014 ResaleWEST BAY CONDOMINIUM Condominium 99 years Oct 20, 2016 1,249 1,020,000 - 817 1993 ResaleDistrict 8

FORTE SUITES Apartment Freehold Oct 18, 2016 603 1,053,000 - 1,747 2016 New saleFORTE SUITES Apartment Freehold Oct 19, 2016 603 1,021,500 - 1,695 2016 New saleFORTE SUITES Apartment Freehold Oct 22, 2016 603 1,027,200 - 1,704 2016 New sale

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

| BY TAN CHEE YUEN |

A number of properties were transacted at bargain prices in the week of Oct 18 to 25. In the high-end segment, an 883 sq ft, low-floor unit at Icon in Tanjong Pagar was sold for $1.15 million ($1,303 psf),

according to a caveat lodged on Oct 20. The trans-acted price was on a par with prices in 2010, when an 872 sq ft unit on the same level changed hands for $1,353 psf in September. This year, similar-sized units on the high floors were transacted at an aver-age price of $1,647 psf.

The 646-unit Icon, developed by Far East Or-ganization, was one of the best-selling residential projects when it was launched in 2003, right after the Severe Acute Respiratory Syndrome outbreak. Many units were snapped up at an average price of $650 psf. The 99-year leasehold condominium, a short walk from the Tanjong Pagar MRT station, was completed in 2007.

The commercial podium of the project, Icon Village, houses a mix of F&B outlets, retail and con-venience stores. Icon is also a stone’s throw from

100 AM mall and the new mall at Tanjong Pagar Centre which will have several new-to-market F&B brands, including Japan Rail Café, SBCD Tofu House and The Little Island.

Separately, a 936 sq ft mid-floor unit at Leonie Suites in prime district 9 changed hands for $1.45 million ($1,548 psf), according to a caveat lodged on Oct 20. In May, a 926 sq ft unit was sold for $1,599 psf. Both prices were lower than 2010’s. In fact, an-other 936 sq ft unit on the mid floor fetched $1,699 psf in April 2010.

Completed in 2006, Leonie Suites is a 99-year leasehold apartment developed by GuocoLand. It comprises a single 32-storey tower with 97 units.

In the city fringe, a 1,378 sq ft, two-bedroom unit at Pebble Bay was sold for $1.35 million ($980 psf), according to a caveat lodged on Oct 25. Last month, a 1,098 sq ft, ground-floor unit fetched $836 psf. Prices for similar-sized units have not dipped below $1,000 psf since 2010.

Located in the Tanjong Rhu area, Pebble Bay is one of Singapore’s first waterfront condos. It is a short walk from the Singapore Sports Hub and Kallang Wave Mall. The 99-year leasehold project

Value deals float up across market segments


was developed by CapitaLand and com-prises 510 units.

In Marine Parade, a 1,195 sq ft high-floor unit at One Amber was sold for $1.63 million ($1,364 psf), according to a caveat lodged on Oct 18. Just a week earlier, a 1,281 sq ft unit, also on a high floor, fetched $1,374 psf. Similar-sized units on high floors have gen-erally fetched above $1,400 psf since 2012.

One Amber is a freehold condo in district 15. Completed in 2010, it comprises four 23-storey residential towers with a total of 562 units.

In the suburbs, a 527 sq ft, one-bedroom unit at Archipelago was sold for $600,000 ($1,138 psf) in a sub-sale, according to a caveat lodged on Oct 25. The transacted price was in the bottom 10% of all historical transactions involving 527 sq ft units in the development. Last December, another 527 sq ft unit fetched $1,232 psf.

Completed in 2015, Archipelago compris-es 553 condo units and 24 landed homes fronted by Bedok Reservoir Park. The Bedok North MRT station, expected to be complet-ed in 2017, is about 400m from the 99-year leasehold condo.

At Cardiff Residence, a 420 sq ft one-bed-der changed hands for $585,000 ($1,394 psf), according to a caveat lodged on Oct 21. This year, two other 420 sq ft units were transacted at an average price of $1,528 psf.

Cardiff Residence is a 99-year leasehold condo located off Lorong Chuan in Serangoon. It is about 400m from the Lorong Chuan MRT station.


ee

e

eeeeeeeeeeeeeeee

e

eeeeeeee

eee

FE

FORTE SUITES Apartment Freehold Oct 23, 2016 700 1,152,200 - 1,647 2016 New saleFORTE SUITES Apartment Freehold Oct 23, 2016 603 1,152,200 - 1,911 2016 New saleKENTISH COURT Apartment 99 years Oct 24, 2016 1,141 1,065,000 - 933 1999 ResaleDistrict 9

ASPEN HEIGHTS Condominium 999 years Oct 21, 2016 1,324 1,875,000 - 1,416 1998 ResaleCAIRNHILL CREST Condom inium Freehold Oct 25, 2016 1,733 2,960,000 - 1,708 2004 ResaleLEONIE SUITES Apartment 99 years Oct 20, 2016 936 1,450,000 - 1,548 2006 ResaleMARTIN NO 38 Apartment Freehold Oct 21, 2016 1,130 2,393,000 - 2,117 2011 ResaleOUE TWIN PEAKS Condominium 99 years Oct 18, 2016 1,399 3,567,450 - 2,549 2015 ResaleOUE TWIN PEAKS Condominium 99 years Oct 18, 2016 570 1,654,800 - 2,901 2015 ResaleOUE TWIN PEAKS Condominium 99 years Oct 20, 2016 549 1,617,000 - 2,946 2015 ResaleOUE TWIN PEAKS Condominium 99 years Oct 24, 2016 549 1,493,005 - 2,720 2015 ResaleRIVERGATE Apartment Freehold Oct 20, 2016 1,496 2,885,000 - 1,928 2009 ResaleRIVERGATE Apartment Freehold Oct 20, 2016 1,539 2,890,000 - 1,878 2009 ResaleRIVERGATE Apartment Freehold Oct 20, 2016 1,561 3,128,000 - 2,004 2009 ResaleSOPHIA HILLS Condominium 99 years Oct 19, 2016 700 1,403,000 - 2,005 Uncompleted New saleSOPHIA HILLS Condominium 99 years Oct 22, 2016 689 1,383,200 - 2,008 Uncompleted New saleSOPHIA HILLS Condominium 99 years Oct 22, 2016 700 1,318,000 - 1,884 Uncompleted New saleTHE LAURELS Condominium Freehold Oct 25, 2016 1,765 4,000,000 - 2,266 2013 ResaleTHE RISE @ OXLEY RESIDENCES Apartment Freehold Oct 19, 2016 646 1,500,000 - 2,323 Uncompleted New saleVISIONCREST Apartment Freehold Oct 18, 2016 700 1,460,000 - 2,087 2007 ResaleDistrict 10

CLIVEDEN AT GRANGE Condominium Freehold Oct 20, 2016 2,153 4,500,000 - 2,090 2011 ResaleD’LEEDON Condominium 99 years Oct 24, 2016 2,239 3,215,000 - 1,436 2014 ResaleDRAYCOTT EIGHT Condominium 99 years Oct 18, 2016 2,896 5,200,000 - 1,796 2005 ResaleGRAMERCY PARK Condominium Freehold Oct 19, 2016 2,196 5,739,200 - 2,614 2016 New saleLEEDON RESIDENCE Condominium Freehold Oct 18, 2016 1,044 2,360,000 - 2,260 2015 ResaleLEEDON RESIDENCE Condominium Freehold Oct 20, 2016 2,669 5,150,000 - 1,929 2015 ResaleMING TECK PARK Terrace 999 years Oct 21, 2016 2,454 3,450,000 - 1,405 Unknown Resale31 BALMORAL PARK Apartment Freehold Oct 20, 2016 1,798 2,400,000 - 1,335 Unknown ResaleHOLLAND GROVE WALK Detached Freehold Oct 21, 2016 4,295 7,500,000 - 1,747 1997 ResaleQUINTERRA Apartment 99 years Oct 24, 2016 1,787 2,150,000 - 1,203 2009 ResaleROBIN SUITES Apartment Freehold Oct 21, 2016 463 1,040,000 - 2,247 2016 New saleROBIN SUITES Apartment Freehold Oct 22, 2016 463 1,003,500 - 2,168 2016 New saleROBIN SUITES Apartment Freehold Oct 23, 2016 463 975,000 - 2,107 2016 New saleRV RESIDENCES Condominium 999 years Oct 25, 2016 1,292 2,480,000 - 1,920 2015 ResaleSPRING GROVE Condominium 99 years Oct 18, 2016 1,012 1,470,000 - 1,453 1996 ResaleVALLEY PARK Condominium 999 years Oct 25, 2016 764 1,080,000 - 1,413 1997 ResaleDistrict 11

1 MOULMEIN RISE Apartment Freehold Oct 18, 2016 1,259 1,828,000 - 1,451 2003 ResaleJALAN BAHASA Detached Freehold Oct 19, 2016 9,472 12,300,000 - 1,298 Unknown ResaleGENTLE ROAD Detached Freehold Oct 21, 2016 3,714 6,218,000 - 1,675 1999 ResaleNAROOMA ROAD Detached Freehold Oct 24, 2016 15,446 22,236,480 - 1,440 Unknown ResalePARK INFINIA AT WEE NAM Condominium Freehold Oct 18, 2016 1,130 1,968,000 - 1,741 2008 ResalePASADENA Apartment Freehold Oct 20, 2016 1,389 1,450,000 - 1,044 2002 ResaleDistrict 12

EIGHT RIVERSUITES Terrace 99 years Oct 21, 2016 2,820 2,000,000 - 709 2016 New saleM66 Apartment Freehold Oct 24, 2016 495 585,000 - 1,181 2014 ResaleTHE ARTE Condominium Freehold Oct 20, 2016 1,528 1,895,000 - 1,240 2010 ResaleTHE INTERWEAVE Apartment Freehold Oct 21, 2016 377 595,000 - 1,579 2014 ResaleTREVISTA Condominium 99 years Oct 21, 2016 915 1,180,000 - 1,290 2011 ResaleDistrict 13

E MAISON Apartment Freehold Oct 21, 2016 570 793,000 - 1,390 2016 New saleKEE CHOE AVENUE Terrace Freehold Oct 19, 2016 1,496 1,700,000 - 1,133 1955 ResaleR MAISON Apartment Freehold Oct 22, 2016 1,324 1,760,000 - 1,329 2016 New saleSERANGOON PARK Terrace Freehold Oct 24, 2016 2,648 3,000,000 - 1,132 Unknown ResaleTHE POIZ RESIDENCES Apartment 99 years Oct 18, 2016 538 786,000 - 1,460 Uncompleted New saleTHE POIZ RESIDENCES Apartment 99 years Oct 23, 2016 538 819,000 - 1,522 Uncompleted New saleTHE VENUE RESIDENCES Apartment 99 years Oct 18, 2016 850 1,245,000 - 1,464 Uncompleted New saleTHE VENUE RESIDENCES Apartment 99 years Oct 18, 2016 840 1,187,025 - 1,414 Uncompleted New saleTHE VENUE RESIDENCES Apartment 99 years Oct 20, 2016 1,152 1,537,575 - 1,335 Uncompleted New saleDistrict 14

SIMS URBAN OASIS Condominium 99 years Oct 20, 2016 667 936,280 - 1,403 Uncompleted New saleSIMS URBAN OASIS Condominium 99 years Oct 21, 2016 958 1,300,000 - 1,357 Uncompleted New saleSIMS URBAN OASIS Condominium 99 years Oct 21, 2016 1,033 1,373,000 - 1,329 Uncompleted New sale

DONE DEALS


CONTINUES NEXT PAGE

CAPI

TALA

ND

E

gar &B use

nie .45 on

599 an-699

ear . It s. om 980 ast

836 ped

Bay t is and ect

s

An 883 sq ft unit at Icon was recently sold for $1.15 million ($1,303 psf)


DONE DEALS

SIMS URBAN OASIS Condominium 99 years Oct 21, 2016 786 1,122,000 - 1,428 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Oct 22, 2016 990 1,417,000 - 1,431 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Oct 22, 2016 786 1,127,000 - 1,434 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Oct 23, 2016 958 1,251,110 - 1,306 Uncompleted New SaleTHE ALCOVE Apartment 99 years Oct 20, 2016 1,550 950,000 - 613 2004 ResaleDistrict 15

AXIS @ SIGLAP Apartment Freehold Oct 20, 2016 861 1,120,000 - 1,301 2009 ResaleCOSTA RHU Condominium 99 years Oct 19, 2016 2,217 3,020,000 - 1,362 1997 ResaleEURO-ASIA LODGE Apartment Freehold Oct 19, 2016 1,346 1,400,000 - 1,041 1998 ResaleFRANKEL ESTATE Semi-Detached Freehold Oct 24, 2016 4,381 5,188,000 - 1,184 1977 ResaleLAGUNA PARK Apartment 99 years Oct 18, 2016 1,615 1,450,000 - 898 1978 ResaleMEYER RESIDENCE Apartment Freehold Oct 20, 2016 1,152 1,731,275 - 1,503 2009 ResalePALM AVENUE Semi-Detached Freehold Oct 18, 2016 3,305 3,338,000 - 1,010 Unknown ResaleBRANKSOME ROAD Detached Freehold Oct 21, 2016 5,081 10,000,000 - 1,970 2015 ResaleDUKU ROAD Terrace Freehold Oct 21, 2016 1,733 2,220,000 - 1,283 Unknown ResaleEAST COAST ROAD Terrace Freehold Oct 24, 2016 1,324 2,400,000 - 1,814 Unknown ResaleONE AMBER Condominium Freehold Oct 18, 2016 1,195 1,630,000 - 1,364 2010 ResaleONE EIGHTIES RESIDENCES Apartment Freehold Oct 21, 2016 1,281 1,700,000 - 1,327 2015 New SalePEBBLE BAY Condominium 99 years Oct 25, 2016 1,378 1,350,000 - 980 1997 ResaleSANCTUARY GREEN Condominium 99 years Oct 24, 2016 775 807,500 - 1,042 2004 ResaleSUITES TWENTY-TWO Apartment Freehold Oct 25, 2016 1,905 1,500,000 - 787 2005 ResaleTHE MEYERISE Condominium Freehold Oct 21, 2016 1,819 4,000,000 - 2,199 2014 ResaleTHE SHORE RESIDENCES Condominium 103 years Oct 18, 2016 1,141 1,725,000 - 1,512 2014 ResaleVIBES @ EAST COAST Apartment Freehold Oct 20, 2016 377 520,000 - 1,380 2014 ResaleDistrict 16

AQUARIUS BY THE PARK Condominium 99 years Oct 18, 2016 893 832,888 - 932 2000 ResaleARCHIPELAGO Condominium 99 years Oct 25, 2016 527 600,000 - 1,138 2015 Sub SaleCOSTA DEL SOL Condominium 99 years Oct 19, 2016 1,561 1,905,000 - 1,221 2004 ResaleECO Terrace 99 years Oct 22, 2016 3,563 2,980,000 - 836 Uncompleted New SaleKEW VALE Terrace 99 years Oct 24, 2016 4,263 2,960,000 - 695 1995 ResaleTHE GLADES Condominium 99 years Oct 20, 2016 721 968,000 - 1,342 Uncompleted New SaleTHE GLADES Condominium 99 years Oct 20, 2016 506 770,500 - 1,523 Uncompleted New SaleTHE GLADES Condominium 99 years Oct 21, 2016 624 927,000 - 1,485 Uncompleted New SaleTHE GLADES Condominium 99 years Oct 22, 2016 700 1,038,000 - 1,484 Uncompleted New SaleDistrict 17

CHANGI HEIGHTS Terrace Freehold Oct 19, 2016 2,217 2,399,998 - 1,081 2000 ResaleLOYANG VILLAS Terrace 99 years Oct 18, 2016 2,034 1,650,000 - 811 1996 ResaleDistrict 18

COCO PALMS Condominium 99 years Oct 22, 2016 1,098 1,174,400 - 1,070 Uncompleted New SaleDOUBLE BAY RESIDENCES Condominium 99 years Oct 20, 2016 936 968,000 - 1,034 2012 ResaleELIAS GREEN Condominium 99 years Oct 21, 2016 1,528 840,000 - 550 1994 ResaleLIVIA Condominium 99 years Oct 21, 2016 1,410 1,030,000 - 730 2011 ResaleSIMEI GREEN CONDOMINIUM EC 99 years Oct 21, 2016 969 824,000 - 851 1999 Resale

STRATUM Condominium 99 years Oct 19, 2016 1,098 1,020,000 - 929 2016 Sub SaleTAMPINES COURT Condominium 101 years Oct 20, 2016 1,658 985,000 - 594 Unknown ResaleTAMPINES COURT Condominium 101 years Oct 25, 2016 1,701 860,000 - 506 Unknown ResaleTHE ALPS RESIDENCES Condominium 99 years Oct 18, 2016 689 743,000 - 1,079 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 18, 2016 936 988,000 - 1,055 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 19, 2016 700 705,000 - 1,008 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 19, 2016 2,088 2,090,000 - 1,001 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 20, 2016 700 733,000 - 1,048 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 20, 2016 1,066 1,044,000 - 980 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 21, 2016 700 705,000 - 1,008 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 22, 2016 700 741,000 - 1,059 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 22, 2016 463 492,000 - 1,063 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 22, 2016 700 729,000 - 1,042 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 23, 2016 1,066 1,114,000 - 1,045 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 23, 2016 700 733,000 - 1,048 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 23, 2016 441 511,000 - 1,158 Uncompleted New SaleTHE SANTORINI Condominium 99 years Oct 19, 2016 753 794,970 - 1,055 Uncompleted New SaleTHE SANTORINI Condominium 99 years Oct 22, 2016 743 812,790 - 1,094 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Oct 18, 2016 1,776 1,350,300 - 760 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Oct 23, 2016 958 788,900 - 823 Uncompleted New SaleDistrict 19

CARDIFF RESIDENCE Condominium 99 years Oct 21, 2016 420 585,000 - 1,394 2014 ResaleFOREST WOODS Condominium 99 years Oct 18, 2016 797 1,123,000 - 1,410 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 19, 2016 904 1,285,000 - 1,421 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 19, 2016 915 1,275,000 - 1,394 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 21, 2016 732 1,028,000 - 1,404 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 21, 2016 732 1,068,000 - 1,459 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 23, 2016 1,184 1,440,000 - 1,216 Uncompleted New SaleJEWEL @ BUANGKOK Condominium 99 years Oct 19, 2016 1,421 1,730,000 - 1,218 2016 New SaleJEWEL @ BUANGKOK Condominium 99 years Oct 19, 2016 1,421 1,734,000 - 1,220 2016 New SaleKOVAN REGENCY Condominium 99 years Oct 25, 2016 980 1,280,000 - 1,307 2015 ResaleKOVAN RESIDENCES Condominium 99 years Oct 20, 2016 1,765 2,050,000 - 1,161 2011 ResaleCHARLTON LANE Terrace Freehold Oct 18, 2016 1,528 3,100,000 - 2,035 1985 ResalePARC CENTROS Condominium 99 years Oct 19, 2016 1,378 1,440,000 - 1,045 2016 Sub SaleRIO VISTA Condominium 99 years Oct 21, 2016 1,249 960,000 - 769 2004 ResaleRIO VISTA Condominium 99 years Oct 24, 2016 1,378 1,050,000 - 762 2004 ResaleRIVERSAILS Condominium 99 years Oct 21, 2016 2,476 2,243,888 - 906 2016 New SaleRIVERSAILS Condominium 99 years Oct 24, 2016 1,184 1,250,000 - 1,056 2016 Sub SaleSERANGOON GARDEN ESTATE Semi-Detached 999 years Oct 20, 2016 3,218 4,530,000 - 1,408 Unknown Resale

STARS OF KOVAN Apartment 99 years Oct 22, 2016 743 1,089,940 - 1,468 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Oct 23, 2016 753 1,047,400 - 1,390 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Oct 23, 2016 743 997,060 - 1,342 Uncompleted New SaleTHE TERRACE EC 99 years Oct 18, 2016 1,001 804,200 - 803 Uncompleted New SaleTHE TERRACE EC 99 years Oct 18, 2016 1,001 788,200 - 787 Uncompleted New SaleTHE TERRACE EC 99 years Oct 19, 2016 1,076 884,700 - 822 Uncompleted New SaleTHE TERRACE EC 99 years Oct 20, 2016 1,001 796,200 - 795 Uncompleted New SaleTHE TERRACE EC 99 years Oct 21, 2016 1,076 841,300 - 782 Uncompleted New SaleTHE TERRACE EC 99 years Oct 22, 2016 1,076 816,300 - 758 Uncompleted New SaleTHE TERRACE EC 99 years Oct 22, 2016 1,076 889,700 - 827 Uncompleted New SaleTHE TERRACE EC 99 years Oct 22, 2016 1,076 834,700 - 775 Uncompleted New SaleTHE TERRACE EC 99 years Oct 22, 2016 1,076 860,100 - 799 Uncompleted New SaleTHE TERRACE EC 99 years Oct 22, 2016 1,001 808,200 - 807 Uncompleted New SaleTHE TERRACE EC 99 years Oct 23, 2016 1,076 845,100 - 785 Uncompleted New SaleTHE VALES EC 99 years Oct 18, 2016 915 755,000 - 825 Uncompleted New SaleTHE VALES EC 99 years Oct 18, 2016 915 739,000 - 808 Uncompleted New SaleTHE VALES EC 99 years Oct 19, 2016 904 726,000 - 803 Uncompleted New SaleTHE VALES EC 99 years Oct 23, 2016 1,270 1,004,000 - 790 Uncompleted New SaleTREASURE CREST EC 99 years Oct 18, 2016 1,076 774,000 - 719 Uncompleted New SaleTREASURE CREST EC 99 years Oct 22, 2016 1,076 792,000 - 736 Uncompleted New SaleTREASURE GARDENS Apartment Freehold Oct 18, 2016 1,690 1,330,000 - 787 2005 ResaleTRILIVE Condominium Freehold Oct 18, 2016 1,195 1,738,000 - 1,455 Uncompleted New SaleTRILIVE Condominium Freehold Oct 18, 2016 904 1,395,000 - 1,543 Uncompleted New SaleWATERTOWN Apartment 99 years Oct 20, 2016 581 725,000 - 1,247 Uncompleted Sub SaleDistrict 20

BRADDELL VIEW Apartment 99 years Oct 21, 2016 1,615 1,150,000 - 712 1978 Resale

FLORAVIEW Apartment Freehold Oct 18, 2016 1,173 1,180,000 - 1,006 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 18, 2016 1,023 1,100,000 - 1,076 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 19, 2016 721 876,400 - 1,215 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 22, 2016 1,346 1,350,000 - 1,003 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 22, 2016 753 902,400 - 1,198 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 23, 2016 592 716,200 - 1,210 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 23, 2016 1,184 1,303,200 - 1,101 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 23, 2016 721 882,700 - 1,224 Uncompleted New saleHORIZON GARDENS Terrace 99 years Oct 18, 2016 3,035 1,850,000 - 609 2002 ResaleNUOVO EC 99 years Oct 18, 2016 1,389 1,090,000 - 785 2004 ResaleTHE GARDENS AT BISHAN Condominium 99 years Oct 21, 2016 2,379 2,050,000 - 862 2004 ResaleTHE PANORAMA Condominium 99 years Oct 21, 2016 1,141 1,429,160 - 1,253 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 18, 2016 463 737,300 - 1,593 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 18, 2016 732 1,067,138 - 1,458 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 19, 2016 1,055 1,401,008 - 1,328 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 22, 2016 732 1,020,000 - 1,394 Uncompleted New saleDistrict 21

GARDENVISTA Condominium 99 years Oct 18, 2016 1,249 1,488,000 - 1,192 2006 ResaleGARDENVISTA Condominium 99 years Oct 19, 2016 1,346 1,700,000 - 1,263 2006 ResaleMAPLEWOODS Condominium Freehold Oct 18, 2016 1,787 2,480,000 - 1,388 1997 ResaleTOH TUCK CRESCENT Terrace Freehold Oct 21, 2016 1,765 2,380,000 - 1,352 1977 ResalePARC PALAIS Condominium Freehold Oct 24, 2016 1,389 1,350,000 - 972 1999 ResaleTERRENE AT BUKIT TIMAH Condominium 999 years Oct 24, 2016 1,302 1,740,000 - 1,336 2013 ResaleTHE CREEK @ BUKIT Condominium Freehold Oct 23, 2016 657 1,085,000 - 1,652 Uncompleted New SaleTHE RAINTREE Condominium 99 years Oct 24, 2016 1,335 1,320,000 - 989 2008 ResaleTHE STERLING Condominium Freehold Oct 19, 2016 1,496 1,800,000 - 1,203 2000 ResaleDistrict 22

CASPIAN Condominium 99 years Oct 24, 2016 1,216 1,300,000 - 1,069 2012 ResaleLAKE GRANDE Condominium 99 years Oct 20, 2016 818 1,069,000 - 1,307 Uncompleted New saleLAKE GRANDE Condominium 99 years Oct 21, 2016 721 940,000 - 1,303 Uncompleted New saleLAKE GRANDE Condominium 99 years Oct 21, 2016 818 1,065,000 - 1,302 Uncompleted New saleLAKE GRANDE Condominium 99 years Oct 22, 2016 980 1,252,000 - 1,278 Uncompleted New saleLAKE GRANDE Condominium 99 years Oct 23, 2016 818 1,088,000 - 1,330 Uncompleted New saleLAKE GRANDE Condominium 99 years Oct 23, 2016 980 1,234,000 - 1,260 Uncompleted New saleLAKEHOLMZ Condominium 99 years Oct 19, 2016 1,572 1,250,000 - 795 2005 ResaleWESTWOOD RESIDENCES EC 99 years Oct 18, 2016 1,238 987,000 - 797 Uncompleted New saleWESTWOOD RESIDENCES EC 99 years Oct 19, 2016 1,238 991,400 - 801 Uncompleted New saleWESTWOOD RESIDENCES EC 99 years Oct 21, 2016 1,475 1,163,200 - 789 Uncompleted New saleWESTWOOD RESIDENCES EC 99 years Oct 22, 2016 1,033 841,000 - 814 Uncompleted New saleWESTWOOD RESIDENCES EC 99 years Oct 23, 2016 947 736,600 - 778 Uncompleted New saleDistrict 23

CHESTERVALE EC 99 years Oct 24, 2016 1,432 850,000 - 594 1999 ResaleGUILIN VIEW Condominium 99 years Oct 20, 2016 861 788,000 - 915 2000 ResaleHILLINGTON GREEN Condominium 999 years Oct 18, 2016 1,356 1,380,000 - 1,018 2002 ResaleHILLS TWOONE Apartment Freehold Oct 22, 2016 797 1,010,000 - 1,268 2016 New SaleHILLVIEW REGENCY Condominium 99 years Oct 18, 2016 904 795,000 - 879 2005 ResaleMAYSPRINGS Apartment 99 years Oct 18, 2016 915 708,000 - 774 1998 ResaleSOL ACRES EC 99 years Oct 18, 2016 1,044 833,000 - 798 Uncompleted New saleSOL ACRES EC 99 years Oct 18, 2016 1,066 885,000 - 830 Uncompleted New saleSOL ACRES EC 99 years Oct 19, 2016 1,184 950,000 - 802 Uncompleted New saleSOL ACRES EC 99 years Oct 19, 2016 614 469,000 - 764 Uncompleted New saleSOL ACRES EC 99 years Oct 22, 2016 710 598,000 - 842 Uncompleted New saleSOL ACRES EC 99 years Oct 22, 2016 1,098 841,000 - 766 Uncompleted New saleSOL ACRES EC 99 years Oct 22, 2016 570 427,000 - 748 Uncompleted New saleSOL ACRES EC 99 years Oct 22, 2016 1,001 815,000 - 814 Uncompleted New saleSOL ACRES EC 99 years Oct 22, 2016 1,001 808,000 - 807 Uncompleted New saleSOL ACRES EC 99 years Oct 22, 2016 732 569,000 - 777 Uncompleted New saleSOL ACRES EC 99 years Oct 22, 2016 732 566,000 - 773 Uncompleted New saleSOL ACRES EC 99 years Oct 23, 2016 926 695,000 - 751 Uncompleted New saleSOL ACRES EC 99 years Oct 23, 2016 1,098 882,000 - 803 Uncompleted New saleSOL ACRES EC 99 years Oct 23, 2016 1,044 817,000 - 782 Uncompleted New saleSOL ACRES EC 99 years Oct 23, 2016 947 761,000 - 803 Uncompleted New saleWANDERVALE EC 99 years Oct 18, 2016 958 671,000 - 700 Uncompleted New saleWANDERVALE EC 99 years Oct 22, 2016 1,130 811,000 - 718 Uncompleted New saleWANDERVALE EC 99 years Oct 22, 2016 958 739,000 - 771 Uncompleted New saleDistrict 25

BELLEWOODS EC 99 years Oct 19, 2016 1,582 1,072,170 - 678 Uncompleted New saleBELLEWOODS EC 99 years Oct 20, 2016 1,346 915,750 - 681 Uncompleted New saleBELLEWOODS EC 99 years Oct 22, 2016 1,528 1,135,000 - 743 Uncompleted New saleBELLEWOODS EC 99 years Oct 22, 2016 1,346 1,020,690 - 759 Uncompleted New saleBELLEWOODS EC 99 years Oct 23, 2016 1,184 955,350 - 807 Uncompleted New saleFORESTVILLE EC 99 years Oct 20, 2016 1,033 797,000 - 771 2016 New saleNORTHOAKS EC 99 years Oct 18, 2016 1,292 790,000 - 612 2000 ResalePARC ROSEWOOD Condominium 99 years Oct 20, 2016 603 663,000 - 1,100 2014 ResaleDistrict 26

LENTOR VIEW Terrace Freehold Oct 18, 2016 2,766 2,485,000 - 899 1992 ResaleTHE SPRINGSIDE Terrace Freehold Oct 21, 2016 1,755 2,790,000 - 1,586 2016 New saleDistrict 27

NORTH PARK RESIDENCES Apartment 99 years Oct 22, 2016 1,206 1,502,830 - 1,247 Uncompleted New salePARC LIFE EC 99 years Oct 18, 2016 1,001 774,250 771,950 771 Uncompleted New salePARC LIFE EC 99 years Oct 19, 2016 1,066 813,200 810,900 761 Uncompleted New salePARC LIFE EC 99 years Oct 20, 2016 1,109 875,600 873,300 788 Uncompleted New salePARC LIFE EC 99 years Oct 22, 2016 1,550 1,239,750 1,237,450 798 Uncompleted New saleSPRINGHILL Terrace 99 years Oct 21, 2016 3,089 1,450,000 - 469 2005 ResaleSYMPHONY SUITES Condominium 99 years Oct 18, 2016 689 758,000 - 1,100 Uncompleted New saleSYMPHONY SUITES Condominium 99 years Oct 18, 2016 893 976,000 - 1,092 Uncompleted New saleSYMPHONY SUITES Condominium 99 years Oct 19, 2016 797 850,000 - 1,067 Uncompleted New saleSYMPHONY SUITES Condominium 99 years Oct 21, 2016 689 774,000 - 1,124 Uncompleted New saleSYMPHONY SUITES Condominium 99 years Oct 22, 2016 915 917,000 - 1,002 Uncompleted New saleTHE BROWNSTONE EC 99 years Oct 18, 2016 1,130 921,600 - 815 Uncompleted New saleTHE BROWNSTONE EC 99 years Oct 18, 2016 883 728,000 - 825 Uncompleted New saleTHE BROWNSTONE EC 99 years Oct 23, 2016 915 788,000 - 861 Uncompleted New saleTHE CRITERION EC 99 years Oct 19, 2016 872 638,400 - 732 Uncompleted New saleTHE SHAUGHNESSY Terrace 99 years Oct 18, 2016 3,444 1,550,000 - 450 2006 ResaleTHE VISIONAIRE EC 99 years Oct 18, 2016 1,346 1,102,000 - 819 Uncompleted New saleTHE VISIONAIRE EC 99 years Oct 21, 2016 980 805,000 - 822 Uncompleted New saleTHE VISIONAIRE EC 99 years Oct 21, 2016 1,346 1,115,000 - 829 Uncompleted New saleTHE VISIONAIRE EC 99 years Oct 21, 2016 1,141 936,500 - 821 Uncompleted New saleTHE WISTERIA Apartment 99 years Oct 22, 2016 1,173 1,210,200 - 1,031 Uncompleted New saleDistrict 28

RIVERBANK @ FERNVALE Condominium 99 years Oct 20, 2016 947 924,000 919,000 970 Uncompleted New saleRIVERBANK @ FERNVALE Condominium 99 years Oct 21, 2016 1,012 1,014,000 1,009,000 997 Uncompleted New saleRIVERBANK @ FERNVALE Condominium 99 years Oct 21, 2016 1,012 1,017,000 1,012,000 1,000 Uncompleted New saleRIVERBANK @ FERNVALE Condominium 99 years Oct 22, 2016 1,216 1,002,000 997,000 820 Uncompleted New saleRIVERBANK @ FERNVALE Condominium 99 years Oct 23, 2016 947 948,000 943,000 996 Uncompleted New sale




FROM PREVIOUS PAGE

DISCLAIMER:Source: URA Realis. Updated Nov 1, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

EC stands for executive condominium.


GAINS AND LOSSES


URA

, THE

EDG

E PR

OPE

RTY

Most profi table deals

Non-profi table deals

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 Rivergate 9 1,561 Oct 20 2,004 May 19, 2005 1,144 1,342,400 75 5 11.4

2 Rivergate 9 1,496 Oct 20 1,928 July 29, 2005 1,111 1,222,480 74 5 11.2

3 Quinterra 10 1,787 Oct 24 1,203 Dec 5, 2006 698 902,600 72 6 9.9

4 1 Moulmein Rise 11 1,259 Oct 18 1,451 Feb 15, 2002 786 838,000 85 4 14.7

5 The Gardens At Bishan 20 2,379 Oct 21 862 October 1, 2000 534 779,200 61 3 16.1

6 Costa Del Sol 16 1,561 Oct 19 1,221 May 11, 2009 820 625,000 49 5 7.4

7 Kovan Residences 19 1,765 Oct 20 1,161 June 11, 2010 810 620,350 43 6 6.4

8 Pasadena 11 1,389 Oct 20 1,044 Aug 26, 2005 598 620,000 75 5 11.2

9 Icon 2 883 Oct 20 1,303 Aug 2, 2003 602 618,330 116 6 13.2

10 Tanglin View 3 1,152 Oct 21 1,111 March 18, 2006 586 605,000 90 6 10.6LANDED

1 Detached/Holland Grove Walk 10 4,295 Oct 21 1,747 July 16, 2007 1,164 2,500,000 50 4 9.3

2 Terrace/Kew Crescent 16 4,263 Oct 24 695 Aug 1, 2006 267 1,822,000 160 10 10.2

3 Semi-Detached/Corfe Place 19 3,218 Oct 20 1,408 April 7, 2015 933 1,530,000 51 31 1.5

4 Detached/Gentle Road 11 3,714 Oct 21 1,675 May 27, 2011 1,361 1,168,000 23 4 5.4

5 Terrace/East Coast Road 15 1,324 Oct 24 1,814 April 25, 2011 1,134 900,000 60 9 5.5

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Cliveden At Grange 10 2,153 Oct 20 2,090 July 31, 2007 3,286 2,574,960 36 5 9.2

2 Draycott Eight 10 2,896 Oct 18 1,796 Dec 18, 2006 2,048 731,000 12 1 9.8

3 Detached/Branksome Road 15 5,081 Oct 21 1,970 June 14, 2016 2,068 500,000 5 13 0.4

4 Suites Twenty-Two 15 1,905 Oct 25 787 Dec 19, 2011 856 131,312 8 2 4.9

5 Rivergate 9 1,539 Oct 20 1,878 Aug 30, 2012 1,949 110,000 4 1 4.1

6 M66 12 495 Oct 24 1,181 Aug 13, 2012 1,367 91,800 14 3 4.2

7 Vibes @ East Coast 15 377 Oct 20 1,380 Sept 2, 2011 1,474 35,200 6 1 5.1

8 Meyer Residence 15 1,152 Oct 20 1,503 May 7, 2012 1,528 28,725 2 0.4 4.5

9 Alexis 3 409 Oct 21 1,670 May 7, 2012 1,736 27,000 4 1 4.5

10 The Laurels 9 1,765 Oct 25 2,266 Sept 19, 2012 2,280 25,000 1 0.2 4.1

Note: The profit and loss computation excludes transaction costs such as stamp dutiesURA caveat record downloaded on Oct 28 and Nov 1

Another loss at Cliveden at Grange | BY ESTHER HOON |

In 2015, the first resale trans-action at Cliveden at Grange registered a loss. Last month, another seller at the 110-unit freehold condo in district 10

suffered the same plight. The seller, who had held his unit for nine years, incurred a $2.6 million loss, or an annualised loss of 5%, from the sale of his 2,153 sq ft unit. The fifth-floor property was sold for $4.5 million or $2,090 psf on Oct 20, the lowest recorded at the project.

The seller paid the developer $3,286 psf for the unit in July 2007, a price in the bottom-five percentile. Similarly, the first seller at the project made a loss of $2.6 million in November 2015. He, too, had purchased his unit from the developer in 2007, reflecting an annualised loss of 5% over eight years.

Cliveden at Grange was launched in 2007 at an aver-age price of $3,684 psf. Parkview Eclat, which is the vicinity, crossed the $3,000 psf mark that year. Apart from these two pro-jects, new sale prices of similar pro-jects in the area averaged $2,403 psf then. There have been only two resale transactions at Parkview Eclat from 2012 to date, and both their sellers suffered losses.

Separately in district 9, two sellers

profited by over $1 million each at Rivergate on Oct 20. Both purchased their units from the developer 11 years ago and had held on to them since. The bigger 1,561 sq ft unit on the 39th floor fetched a profit of $1.3 million. The unit was sold at $3.1

million, or $2,004 psf — 75% higher than its purchase price of $1,144 psf in May 2005. The 1,496 sq ft unit on the 12th floor made a profit of $1.2 million. It was purchased in July 2005 at $1,111 psf and sold for $2.9 million, or $1,928 psf.

The annualised gain works out to 5% for both deals. Rivergate is a 545-unit freehold apartment fronting the Singapore River on Robertson Quay in district 9. The project was com-pleted in 2009.

In the landed housing segment,

a detached house on Holland Grove Walk in prime district 10 changed hands on Oct 21 at a profit of $2.5 million. The freehold property with a land area of 4,295 sq ft fetched $7.5 million, or $1,747 psf on land area, after being held for nine years. The seller had purchased it in July 2007 at $1,164 psf, which translates to an annual-ised gain of 4%. The computed price gain for landed proper-ties, however, excludes any renovation or refurbishment costs incurred by the seller.

Meanwhile, a 99-year lease-hold terraced house in Kew Vale, off Upper East Coast Road, was resold at a profit of $1.8 mil-lion, or 10% annualised gain over 10 years, on Oct 24. The property sits on 4,263 sq ft of land on Kew Crescent and has a remaining lease of 77 years. It fetched $3 million, or $695 psf on land, more than double its purchase price of $267 psf in August 2006.

This is the second most pro-fitable deal at the estate histor-ically, after a terraced house transaction in 2015 that reaped

a $2 million profit, based on URA ca-veat records of previous transactions that could be traced. Apart from this, there were two other transactions at the estate this year and both yielded profits of over half a million dollars for the sellers.

A 2,153 sq ft unit at Cliveden at Grange was sold for $4.5 million or $2,090 psf last month. The seller, who paid $3,286 psf for it in 2007, suffered a loss of $2.6 million.

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

E


DEAL WATCH

TABL

ES: U

RA, T

HE E

DGE

PRO

PERT

Y

Past rental contracts for 1,100 to 1,200 sq ft unitsat The Arc at DraycottLEASE DATE MONTHLY RENT(2016) $ $ PSF

August 4,750 4.10

May 5,200 4.50

April 4,200 3.70

Prices at The Arc at Draycott have fallen to the levels of 2005/06, when the project was launched

E

The Arc at Draycott unit selling below $2,000 psf| BY TAN CHEE YUEN |

The twin 36-storey towers of The Arc at Draycott are located on Draycott Drive and Ardmore Park. The freehold project by niche developer BS Capital was com-pleted in 2008 and contains a mix of two-

to four-bedroom units as well as penthouses. A 1,130 sq ft, two-bedroom unit at The Arc

at Draycott is on the market for $2.24 million ($1,982 psf). The unit is vacant, according to Linda Ong, a realtor with PropNex Realty, who is marketing the property.

The two most recent deals at The Arc at Draycott this year also involved1,130 sq ft two-bedroom units: One was on the fifth floor and fetched $2.15 million ($1,902 psf) in March; the other, on the eighth floor of the

same tower, was sold in May for $2.25 mil-lion ($1,991 psf).

The asking price of the 1,130 sq ft two- bedder put up for sale recently is in line with the market, says Ong. Prices have softened since the peak of the market in July 2007, when a 1,270 sq ft, three-bedroom unit on the 19th floor was sold for $3,000 psf, or $3.81 million.

Prices have fallen below $2,000 psf since

Past transactions at The Arc at Draycott

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

May 10, 2016 Mid 1,130 2,250,000 1,991

March 20, 2016 Low 1,130 2,150,000 1,902

May 26, 2015 High 1,270 2,430,000 1,913

Jan 26, 2015 Low 1,130 2,200,000 1,947

Nov 7, 2014 High 1,432 3,080,950 2,152

Oct 9, 2013 High 1,270 2,850,000 2,244

*Low floors: L1 to 7; mid floors: L8 to 15; high floors: L16 & above

the start of 2015. That year, a two-bedder was sold for $2.2 million ($1,947 psf) in Jan-uary, and a 1,270 sq ft three-bedder fetched $2.43 million ($1,913 psf) in May, according to caveats lodged. This means prices have fall-en to the levels of 2005/06, when the project was launched.

Monthly rental rates for two- and three- bedroom units at The Arc at Draycott have averaged $4,717 over the past six months. This means a gross rental yield of 2.6%, based on the latest asking price.

For more information, call marketing agent Linda Ong at 9692 9111.

Scan the QR code for value deals at The Arc at Draycott

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

Spa Infi nity#02-486 Suntec City Mall Tower 2

For appt: Call 6738 0069 or SMS 9081 8898www.spainfi nity.com.sg

Salon Infi nity

#02-496 Suntec City Mall Tower 2For appt: Call 6268 6277

www.saloninfi nity.com.sg

Opening Hours: Mon to Fri 11am to 9pm | Weekend & PH 10:30am to 8pm

YES! Start my annual subscription now.

$238 (inclusive of GST) for The Edge Collection 3-year plan and

save 70% off newsstand price

$118 (inclusive of GST) for The Edge Collection 1-year plan

TYPE OF SUBSCRIPTION

Corporate

Personal

Gift

Last name (Mr/Ms/Dr )

First name

Company

Job title

Delivery address

Home

Offi ce

Postal code

Tel Fax

Mobile Email

Date of birth

PAYMENT OPTIONS

1. Credit Card. Please charge to my credit card.

American Express

MasterCard

Visa

Cardholder’s name

Contact no Email

Card no

Expiry date

Signature

2. Cheque. My cheque payable to ‘The Edge Publishing Pte Ltd’ is enclosed.

Cheque no

3. Online. Visit subscribe.theedgesingapore.com.

4. Phone. Please call 6232 8622 (Monday to Friday, 9am to 5.30pm).

Mail the duly completed subscription form and cheque to:

The Edge Publishing Pte Ltd

150 Cecil Street #08-01 Singapore 069543

Tel: 6232 8622 Fax: 6232 8630 Email: [email protected]

*This special promotion ends on November 30, 2016. Subscription to The Edge Collection is non-cancellable and non-re-

fundable.

The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for

non-Singapore addresses. Dining voucher limited to fi rst 200 subscribers each month. Terms and conditions apply.

** You hereby authorise The Edge Publishing Pte Ltd to charge to your credit card

for automatic subscription renewal as per the selected plan until you cancel your subscription.

If you wish to opt out of the auto-renewal, please check this box:

An award-winning spa experience awaits youSpa Infi nity combines time-honoured healing traditions with a dose of modern spa luxury. With 6,600 sq ft of pampering space, it is the perfect getaway for pure relaxation and rejuvenation. The treatments cater for the modern lifestyle and are designed to restore your body, mind and soul.

Salon Infi nity uses Aveda products, which are over 95% naturally derived and sourced responsibly. Love your hair and love the environment.

Subscribe to The Edge and get exclusive discount vouchers to Spa Infi nity and Salon Infi nity!

SAVE 70%

ON SUBSCRIPTIONPLUS

Spa and salon discount vouchers!

COLLECTION 3-Year plan at

$238 onlyThe Edge Singapore

(print + 3 digital access)+ The Edge Malaysia

(1 digital access)

TES753/SPA INFINITY

(NOTE: CVV number is not required for processing payment)

* Terms and conditions apply

MAKE BETTER DECISIONSs3-ap-southeast-1.amazonaws.com/... · 2016-11-04 · A PULLOUT WITH MCI (P)...

Documents

Transcript of MAKE BETTER DECISIONSs3-ap-southeast-1.amazonaws.com/... · 2016-11-04 · A PULLOUT WITH MCI (P)...