A stroke ofGOODLUCK

To the relief of many Goodluck Garden residents, the High Court has given the go-ahead for the condo’s

en-bloc sale. But the verdict could have implications for other collective sale disputes.

See our Cover Story on Pages 6 and 7.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of December 3, 2018 | ISSUE 859-80

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

OffshoreCrown Group unveils

Sydney mixed-use development EP4

Gains and LossesRivergate resale unit reaps $2 mil profi t

EP10

SpotlightSC Global launches

Setsu Niseko EP11

Under the HammerUnit at VisionCrest going

for $2.25 mil EP12

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP2 • EDGEPROP | DECEMBER 3, 2018

Beauty World Plaza and Upper East Coast Road site for saleKnight Frank Singapore has launched two redevelop-

ment sites — Beauty World Plaza (above, left) and a

landed residential site on Upper East Coast Road —

for sale, at guide prices of $165 million and $18 mil-

lion respectively.

Beauty World Plaza is zoned for commercial and

residential use, with a gross plot ratio of 3.0. It occu-

pies a 24,817 sq ft site. With no development charge

payable, the land rate works out to $2,189 psf per

plot ratio (ppr).

Currently, the development consists of a single

block with 61 retail and 30 residential units. It enjoys

full sheltered access to Beauty World MRT station

and is a five-minute walk from Bukit Timah Market.

Knight Frank has submitted an outline application

to URA for the change of land use for Beauty World

Plaza, from residential to serviced apartments, says

Ian Loh, executive director and head of investment

and capital markets.

The houses at 409-419 Upper East Coast Road oc-

cupy a 13,466 sq ft plot, which is zoned “Residen-

tial, 3-storey mixed landed”. The reserve price of $18

million translates into $1,337 psf.

There are six strata terraced homes on the site.

However, there is redevelopment potential for six

semi-detached homes, subject to approval by the au-

thorities, says Knight Frank. It takes five minutes to

walk from the site to the future Bayshore MRT sta-

tion, slated to open in 2023.

The tender for Beauty World Plaza closes on Jan

30, while that for the Upper East Coast Road site clos-

es a day later.

Apartments in Bukit Panjang up for collective sale at $42 milA row of apartments in Bukit Panjang (above, right)

will be put up for collective sale at $42 million, or a

land rate of $617 psf ppr, according to Colliers Inter-

national, marketing agent for the property. Inclusive

of the 7% bonus balcony gross floor area (GFA), the

land rate translates into $566 psf ppr.

The property, at 2/2A/2B to 24/24A/24B Phoenix

Road, comprises a row of apartments, with shops on

the first storey. The 36 units — 24 apartments and

12 shops — are spread over two three-storey blocks.

The property occupies a site of about 63,000 sq ft.

The site is zoned for residential use, with a gross

plot ratio of 1.4. It is on a 99-year lease effective Jan

1, 1969. The site can be redeveloped into 84 residen-

tial units with an average size of 950 sq ft each, says

Colliers. Currently, the units in the property range

from 893 to 980 sq ft.

The property is a four-minute walk from Phoenix

LRT station, while Bukit Panjang MRT station is eight

minutes away by foot. Other amenities in the vicin-

ity are Bukit Panjang Plaza, Hillion Mall and Junc-

tion 10. It is within a 15-minute walk of educational

institutions such as Teck Whye Secondary, ITE Col-

lege West and Pioneer Junior College.

If the sale goes through, each owner stands to re-

ceive proceeds of $1 million to $1.5 million.

The tender for the site closes on Jan 17, 2019.

Golden Wall Centre sold en bloc for $276 mil The freehold Golden Wall Centre has been sold en bloc

at $276.2 million, reflecting a land rate of $2,331 psf

ppr. The prime commercial property was purchased

by City View Holdings, a wholly-owned subsidiary

of Worldwide Hotels. Worldwide Hotels’ portfolio in-

cludes the Hotel 81 chain. The sale was brokered by

Edmund Tie & Co (ET&Co).

Golden Wall Centre occupies a 24,239 sq ft site

that is zoned for commercial use under the 2014 Mas-

ter Plan. An outline application for hotel use at the

existing approved GFA of 118,489 sq ft, reflecting an

equivalent plot ratio of 4.88, was approved by URA.

Golden Wall Centre is located at the doorstep of

Rochor MRT station on Downtown Line and is an

eight-minute walk from Little India MRT interchange,

which connects the Downtown and North East Lines.

The property occupies a corner plot with a 180m tri-

ple frontage, and has high visibility along the main

thoroughfare of Rochor Canal Road, as well as along

Short Street and Albert Street.

ET&Co is also handling the collective sale of Gold-

en Mile Complex, a landmark commercial property

on Beach Road. The tender closes on Jan 30 next year.

JTC launches two industrial GLS sitesTwo sites have been launched by JTC Corp under

the Industrial Government Land Sales (IGLS) pro-

gramme for 2H2018.

The first site, on Tuas South Link 3, is up for ten-

der. It is 0.45ha and has a gross plot ratio of 1.4. The

land is on a 20-year tenure. It is the fifth out of six

Confirmed List sites for 2H2018.

The second site, on Tampines North Drive 5, is

available for application under the Reserve List. The

land, also with a 20-year tenure, occupies a 0.49ha

site and has a gross plot ratio of 2.5. JTC says it will

release the land for sale only if it receives a minimum

price that is “acceptable” to the government. The site

is the fifth out of seven Reserve List sites for 2H2018.

The tender for the Tuas site closes on Jan 22 next

year. Developer documents for the two sites can be

purchased at the JTC portal. — Compiled by Bong Xin

Ying, Charlene Chin and Timothy Tay

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowCONTRIBUTING EDITOR |Pek Tiong GeeWRITERS | Timothy Tay, Bong Xin Ying, Charlene ChinDIGITAL 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, COMMERCIAL OPERATIONS | Diana LimSENIOR ACCOUNT MANAGERS |Janice Zhu, James ChuaACCOUNT MANAGER |Pang Kai XinSALES STRATEGIST |Han YaoGuang

CIRCULATIONDIRECTOR | Dominic Kevin SimMANAGER | Bryan KekEXECUTIVES | Malliga Muthusamy, Ashikin Kader

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

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

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

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

We welcome your commentsand criticism: propertyeditor.sg@bizedge.com

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

Singapore is the second

best real estate investment

market in Asia-Pacific as

the city state continues to re-

bound from the cyclical lows

of a couple years ago, ac-

cording to “Emerging Trends

in Real Estate — Asia Pacific

2019”, an annual real estate

report. The city state moves

up a rung from third place

this year.

The report is jointly pub-

lished by US-headquartered

think tank Urban Land In-

stitute (ULI) and accounting

firm PwC, and 22 cities were

covered in the study.

Sentiment on commercial

property in Singapore contin-

ues to improve, despite fears

of an impending cyclical re-

versal as liquidity in the mar-

ket reaches an all-time high.

Rents and yields for prime re-

tail space have been firming

across the city after years of

poor performance, as land-

lords struggle to adapt to new

models of retailing. The mar-

ket was also supported by sol-

id economic growth and high

visitor numbers in 2018.

In the office segment, the

report notes that rising rents

and falling vacancies reflect

the possibility of a window

of solid opportunity to devel-

op core office space.

Singapore’s “pro-business

environment and the growth

in crowd data” have “placed

the republic as one of the more

attractive markets for data

centres — an alternative as-

set class with higher yields”,

says Yeow Chee Keong, real

estate and hospitality leader

at PwC Singapore.

Indeed, as the higher-yield-

ing alternative asset classes

continue to gain traction, niche

sectors, such as shared/ser-

viced offices and data centres,

are still in demand, with Sin-

gapore leading the “big four”

markets for data centres. To-

kyo, Hong Kong and Sydney

follow behind. Co-working and

other flexible office space op-

erators have become among

the biggest tenants of office

space, while tech firms have

also been active in the market.

Pauline Oh, ULI Singapore

executive director, says: “The

improvement in Singapore’s

office market has seen the city

state comprehensively rerat-

ed by respondents, after fall-

ing to 21st place in our 2017

report. This can be demon-

strated by a number of ma-

jor office deals that have been

sealed in the past 12 months,

with domestic investors the

biggest buyers.”

However, one fund manag-

er active in the market says:

“It is possible the market is

overly bullish towards the

office sector, as 2019 could

be a challenging year for the

Singapore economy and new

supply is expected in 2020

and 2021.” While the CBD

will see no new supply un-

til 2020, decentralised office

markets will see new office

openings next year.

Singapore’s residential mar-

ket has proved to be excep-

tionally resilient, despite cool-

ing measures being in place

for several years. The out-

look for the residential mar-

ket remains clouded, as both

developers and homebuyers

have become more cautious

as a result of tighter govern-

ment policies.

The logistics market, how-

ever, continues to be plagued

with oversupply, which has

suppressed rents. But there

are signs that excess space

is now being taken up, and

rents are expected to improve

slightly in 2019.

The annual report is based

on the opinions of 350 real es-

tate professionals in Asia, in-

cluding investors, developers,

property company represent-

atives, lenders, brokers and

consultants.

Singapore ranks second among investment destinations in Asia

E

E

PICTURES: KNIGHT FRANK

EDGEPROP | DECEMBER 3, 2018 • EP3

OFFSHORE

EP4 • EDGEPROP | DECEMBER 3, 2018

| BY TIMOTHY TAY |

Australian property developer

Crown Group will launch its

newest Sydney residential

project in Singapore over

the weekend of Dec 1 and 2.

The project, called Mastery by Crown

Group, is a mixed-use development

with 384 luxury apartment units and

a ground-floor retail component. The

residential component of the devel-

opment is a joint effort by renowned

Japanese architect Kengo Kuma and

Sydney-based architect Koichi Taka-

da, and will be the first residential

project by Kuma in Australia. “The

collaboration of the two will lead to

something new and unique for Syd-

ney,” says Crown Group chairman

Iwan Sunito.

Located in the inner-city suburb

of Waterloo, Mastery comprises five

connected buildings. The tallest, de-

signed by Kuma, will be a 19-storey

tower with 144 units, with the exte-

rior covered by plants and emulating

a stacked urban forest. Three low-

rise buildings are designed by Koi-

chi Takada Architects, and the fifth

building is designed by local Sydney

architect Silverster Fuller. Planned fa-

cilities in the development include

an infinity-edge cantilevered rooftop

pool, a gym and community areas.

“With Mastery by Crown Group,

we are creating a new urban hub — a

unique community where people meet,

connect, learn, relax and play together,

enjoying an enriched community life

in this growing suburb,” Sunito says.

On Nov 28, Crown Group an-

nounced that it had signed an agree-

ment with Japanese real estate de-

veloper Mitsubishi Estate Group to

jointly develop the A$500 million

Mastery. The joint venture will in-

volve the Japanese company’s res-

idential arm, Mitsubishi Jisho Res-

idence, which will hold a minority

stake of 30% in the project, says Su-

nito. “We see great opportunities in

Sydney’s property market, and we

have a strong belief in this global

high-growth market,” says Yutaro

Yotsuzaka, MJR senior managing ex-

ecutive officer. “The time is right for

us to form this strategic partnership.”

Crown Group’s global launch of

Mastery took place on Nov 17, with

events held in Sydney, Shanghai and

Jakarta. “We saw a mix of both inves-

tors and owner-occupiers on launch

day, from first-time home buyers

and young professionals, to down-

sizing couples and young families,”

says Prisca Edwards, Crown Group

CEO of global capital and director of

sales. The project was subsequently

launched in Hong Kong on Nov 24 and

will make its Singapore debut in De-

cember. The developer also plans to

launch the project in Tokyo next year.

In the first phase, units in one of

the low-rise buildings as well as a

limited number of units in the Ku-

ma-designed building have been

launched for sale, says Sunito. The

other three towers will be launched

and the high-rise building by 2021.

Mastery is located near three ma-

jor universities in Sydney — the Uni-

versity of New South Wales, the Uni-

versity of Sydney and the University

of Technology Sydney. It will also be

within walking distance of the up-

coming Queens Square and Waterloo

station on the city’s light rail trans-

port network.

Foreign buyersAlthough the growth in property

prices in Sydney is projected to fall

to single digits in the coming years,

Sunito believes the city is still the best

place to invest in Australia’s proper-

ty market. The exit of many Chinese

developers from the market, owing

to the Chinese government’s restric-

tions, means there is no “large sup-

ply coming in”, he says. “It’s almost

taboo for them to develop overseas

today.” Banks are also becoming

more restrictive when funding new

developments by Chinese developers

and prefer to fund established devel-

opers such as Crown Group instead,

he adds. Sunito says Crown Group is

planning for a listing in Singapore by

2021 and discussing with DBS Bank

in preparation. Meanwhile, the Aus-

tralian government is ramping up

spending on affordable housing and

infrastructure building, which will

help support the property market.

Sunito reckons Sydney will al-

ways be the leading city in Aus-

tralia in terms of price growth be-

cause new developments are spread

across Waterloo and other parts of

the Sydney CBD. The property mar-

ket in Melbourne may stagnate, he

says, because local buyers have ac-

cess to a large supply of housing in

the city, and spacious landed houses

priced from A$1.5 million are within

a 15-minute drive from Melbourne’s

CBD. Many downsizers and empty-

nesters around Sydney are also looking

for affordable three-bedroom units.

“The retirees are looking to down-

size their A$3 million to A$4 million

houses, and are looking for A$2 mil-

lion apartment units,” he says.

Foreigners comprise 30% to 40%

of buyers of Crown Group’s develop-

ments and are mainly from China, In-

donesia and Singapore, Sunito says.

Speculative property investors from

China have been hit hard by capital

restrictions imposed by the Chinese

government, but Chinese residents

who work and study in Australia can

still make cash purchases for new

properties, he says. In Indonesia,

the impact of the currency inflation

of the rupiah is a “wake-up call” for

investors there to diversify overseas,

and they see Sydney as a compara-

ble location to invest in, alongside

Singapore and Shanghai.

Sunito says what makes Crown

Group developments premium is their

excellent locations. “We choose lo-

cations that are really prime, and we

build developments in which people

actually want to live.”

Mastery by Crown Group comprises five residential blocks and a retail podium

The development will feature an infinity-edge, cantilevered rooftop pool

Sunito: We are creating a new urban hub — a unique community where people meet, connect, learn, relax and play together

E

next year. The psf prices of launched

units are A$1,400 to A$1,800 psf. Stu-

dio units are priced from A$595,000

($592,928), one-bedroom units from

A$775,000, and three-bedroom units

from A$1.15 million. Three super-pent-

houses designed by Kuma are priced

from A$4.5 million.

“This price range is considered

to be in the middle and comparable

to the prices of other new develop-

ments in the Waterloo neighbour-

hood,” says Sunito. For example,

new apartments in the Sydney CBD

are priced at A$2,500 to A$3,500

psf; and the prime Barangaroo area

sees transactions in the A$5,000-

to-A$7,000 psf range.

In July, the Australian New South

Wales state government raised its for-

eign buyers stamp duty from 4% to

8% — this change was on top of a

prevailing 7% buyers stamp duty in

the state and moves it in line with

Victoria and South Australia (7%).

Waterloo developmentsMastery will be the fourth develop-

ment by Crown Group in the

Waterloo area. Other complet-

ed and launched projects are

the 110-unit Viking by Crown

Group, which was complet-

ed in 2014; the uncompleted

326-unit Infinity in the Green

Square precinct, which is sold

out; and the 331-unit Water-

fall by Crown Group, which

will be completed by the end

of next year.

The Waterloo area has proven to

be very popular among buyers and

Crown Group’s developments there

are either mostly sold or complete-

ly sold out. “In Waterfall, we have

only 25 units left. When two of the

penthouses were sold, they achieved

the highest price in the area, at A$4.5

million each, or about A$3,000 psf,”

Sunito says. Waterfall has five 1,485

sq ft duplex penthouses.

For the retail component, seven

of the 14 shops have been leased to

Japanese food operators, and Suni-

to hopes to turn the retail area into

Sydney’s first Japanese “eat street”

with Japanese-themed restaurants,

izakaya outlets, sushi train restau-

rants and formal tea houses. Aus-

tralian retailer Woolworths is also

leasing 6,458 sq ft for a supermar-

ket. The four low-rise buildings are

expected to be completed by 2020,

PICTURES: CROWN GROUP

Australia’s Crown Group unveilsSydney mixed-use development

EDGEPROP | DECEMBER 3, 2018 • EP5

BROUGHT TO YOU BY UOL GROUP & SINGAPORE LAND

THE TRE VER brings together the best of both worlds.

This award-winning project is designed by renowned architec-

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Featuring 729 spacious one- to four-bedroom units, with sizes

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COVETED LOCATIONThe Tre Ver’s connectivity and convenience is unparalleled.

Nestled amid lush, verdant landscaping, with a 220m frontage

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GREEN SPACES CREATE VALUELandscaping at The Tre Ver is well-thought-out and includes so-

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Besides aesthetic value, well-conceived landscaping has

The Tre Ver — Best of both worlds

Nestled amid a lush, verdant landscaping, with a 220m frontage of the Kallang River, The Tre Ver turns the dream of a riverfront lifestyle into reality

Along the riverbank are 12 raintrees that will be preserved, which will enhance the natural landscaping of the development

Units will have interiors featuring marble flooring for the living area and American oak timber flooring for the bedrooms

been shown to add a 5% to 10% premium to the value of a de-

velopment, according to studies by Edmund Tie & Co Research.

Across the river is the Kallang Park Connector, which is

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government’s initiative to promote a bicycle-friendly city, the

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idents’ use. They will be able to enjoy seamless and pictur-

esque bicycle rides and walks in the future as the government

enhances interconnectivity through a 150km Park Connector

Network Round Island Route linking park connectors, parks

and communities.

SUITE OF FACILITIES The Tre Ver offers residents a plethora of facilities across

three levels. From sensory patios and raintree cabanas on

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ATTRACTIVE PRICES Despite the recent introduction of cooling measures, The

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Sales gallery: Youngberg Terrace

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Opening hours: 11am to 7pm (daily)

Contact: 6100 1319

WWW.THETREVER.COM.SG

This article is bought to you by UOL Group and Singapore

Land, in collaboration with Edmund Tie & Co

COVER STORY

EP6 • EDGEPROP | DECEMBER 3, 2018

| BY CECILIA CHOW & TIMOTHY TAY |

Owners of Goodluck Garden will gath-

er for a meeting on Nov 29, when

property consultant Knight Frank

and legal advisers Rajah and Tann

will update them on the steps to

be taken towards the completion of the col-

lective sale of their condominium. It follows

the High Court verdict delivered on Nov 26,

in which Justice Woo Bih Li granted the sale

order, paving the way for the $610 million en-

bloc purchase of the freehold, 210-unit Good-

luck Garden by a joint venture between Qing-

jian Realty and Perennial Real Estate Holdings.

Justice Woo had said: “After considering

all the facts holistically, including those not

specifically mentioned in this oral judgment,

I conclude that although the conduct of the

CSC [collective sale committee], Knight Frank

and the lawyers for the CSC was wanting in

various aspects, there was no bad faith after

taking into account the sale price, which was

$68 million, or 12.55% higher than Colliers’

valuation.”

Goodluck Garden’s CSC chairman, who

wants to be identified only as Mr Lim, said he

felt “relieved” over the verdict. “We are now

focused on working with our lawyers and mar-

keting consultant on the process of conclud-

ing the sale,” he told EdgeProp Singapore in a

phone interview. “We hope the sale can now

go through for the benefit of the majority —

or 86% of the owners — as it is for the good

of the community, especially in the light of the

current market conditions.”

The defendants, the 13 owners who had ob-

jected to the collective sale of Goodluck Gar-

den, have 30 days to file an appeal with the

Court of Appeal. They will be advised by their

lawyer, Adrian Tan, a partner at TSMP Law

Corp and his team. Tan declined to comment.

 

‘A perfect storm’In his verdict, Justice Woo said that although

the CSC and their professional advisers may

view the court’s decision as a victory, he

hoped they would “reflect long and hard on

To the relief of many Goodluck Garden residents, the High Court has given the go-ahead for the condo’s en-bloc sale. But the verdict could have implications for other collective sale disputes.

their missteps”.

A lawyer who declined to be named com-

mented: “The Goodluck Garden case was a

perfect storm of strange missteps. It was a so-

bering wake-up call for all industry practition-

ers from the High Court judge”.

A main issue of contention was the CSC’s

failure to inform or consult the subsidiary pro-

prietors (SPs) or strata owners in the condo-

minium when URA had informed them that the

site was not subject to a development charge.

Justice Woo felt that the CSC “should have

extended the closing date of the tender by at

least a week” on learning that no DC was pay-

able, as it had a material impact on the reserve

price — compared with Knight Frank’s last es-

timated DC rate of $63.19 million.

While Knight Frank acted promptly to in-

form all the potential bidders that no DC was

payable, the CSC and Knight Frank failed to

consider whether to inform and consult the

SPs. “They had been too focused on the po-

tential bidders that they lost sight of the sub-

sidiary proprietors,” observed Justice Woo.

Another issue raised was over the valuation

of Goodluck Garden. The defendants had al-

leged that the valuation of $542 million by Col-

liers International on March 7, which was used

by the CSC, “was fundamentally flawed”. The

defendants instead relied on a belated valua-

tion by Asian Assets Allianz (AAA) dated Aug

20, which valued the property at $637 million.

AAA believed the valuation should have tak-

en into account the possibility that URA might

allow a higher gross plot ratio (GPR) of 1.655.

The judge said AAA’s valuation was flawed.

“A valuation should be based on existing facts,”

he said. As such, he believed that Colliers’

valuation was not flawed, as it was based on

the existing GPR of 1.4 going by the Master

Plan 2014.

Justice Woo said that, “fortunately for the

CSC”, Colliers’ valuation was just below the

reserve price, and Qingjian’s bid was above

both the valuation and reserve price of $550

million. Qingjian’s bid was also the higher of

the two bids received at the close of the tender.

As it turns out, the subsequent cooling

measures introduced by the government on

July 6 make the sale price “seem even more

favourable for all subsidiary proprietors”, con-

ceded Justice Woo, although he emphasised

that “this has no direct bearing on the ques-

tion of good faith, which is to be determined

at the time the sale process was undertaken”.

The verdict had to be given on Nov 26, fail-

ing which the purchaser, who had signed the

sale and purchase agreement, had the right to

rescind the purchase.

Not over yetEven though the sale order has been granted,

it is believed that there are still some condi-

tions precedent to the deal. A key factor is the

revision of URA guidelines on Oct 17 — unit

sizes in new developments outside the Central

Area were revised to 85 sq m (915 sq ft), from

the current minimum average of 70 sq m. This

will take effect from Jan 17, 2019.

New development applications submitted

after Jan 17 will be affected by the revised av-

erage unit sizes. With the bigger average unit

size of 85 sq m, developers will be able to build

fewer units based on the same gross floor area.

This has major implications for collective sale

COLLIERS INTERNATIONAL SINGAPORE RESEARCH

EXISTING DEVELOPMENT MASTER PLANNING ZONING TENDER ASKING/INDICATIVE ASKING/INDICATIVE STATUSNAME CLOSING DATE PRICE (EXCLUDING (INCLUDING DC/DP) DC/DP) ($ MIL) ($ PSF PPR)

Minbu Villa Residential, non-landed Dec 18 129.1 1,200 Relaunched at potentially lower reserve price

Gilstead Mansion Residential, non-landed Nov 22 65 1,525 Relaunched at lower reserve price

Spanish Village Residential, non-landed Nov 20 882 1,720 Relaunched at same price

Faber Garden Residential, non-landed Oct 31 1180 1,414 Relaunched at same price

Cairnhill Astoria Residential, non-landed Oct 17 196 2,126 Relaunched at same price

Windy Heights Residential, non-landed Oct 10 750 1,198 Relaunched at lower reserve price

Sutton Place Residential, non-landed Sept 25 268 1,917 Extended

Fortune Park Residential, non-landed Sept 14 126 1,337 Extended

Horizon Towers Residential, non-landed Sept 12 1100 1,968 Extended

Katong Plaza Commercial and residential Sept 11 188 1,969 Extended

Dalvey Court Residential, non-landed Aug 30 160 2,009 Extended

Lakeside Apartments Residential, non-landed Aug 21 240 1,049 Extended

Summer Green Residential, non-landed Aug 20 48 1,178 Relaunched at slightly lower guide price

Elizabeth Towers Residential, non-landed Aug 6 610 2,416 Extended

Jalan Besar Plaza Commercial and residential June 5 380 2,115 Relaunched at lower reserve price

Status of collective sale sites

DC = Development charge; DP = Diff erential premium

Goodluck Garden’s minority owners have 30 days to appeal the verdict if they wish

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

GOODLUCK A stroke of

COVER STORY

EDGEPROP | DECEMBER 3, 2018 • EP7

sites outside the Central Area purchased over

the past 18 months.

The revised URA guidelines are likely to

affect big collective sale sites that need to un-

dergo a pre-application feasibility study (PAFS)

that has to be approved by the Land Transport

Authority (LTA) before they can obtain Provi-

sional Permission (PP) for the new develop-

ment from URA. New developments submit-

ted before Jan 17, however, will not be subject

to the revised URA guidelines.

Goodluck Garden has a land area of 360,139

sq ft, and with a GPR of 1.4, the gross floor

area works out to 504,182 sq ft, excluding the

10% bonus GFA. As it is considered a big site,

it is subject to PAFS. The developer could de-

velop a new project of 669 units based on the

average size of 70 sq m. Under the new URA

guidelines of 85 sq m, the number of new

units that can be built on the site will be re-

duced to 551 units.

“For the CSC and their professional advis-

ers, there’s always a dilemma, as they have to

take into consideration the changing market

forces, especially in view of the recent cool-

ing measures and whether to extend the col-

lective sale period,” says an industry observer.

Goodluck Garden CSC chairman Lim agrees:

“Our sale occurred just before the cooling meas-

ures were announced, and even before they

were announced, many people in the indus-

try were already suggesting that some form of

cooling measures by the government might kick

in soon. If we had extended the closing date

of the sale and waited longer, there was a risk

that the sale might not have gone through.”

A question of valuationMost collective sale disputes headed for the

High Court are over valuation and method of

apportionment, observes a property consultant.

On Nov 29, there will also be the appeal of

the minority owner of a unit on the first lev-

el of Citimac Industrial Complex who is ob-

jecting to the valuation of his unit. Citimac

was sold en bloc for $430.1 million to a Chi-

nese buyer last year. The deal was brokered

by Edmund Tie & Co. The freehold develop-

ment near Tai Seng MRT station has 110 units,

nine of which are showroom units on the first

level; 19 are warehouse units on the first and

second floors; and 82 are factory units on the

third to eighth floors.

The owner is objecting to JLL’s valuation

of his unit as a showroom instead of a can-

teen, which he believes should fetch a high-

er market value.

The written judgment on Aug 23 by the

High Court judge had said the valuation by

JLL’s head of valuation services was based

on the highest and best use of the unit. It was

“an exercise of his professional judgment”,

and could not be faulted.

The owner had engaged another valuer,

George Low, who valued the unit at $3,000 psf

based on its use as an eatery.

A second SP, the owner of the neighbouring

showroom unit on the first level, had object-

ed to the collective sale on the grounds that

JLL’s valuation was arbitrary and “totally in-

accurate”. He engaged another valuer, Robert

Khan, who valued the unit at $1,300 psf. JLL

had valued the unit at $1,240 psf.

In his verdict, the High Court judge said

he found the arguments raised by the two SPs

to be “thinly disguised complaints about the

amounts they would receive as their share of

the collective sale proceeds because of the cir-

cumstances that were unique to them”. He gave

the green light for the collective sale to proceed.

The second SP at Citimac is not contesting

the High Court judgment, but the first one is

going ahead with his appeal, with Tan of TSMP

Law as his lawyer.

Brookvale ParkThe majority owners at Brookvale Park condo

have been watching Goodluck Garden’s case

closely. Seven owners at Brookvale Park had

objected to the collective sale, and the High

Court hearing has been scheduled for Dec 7.

The minority owners of Brookvale Park are

also represented by TSMP Law’s Tan. The ba-

sis of their objections is the valuation based

on comparables used by the valuer. Their argu-

ment is that 99-year leasehold condominiums

were used as comparables whereas Brookvale

Park is a 999-year leasehold property, and thus

should fetch a higher market value.

The comparables used by the valuer, Sav-

ills Singapore, were based on 99-year leasehold

properties in the neighbourhood, but adjust-

ments were made, taking into consideration

Brookvale Park’s 999-year lease. One of the

valuers used by the minority owners is said

to be AAA, the same valuer used by the mi-

nority owners at Goodluck Garden.

Brookvale Park, a 160-unit development

in Sunset Way, was sold to a joint venture be-

tween Hoi Hup Realty and Sunway Develop-

ments for $530 million in February this year.

The sale was done during the 10-week private

treaty period after the close of the public ten-

der. The sale was brokered by JLL.

Launches and relaunchesDespite the property cooling measures, there

are still owners at ageing mixed-use develop-

ments and smaller residential land parcels who

want to attempt a collective sale. Knight Frank

is marketing two sites that were launched for

sale on Nov 28. One of them is Beauty World

Plaza, a 999-year leasehold, mixed commer-

cial and residential development with a single

block of 61 retail units and 30 residential units.

The reserve price has been set at $165 million,

with the tender closing on Jan 30.

The other site is occupied by six strata ter-

raced houses on Upper East Coast Road; it

has a freehold land area of 13,446 sq ft. All

six owners have agreed to the collective sale.

They have a reserve price of $18 million, or

$1,337 psf based on land area. The tender will

close on Jan 31.

“Despite recent cooling measures on the

residential segment, interest in landed homes

has remained strong, owing to their scarcity,”

says Ian Loh, Knigh Frank head of investment

and capital markets.

Some sites that have been launched for col-

lective sale are also in the process of collect-

ing signatures at a lower reserve price. One

such site is Minbu Villa, located off Balesti-

er Road, which intends to lower its reserve

price to $129.1 million ($1,200 psf ppr). The

34-unit apartment block was launched for sale

in March at $145.8 million ($1,355 psf ppr).

It was launched for tender a second time on

Nov 20 by marketing agent Savills Singapore

at the same reserve price.

So far, more than 60% of the owners by share

value and strata area have signed the supple-

mental agreement for the lower reserve price

of $129.1 million, says Suzie Mok, senior di-

rector of investment sales at Savills Singapore.

The tender for Minbu Villa closes on Dec 18.

Meanwhile, the 40-unit La Ville at Tanjong

Rhu was re-launched for collective sale at a

lower price of $140.6 million on Oct 9. The

tender closed on Nov 8, and it is now in pri-

vate treaty phase, says Tan Hong Boon, JLL

regional director for capital markets.

La Ville was first put up for collective sale

at $152 million, but no bids were received

when the tender closed on June 19. The 10-

week private treaty period coincided with the

property cooling measures that kicked in on

July 6. The reserve price was reset after an

extraordinary general meeting was held by

the CSC, and approved.

Flynn Park condo in Pasir Panjang was

launched for tender on May 16 for $363.8 mil-

lion, and the tender closed on June 29 with-

out a bid. Gilstead Court on Gilstead Road off

Newton Road was also launched for sale on

June 6 at a reserve price of $168 million; the

tender closed on July 19.

JLL, the marketing agent for both collec-

tive sale sites, says the process of getting ap-

proval from SPs at a lower reserve price is

currently underway. So far, more than 70%

of the owners by strata area and share val-

ue at Flynn Park have agreed to a lower re-

serve price for the collective sale. JLL’s Tan

is looking at relaunching both projects for

tender in 1Q2019.

Many other collective sale sites have also

extended their tender closing period, while

others have lowered their reserve price (see ta-

ble). JLL’s Tan is expecting a flurry of launch-

es and relaunches in the first two quarters of

2019. “The reality is that those who refuse to

lower their reserve price are most likely to

fail,” he says.

xxxxx

E

Brookvale Park’s collective sale is awaiting a High Court hearing scheduled for Dec 7

The 40-unit La Ville at Tanjong Rhu was relaunched for collective sale at a lower price of $140.6 million in October

PICTURES: JLL

EP8 • EDGEPROP | DECEMBER 3, 2018

DONE DEALS

E

| BY TIMOTHY TAY |

In the prime districts, on the heels of

launched projects such as 8 Saint

Thomas (250 units) and 3 Cusca-

den (96 units), projects expected

to be launched next year include

the redevelopment of en bloc project

Tulip Garden (672 units), as well as

new developments on the Handy Road

and Jiak Kim Street government land

tender sites, according to a report by

Edmund Tie & Co on Nov 28.

“Next year will certainly be very

interesting for high-end buyers look-

ing for properties in the Core Central

Region,” says Samuel Eyo, manag-

ing director of Lighthouse Property

Consultants. Developers are likely to

bank on their strong product mix, as

well as pricing and marketing strat-

egies, to position and differentiate

their developments, he says.

At 8 Saint Thomas, located off

River Valley Road, new units have

been snapped up for more than

$3,000 psf. In the most recent sale

at the freehold condo, a 1,302 sq ft,

three-bedroom unit changed hands

for $4.08 million ($3,133 psf) on

Nov 14. Prices at the 250-unit lux-

ury condo have ranged from $2,936

to $3,545 psf since the development

was launched in August.

As the number of existing potential

buyers looking for properties in the

CCR diminishes, demand for new pro-

jects in the area next year may come

from new foreign buyers, especially

those entering the Singapore luxury

market for the first time, says Eyo.

Global macroeconomic headwinds —

from Brexit uncertainties and rising

interest rates to more stringent cap-

ital controls in China — are encour-

aging investors to look for safe ha-

vens such as Singapore in which to

reinvest their capital, he says. “There

are still many groups of foreign buy-

ers who are willing to invest in Singa-

pore, as we are still an attractive in-

vestment location.”

Even in the secondary market,

some resale luxury units were recent-

ly sold for more than $3,000 psf. A

three-bedroom unit at The Orchard

Residences, in the heart of Orchard

Road, fetched $7.75 million ($3,144

psf) on Nov 19. The 2,465 sq ft unit

is on the 33rd floor of the 56-storey

residential tower, the residential com-

ponent of the ION Orchard integrat-

ed mall. According to URA caveats,

this is only the second unit at the

99-year leasehold development that

has been sold so far this year. In Feb-

ruary, a 2,174 sq ft unit on the 43rd

floor changed hands for $8.1 million

($3,731 psf).

Meanwhile, a four-bedroom unit

at Bishopsgate Residences was sold

for $8.5 million ($3,295 psf) on Nov

19. The 2,583 sq ft unit is on the

fourth floor of one of the three resi-

dential blocks. In July, a 2,939 sq ft

unit at the freehold condo was sold

for $11.5 million ($3,913 psf), mak-

ing it the most expensive resale unit

sold in the last quarter, according to

a report by OrangeTee & Tie. Locat-

ed on Bishopsgate near Grange Road,

the boutique luxury condo was com-

pleted in 2012.

Some buyers may not be active-

ly seeking out properties to invest in

next year and will instead start look-

ing for opportunities to capitalise on

their new property investments this

year, says Eyo. They could do so by

renting out their property or selling

it for a profit. A few are also looking

to diversify and invest in shophous-

es and other non-residential proper-

ty assets, he adds.

Buyers in prime districts spoilt for choice

Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

District 1 MARINA ONE RESIDENCES Apartment 99 years November 13, 2018 2,174 6,067,700 2,791 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years November 13, 2018 1,561 3,889,700 2,492 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years November 15, 2018 1,582 3,675,530 2,323 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years November 16, 2018 1,152 2,872,000 2,494 2017 New SalePEOPLE’S PARK COMPLEX Apartment 99 years November 14, 2018 1,173 1,040,000 886 1972 ResaleTHE SAIL @ MARINA BAY Apartment 99 years November 15, 2018 1,647 2,955,000 1,794 2008 ResaleTHE SAIL @ MARINA BAY Apartment 99 years November 20, 2018 2,099 3,500,000 1,667 2008 ResaleV ON SHENTON Apartment 99 years November 14, 2018 484 1,150,000 2,374 2017 Sub SaleDistrict 2 WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years November 14, 2018 1,098 3,505,000 3,192 2017 New SaleWALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years November 14, 2018 646 2,000,000 3,097 2017 New SaleDistrict 3 ARTRA Apartment 99 years November 13, 2018 829 1,763,100 2,127 Uncompleted New SaleARTRA Apartment 99 years November 14, 2018 1,410 2,248,200 1,594 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years November 16, 2018 441 900,000 2,039 2017 Sub Sale

ECHELON Condominium 99 years November 16, 2018 1,001 1,750,000 1,748 2016 ResaleEMERALD PARK Condominium 99 years November 14, 2018 926 1,270,000 1,372 1993 ResaleEMERALD PARK Condominium 99 years November 19, 2018 1,055 1,212,000 1,149 1993 ResaleQUEENS Condominium 99 years November 14, 2018 1,184 1,500,000 1,267 2002 ResaleSTIRLING RESIDENCES Apartment 99 years November 13, 2018 764 1,262,000 1,651 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 13, 2018 786 1,368,000 1,741 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 14, 2018 624 1,171,000 1,876 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 14, 2018 689 1,262,000 1,832 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 14, 2018 786 1,376,000 1,751 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 15, 2018 883 1,495,000 1,694 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 16, 2018 624 1,128,000 1,807 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 17, 2018 1,055 1,760,000 1,668 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years November 17, 2018 1,055 1,746,000 1,655 Uncompleted New SaleTHE CREST Condominium 99 years November 19, 2018 969 2,156,000 2,226 2017 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years November 13, 2018 893 1,480,000 1,657 2004 ResaleCOVE DRIVE Detached 99 years November 15, 2018 9,537 23,988,000 2,515 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years November 15, 2018 1,561 3,180,000 2,037 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years November 15, 2018 1,152 2,080,000 1,806 2011 ResaleDistrict 5 BIJOU Apartment Freehold November 18, 2018 560 1,064,040 1,901 2018 New SaleBLUE HORIZON Condominium 99 years November 13, 2018 1,152 1,180,000 1,025 2005 ResaleJUBILEE RESIDENCE Apartment Freehold November 20, 2018 980 1,180,000 1,205 2008 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 13, 2018 474 778,000 1,643 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 13, 2018 646 1,142,000 1,768 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 15, 2018 646 1,099,000 1,702 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 16, 2018 786 1,290,000 1,642 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 16, 2018 474 780,000 1,647 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 16, 2018 646 1,109,000 1,717 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 17, 2018 732 1,210,000 1,653 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 17, 2018 646 1,135,000 1,757 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 17, 2018 646 1,082,000 1,675 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 17, 2018 517 899,000 1,740 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years November 18, 2018 904 1,414,000 1,564 Uncompleted New SaleONE-NORTH RESIDENCES Apartment 99 years November 16, 2018 517 910,000 1,761 2009 ResaleTHE VISION Condominium 99 years November 13, 2018 1,313 1,580,000 1,203 2014 ResaleWHISTLER GRAND Apartment 99 years November 13, 2018 1,066 1,405,600 1,319 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 13, 2018 764 1,055,200 1,381 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 13, 2018 990 1,284,000 1,297 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 14, 2018 624 896,800 1,436 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 16, 2018 689 1,029,600 1,495 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 16, 2018 1,464 1,946,400 1,330 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 16, 2018 840 1,234,400 1,470 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 16, 2018 764 1,108,000 1,450 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 17, 2018 1,281 1,733,600 1,353 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 18, 2018 614 813,600 1,326 Uncompleted New Sale

Residential transactions with contracts dated Nov 13 to 20

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

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

A three-bedroom unit at The Orchard Residences fetched $7.75 million ($3,144 psf) on Nov 19

Luxury, prime district condos such as Bishopsgate Residences are commanding more than $3,000 psf on the resale market

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EDGEPROP | DECCEMBER 3, 2018 • EP9

DONE DEALS

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

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

WHISTLER GRAND Apartment 99 years November 18, 2018 958 1,258,400 1,314 Uncompleted New SaleWHISTLER GRAND Apartment 99 years November 18, 2018 624 899,200 1,440 Uncompleted New SaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years November 16, 2018 1,163 2,258,537 1,943 2014 ResaleDistrict 8 CITIGATE RESIDENCE Apartment Freehold November 16, 2018 441 612,000 1,387 2010 ResalePRISTINE HEIGHTS Apartment Freehold November 19, 2018 732 1,080,000 1,476 2009 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold November 14, 2018 1,302 4,080,000 3,133 2018 ResaleCAVENAGH HOUSE Apartment Freehold November 19, 2018 1,636 2,975,000 1,818 Unknown ResaleKILLINEY 118 Apartment Freehold November 16, 2018 624 1,238,000 1,983 2013 ResaleMARTIN MODERN Condominium 99 years November 14, 2018 764 2,200,000 2,879 Uncompleted New SaleMARTIN MODERN Condominium 99 years November 15, 2018 764 1,973,000 2,582 Uncompleted New SaleMARTIN MODERN Condominium 99 years November 16, 2018 1,798 4,753,500 2,644 Uncompleted New SaleMARTIN MODERN Condominium 99 years November 17, 2018 872 2,341,500 2,686 Uncompleted New SaleRIVERGATE Apartment Freehold November 15, 2018 2,077 4,500,000 2,166 2009 ResaleTHE METZ Condominium Freehold November 16, 2018 1,496 3,777,400 2,525 2007 ResaleTHE ORCHARD RESIDENCES Apartment 99 years November 19, 2018 2,465 7,750,000 3,144 2010 ResaleTHE VERMONT ON CAIRNHILL Apartment Freehold November 20, 2018 2,648 5,700,000 2,153 2013 ResaleYONG AN PARK Condominium Freehold November 20, 2018 3,111 6,050,000 1,945 1986 ResaleDistrict 10 120 GRANGE Apartment Freehold November 15, 2018 678 2,250,000 3,318 Uncompleted New Sale120 GRANGE Apartment Freehold November 15, 2018 678 2,250,000 3,318 Uncompleted New Sale3 CUSCADEN Apartment Freehold November 16, 2018 764 2,927,000 3,830 Uncompleted New SaleARDMORE PARK Condominium Freehold November 13, 2018 2,885 8,600,000 2,981 2001 ResaleBISHOPSGATE RESIDENCES Condominium Freehold November 19, 2018 2,583 8,511,898 3,295 2012 ResaleGLENTREES Condominium 999 years November 15, 2018 1,991 2,900,000 1,456 2005 ResaleHOLLAND RESIDENCES Condominium Freehold November 19, 2018 980 1,680,000 1,715 2012 ResaleLATITUDE Condominium Freehold November 15, 2018 2,788 5,600,000 2,009 2010 ResaleNASSIM PARK RESIDENCES Condominium Freehold November 13, 2018 3,477 10,600,000 3,049 2011 ResaleTHE CORNWALL Condominium Freehold November 19, 2018 1,464 2,400,800 1,640 2005 ResaleTHE EQUATORIAL Condominium Freehold November 20, 2018 1,690 2,900,000 1,716 2001 ResaleVIZ AT HOLLAND Condominium Freehold November 16, 2018 861 1,520,000 1,765 2008 ResaleDistrict 11 MONTEBLEU Condominium Freehold November 15, 2018 570 930,000 1,630 2010 ResaleNINETEEN SHELFORD ROAD Condominium Freehold November 14, 2018 1,604 2,100,000 1,309 1997 ResaleRAFFLES PARK Detached Freehold November 13, 2018 10,624 18,388,888 1,731 Unknown ResaleDistrict 12 GEM RESIDENCES Condominium 99 years November 15, 2018 1,313 1,954,260 1,488 Uncompleted New SaleGEM RESIDENCES Condominium 99 years November 16, 2018 1,055 1,899,000 1,800 Uncompleted New SaleJUI RESIDENCES Apartment Freehold November 17, 2018 1,001 1,759,488 1,758 Uncompleted New SaleNOVA 88 Apartment Freehold November 16, 2018 1,249 1,590,000 1,273 2012 ResaleOLEANDER TOWERS Apartment 99 years November 13, 2018 1,152 1,286,800 1,117 1998 ResaleTHE CALLISTA Apartment 999 years November 15, 2018 592 630,000 1,064 2005 ResaleDistrict 13 PARK COLONIAL Condominium 99 years November 13, 2018 980 1,657,000 1,692 Uncompleted New SalePARK COLONIAL Condominium 99 years November 14, 2018 678 1,187,000 1,750 Uncompleted New SalePARK COLONIAL Condominium 99 years November 15, 2018 980 1,634,000 1,668 Uncompleted New SalePARK COLONIAL Condominium 99 years November 15, 2018 603 1,107,000 1,836 Uncompleted New SalePARK COLONIAL Condominium 99 years November 16, 2018 1,367 2,265,000 1,657 Uncompleted New SalePARK COLONIAL Condominium 99 years November 16, 2018 936 1,582,000 1,689 Uncompleted New SalePARK COLONIAL Condominium 99 years November 17, 2018 743 1,397,000 1,881 Uncompleted New SalePARK COLONIAL Condominium 99 years November 18, 2018 635 1,107,000 1,743 Uncompleted New SaleSENNETT RESIDENCE Condominium 99 years November 15, 2018 743 1,150,000 1,548 2016 ResaleSENNETT RESIDENCE Condominium 99 years November 19, 2018 570 892,000 1,564 2016 ResaleTHE TRE VER Condominium 99 years November 16, 2018 1,335 2,076,380 1,556 Uncompleted New SaleTHE TRE VER Condominium 99 years November 17, 2018 614 978,000 1,594 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years November 17, 2018 689 1,344,000 1,951 Uncompleted New SaleDistrict 14 33 RESIDENCES Apartment Freehold November 15, 2018 797 1,261,290 1,583 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 13, 2018 549 1,000,000 1,822 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 15, 2018 549 1,018,000 1,854 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 16, 2018 549 1,012,000 1,843 Uncompleted New SaleARENA RESIDENCES Apartment Freehold November 18, 2018 883 1,612,000 1,826 Uncompleted New SaleASTON MANSIONS Apartment 99 years November 20, 2018 1,012 930,000 919 1998 ResaleEUHABITAT Condominium 99 years November 16, 2018 904 939,888 1,039 2015 ResalePARC ESTA Apartment 99 years November 16, 2018 1,066 1,755,000 1,647 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 452 807,000 1,785 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 527 924,000 1,752 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 420 718,000 1,710 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 420 721,000 1,718 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 452 789,000 1,745 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 452 789,000 1,745 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 452 772,000 1,708 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 840 1,389,000 1,654 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 1,119 1,783,000 1,593 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 603 1,035,000 1,717 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 581 1,002,000 1,724 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 581 1,010,000 1,738 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 581 1,010,000 1,738 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 581 994,000 1,710 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 581 990,000 1,703 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 581 998,000 1,717 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 829 1,400,000 1,689 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 635 1,083,000 1,705 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 635 1,069,000 1,683 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 926 1,514,000 1,636 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 926 1,489,000 1,609 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 700 1,183,000 1,691 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 517 933,000 1,806 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 517 910,000 1,761 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 517 927,000 1,794 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 420 730,000 1,739 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 420 750,000 1,787 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 452 812,000 1,796 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 452 795,000 1,759 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 452 815,000 1,803 Uncompleted New SalePARC ESTA Apartment 99 years November 16, 2018 958 1,515,000 1,581 Uncompleted New SalePARC ESTA # Apartment 99 years November 16, 2018 915 1,487,000 1,625 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years November 14, 2018 1,076 1,790,000 1,663 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years November 15, 2018 667 1,201,999 1,801 Uncompleted New SalePAYA LEBAR RESIDENCES Apartment Freehold November 14, 2018 872 1,070,000 1,227 2002 ResaleSIMS GREEN Apartment 99 years November 13, 2018 1,238 1,048,000 847 2003 ResaleSIMSVILLE Condominium 99 years November 13, 2018 1,238 1,320,000 1,066 1998 ResaleVACANZA @ EAST Condominium Freehold November 14, 2018 1,033 1,270,000 1,229 2014 ResaleDistrict 15 AMBER 45 Apartment Freehold November 14, 2018 829 1,800,000 2,172 Uncompleted New SaleAMBER 45 Apartment Freehold November 16, 2018 1,593 3,900,000 2,448 Uncompleted New SaleBLU CORAL Condominium Freehold November 16, 2018 1,851 1,830,000 988 2009 ResaleCAYMAN RESIDENCES Terrace Freehold November 13, 2018 1,744 4,200,000 2,409 Uncompleted New SaleD’ECOSIA Condominium Freehold November 19, 2018 1,227 1,710,000 1,394 2003 ResaleDUNMAN VIEW Condominium 99 years November 15, 2018 1,238 1,370,000 1,107 2004 ResaleLE M RESIDENCE Apartment Freehold November 13, 2018 1,001 1,160,000 1,159 2005 ResaleCRESCENT ROAD Semi-Detached Freehold November 14, 2018 3,401 6,500,000 1,910 1991 ResaleLORONG K TELOK KURAU Terrace Freehold November 15, 2018 1,970 3,000,000 1,524 1988 ResaleSEASIDE RESIDENCES Apartment 99 years November 15, 2018 560 1,134,900 2,028 Uncompleted New Sale

THE PROMINENCE Apartment Freehold November 14, 2018 1,184 1,280,000 1,081 2005 ResaleVERSILIA ON HAIG Condominium Freehold November 14, 2018 1,130 1,680,000 1,486 2010 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years November 19, 2018 1,227 1,118,000 911 2001 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years November 17, 2018 1,238 1,850,000 1,495 Uncompleted New SalePALMWOODS Condominium 99 years November 14, 2018 1,098 928,000 845 1999 ResaleTANAMERA CREST Condominium 99 years November 20, 2018 861 800,000 929 2004 ResaleTHE CLEARWATER Condominium 99 years November 14, 2018 1,356 1,190,000 877 2001 ResaleDistrict 17 AVILA GARDENS Condominium Freehold November 14, 2018 1,755 1,480,000 844 1995 ResaleCARISSA PARK CONDOMINIUM Condominium Freehold November 20, 2018 1,324 1,150,000 869 2001 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years November 19, 2018 1,184 1,020,000 861 2015 ResaleTHE INFLORA Condominium 99 years November 16, 2018 463 528,888 1,143 2016 ResaleTHE JOVELL Condominium 99 years November 13, 2018 635 849,000 1,337 Uncompleted New SaleTHE JOVELL Condominium 99 years November 14, 2018 441 588,000 1,332 Uncompleted New SaleDistrict 18 Q BAY RESIDENCES Condominium 99 years November 16, 2018 1,378 1,498,000 1,087 2016 ResaleRIPPLE BAY Condominium 99 years November 15, 2018 2,131 2,000,000 938 2015 ResaleTHE ALPS RESIDENCES Condominium 99 years November 15, 2018 936 1,087,000 1,161 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 13, 2018 743 944,460 1,272 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 14, 2018 926 1,212,800 1,310 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 15, 2018 689 945,600 1,373 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 16, 2018 441 648,800 1,470 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 17, 2018 441 655,200 1,485 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 17, 2018 1,130 1,355,200 1,199 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 17, 2018 603 880,000 1,460 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 17, 2018 474 687,160 1,451 Uncompleted New SaleTHE TAPESTRY Condominium 99 years November 18, 2018 603 860,800 1,428 Uncompleted New SaleDistrict 19 A TREASURE TROVE Condominium 99 years November 20, 2018 775 862,000 1,112 2015 ResaleAFFINITY AT SERANGOON Apartment 99 years November 15, 2018 614 899,000 1,465 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years November 16, 2018 753 1,164,000 1,545 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years November 16, 2018 474 700,000 1,478 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years November 17, 2018 850 1,273,000 1,497 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years November 17, 2018 614 907,000 1,478 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years November 18, 2018 1,152 1,750,000 1,519 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years November 18, 2018 850 1,234,000 1,451 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years November 18, 2018 624 996,000 1,595 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years November 18, 2018 538 799,920 1,486 Uncompleted New SaleAFFLUENCE COURT Apartment Freehold November 14, 2018 2,164 1,680,000 776 1990 ResaleBOATHOUSE RESIDENCES Condominium 99 years November 19, 2018 1,109 1,200,000 1,082 2015 ResaleCENTRAL VIEW Condominium 99 years November 19, 2018 1,206 1,068,000 886 2002 ResaleESPARINA RESIDENCES EC 99 years November 14, 2018 1,292 1,220,000 945 2013 ResaleESPARINA RESIDENCES EC 99 years November 15, 2018 829 915,000 1,104 2013 ResaleESPARINA RESIDENCES EC 99 years November 15, 2018 829 920,000 1,110 2013 ResaleESPARINA RESIDENCES EC 99 years November 16, 2018 1,163 1,285,000 1,105 2013 ResaleESPARINA RESIDENCES EC 99 years November 20, 2018 829 880,000 1,062 2013 ResaleKOVAN MELODY Condominium 99 years November 16, 2018 1,227 1,380,000 1,125 2006 ResalePRIVE EC 99 years November 13, 2018 829 840,000 1,013 2013 ResalePRIVE EC 99 years November 14, 2018 1,055 1,048,000 993 2013 ResaleREGENTVILLE Apartment 99 years November 14, 2018 1,152 875,000 760 1999 ResaleRIO VISTA Condominium 99 years November 15, 2018 1,238 1,020,000 824 2004 ResaleRIVERCOVE RESIDENCES EC 99 years November 14, 2018 1,109 1,047,400 945 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 13, 2018 463 595,000 1,286 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 13, 2018 603 778,000 1,291 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 14, 2018 872 1,159,000 1,329 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 14, 2018 721 924,000 1,281 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 15, 2018 517 702,000 1,359 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 15, 2018 517 698,490 1,352 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 15, 2018 463 678,000 1,465 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 16, 2018 721 922,000 1,278 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 17, 2018 463 630,000 1,361 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 17, 2018 1,485 1,828,000 1,231 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 17, 2018 721 974,000 1,351 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 18, 2018 463 633,000 1,368 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 18, 2018 1,109 1,453,000 1,311 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 18, 2018 463 628,000 1,357 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years November 18, 2018 721 954,000 1,323 Uncompleted New SaleSERANGOON GARDEN ESTATE Apartment 999 years November 13, 2018 1,636 1,638,000 1,001 Unknown ResaleTERRASSE Condominium 99 years November 13, 2018 1,421 1,698,888 1,196 2014 ResaleTHE MORNING GLORY Apartment Freehold November 19, 2018 1,033 1,000,000 968 2003 ResaleTHE SCALA Apartment 99 years November 16, 2018 474 790,000 1,668 2013 ResaleTREASURE CREST EC 99 years November 16, 2018 1,076 1,184,000 1,100 2018 New SaleWATERTOWN Apartment 99 years November 15, 2018 904 1,188,888 1,315 2017 Sub SaleDistrict 20 JADESCAPE Condominium 99 years November 18, 2018 646 1,143,100 1,770 Uncompleted New SaleSKY VUE Condominium 99 years November 14, 2018 797 1,328,000 1,667 2016 ResaleYEW LIAN PARK Terrace Freehold November 13, 2018 1,765 2,500,000 1,419 1967 ResaleDistrict 21 HIGHGATE Condominium Freehold November 15, 2018 1,270 1,580,000 1,244 1995 ResaleHONG KONG PARK Detached 999 years November 15, 2018 4,413 9,100,000 2,060 2015 ResaleHUME PARK II Condominium Freehold November 13, 2018 1,475 1,688,000 1,145 1997 ResaleMAYFAIR GARDENS Condominium 99 years November 13, 2018 850 1,657,000 1,949 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years November 16, 2018 506 1,020,000 2,016 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years November 17, 2018 549 1,130,000 2,058 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years November 18, 2018 850 1,560,240 1,835 Uncompleted New SaleSYMPHONY HEIGHTS Condominium Freehold November 20, 2018 926 1,182,000 1,277 1998 ResaleDistrict 22 LAKEVILLE Condominium 99 years November 13, 2018 1,163 1,750,000 1,505 2017 ResalePARC OASIS Condominium 99 years November 16, 2018 1,378 1,300,000 944 1994 ResaleSUMMERDALE EC 99 years November 16, 2018 1,270 878,000 691 2000 ResaleWESTVILLE Terrace 99 years November 15, 2018 1,615 1,375,888 852 1998 ResaleDistrict 23 ESPA Condominium 999 years November 20, 2018 1,744 1,685,000 966 2009 ResaleFORESQUE RESIDENCES Condominium 99 years November 15, 2018 1,184 1,260,000 1,064 2014 ResaleLE QUEST Apartment 99 years November 17, 2018 1,130 1,536,000 1,359 Uncompleted New SaleNATURA@HILLVIEW Apartment Freehold November 19, 2018 635 850,000 1,338 2015 ResaleREGENT HEIGHTS Condominium 99 years November 19, 2018 1,023 808,000 790 1999 ResaleVILLA VERDE Terrace 99 years November 14, 2018 2,174 1,680,000 774 2000 ResaleDistrict 25 ROSEWOOD Condominium 99 years November 16, 2018 1,173 870,000 742 2003 ResaleWOODGROVE CONDOMINIUM Condominium 99 years November 14, 2018 1,184 805,000 680 1999 ResaleDistrict 26 MEADOWS @ PEIRCE Condominium Freehold November 14, 2018 1,195 1,428,000 1,195 2012 ResaleDistrict 27 EUPHONY GARDENS Condominium 99 years November 16, 2018 1,076 730,000 678 2001 ResaleSKIES MILTONIA Condominium 99 years November 16, 2018 1,335 1,368,000 1,025 2016 ResaleDistrict 28 KELULUT HILL Terrace 999 years November 14, 2018 3,520 3,520,000 1,001 1997 ResalePARC BOTANNIA Condominium 99 years November 13, 2018 506 700,000 1,384 Uncompleted New SaleSELETAR GARDEN Terrace Freehold November 19, 2018 2,217 2,830,000 1,277 1985 Resale

Residential transactions with contracts dated Nov 13 to 20

DISCLAIMER:Source: URA Realis. Updated Nov 27, 2018. 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*Not all caveats are shown due to the overwhelming number of transactions

GAINS AND LOSSES

EP10 • EDGEPROP | DECEMBER 3, 2018

Rivergate resale unit reaps $2 mil profit

E

Top 10 gains and losses from Nov 13 to 20

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at Nov 27 for private non-landed houses transacted between Nov 13 and 20. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Th e Sail @ Marina Bay 1 1,647 Nov 15 1,794 Nov 7, 2007 2,350 915,450 24 2.00 11.0

2 Latitude 10 2,788 Nov 15 2,009 Aug 1, 2011 2,189 504,000 8 1.00 7.3

3 Th e Orchard Residences 9 2,465 Nov 19 3,144 Aug 6, 2009 3,338 478,170 6 1.00 9.3

4 Refl ections at Keppel Bay 4 1,152 Nov 15 1,806 Aug 27, 2007 2,122 364,000 15 1.00 11.2

5 Th e Vermont on Cairnhill 9 2,648 Nov 20 2,153 Jan 13, 2011 2,228 200,000 3 0.44 7.9

6 Ripple Bay 18 2,131 Nov 15 938 April 27, 2012 1,016 164,794 8 1.00 6.6

7 Th e Cornwall 10 1,464 Nov 19 1,640 Oct 17, 2007 1,725 124,600 5 0.45 11.1

8 Killiney 118 9 624 Nov 16 1,983 March 13, 2013 2,162 112,000 8 2.00 5.7

9 Sennett Residence 13 570 Nov 19 1,564 April 5, 2013 1,706 81,170 8 2.00 5.6

10 Jubilee Residence 5 980 Nov 20 1,205 Dec 12, 2012 1,276 70,000 6 1.00 5.9

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Rivergate 9 2,077 Nov 15 2,166 March 8, 2006 1,197 2,013,690 81 5 12.7

2 Th e Metz 9 1,496 Nov 16 2,525 May 13, 2005 1,270 1,877,400 99 5 13.5

3 Th e Equatorial 10 1,690 Nov 20 1,716 June 27, 2006 864 1,440,000 99 6 12.4

4 Th e Sail @ Marina Bay 1 2,099 Nov 20 1,667 Nov 26, 2004 1,114 1,162,104 50 3 14.0

5 Affl uence Court 19 2,164 Nov 14 776 Oct 28, 2002 310 1,010,000 151 6 16.1

6 Glentrees 10 1,991 Nov 15 1,456 Jan 18, 2007 954 1,000,000 53 4 11.8

7 Yong An Park 9 3,111 Nov 20 1,945 Oct 12, 2016 1,672 850,000 16 7 2.1

8 D’Ecosia 15 1,227 Nov 19 1,394 Oct 13, 2006 746 795,000 87 5 12.1

9 Th e Clearwater 16 1,356 Nov 14 877 Aug 22, 2006 369 690,000 138 7 12.2

10 Th e Prominence 15 1,184 Nov 14 1,081 Dec 2, 2005 549 630,000 97 5 13.0

| BY CHARLENE CHIN |

The seller of a unit at Rivergate, off Rob-

ertson Quay in District 9, made the top

gain of $2.01 million over the week of

Nov 13 to 20. The 2,077 sq ft, four-bed-

room unit on the 21st floor was bought

for $2.49 million ($1,197 psf) in March 2006,

and sold for $4.5 million ($2,166 psf) on Nov 15,

2018. The seller reaped an 81% profit, or an

annualised profit of 5% over 12.7 years.

Rivergate comprises 545 units in three 43-sto-

rey towers. Completed in 2009, the freehold

project is within a 15-minute walk to two fu-

ture MRT stations — Havelock and Great World

— on the Thomson East Coast line. Both are

slated for completion in 2021.

The second top gain made over the week

in review — a 99% profit of $1.88 million —

was at The Metz, on Devonshire Road in Dis-

trict 9. The 1,496 sq ft, three-bedroom unit

on the 10th floor was purchased for $1.9 mil-

lion ($1,270 psf) in May 2005, and sold for

$3.78 million ($2,525 psf) on Nov 16, 2018.

This means that the seller made an annual-

ised profit of 5% over 13.5 years.

The Metz is a 169-unit freehold development

in the River Valley neighbourhood. Complet-

ed in 2007, it is a four-minute walk to Somer-

set MRT station on the North-South line and

a 10-minute walk to the Orchard Road shop-

ping belt.

A unit sold at The Equatorial, off Bukit Ti-

mah Road in District 10, made the third most

profitable transaction during the week in re-

view, raking in a 99% profit of $1.44 million

for the seller. The 1,690 sq ft, three-bedroom

unit on the second floor was bought for $1.46

million ($864 psf) in June 2006, and sold for

$2.9 million ($1,716 psf) on Nov 20, 2018. The

seller therefore made an annualised profit of

6% over 12.4 years.

The freehold The Equatorial comprises 95

units and was completed in 2001. Located on

Stevens Road, the condo is a three-minute walk

to Stevens MRT station on the Downtown line.

On the other hand, the greatest loss in-

curred over the week in review was from the

resale of a 1,647 sq ft unit at The Sail @ Ma-

rina Bay in District 1. Having sold the prop-

erty for $2.96 million ($1,794 psf) on Nov 15,

the seller sustained a 24% loss of $915,450.

The unit was purchased in November 2007 for

$3.87 million ($2,350 psf). Over a holding pe-

riod of 11 years, this translates into an annu-

alised loss of 2%.

The Sail @ Marina Bay comprises 1,111

units on a 99-year leasehold tenure. It is a

five-minute walk to Downtown MRT station

on the Downtown line.

A resale unit at Rivergate raked in a profit of 81% when it was sold on Nov 15

The seller of a unit at The Sail @ Marina Bay sustained a 24% loss of $915,450

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

SPOTLIGHT

EDGEPROP | DECEMBER 3, 2018 • EP11

SC Global launches luxury ski resort residence Setsu Niseko in Japan| BY CECILIA CHOW |

On Nov 29, Singapore-based

luxury developer SC Global

Developments launched its

latest residential offering,

the 190-unit Setsu Niseko

luxury hotel residence in Niseko, lo-

cated in the northern perfecture of

Hokkaido, Japan. Niseko, famous for

its powder-like snow has three major

ski resorts on Mount Niseko-Annupuri

— Grand Hirafu, Niseko Village and

Annupuri, which cover most of the

southeastern half of the mountain.

Simon Cheong, founder and

chairman of SC Global Develop-

ments, identified the 2.54-acre, prime

freehold site within the village of

Grand Hirafu, and purchased it in

2015. Cheong declined to disclose

his purchase price, except to say

that he bought it from “a charm-

ing Japanese lady in her 80s” who

owns the site behind it as well. “She

wanted to sell to a credible devel-

oper who would do justice to the

site, as it was handed to her by her

husband,” he says.

Setsu Niseko is located on the

Main Street (Route 343), a few min-

utes’ walk from the Hirafu Gondola

Station, where skiers can easily ac-

cess the ski slopes.

Flanked by two mountains, Set-

su Niseko enjoys unparalled views

— units facing the east will have

breathtaking views of the majes-

tic Mount Yotei (the Mount Fuji of

Hokkaido), while those facing the

west will have picture-postcard

views of Mount Annupuri. The

development comprises four 190-

unit blocks of luxury residences

spanning six floors. There is also

10,000 sq ft of F&B space that will

be leased to “new to market” op-

erators in Niseko.

Units range from studio apart-

ments starting at 439 sq ft; two-bed-

room units with tatami rooms from

994 sq ft; and three- and four-bed-

room units from 1,518 sq ft. There

are also penthouses with 270-degree

views. Prices start from US$500,000

($688,833) for a studio apartment.

Prior to the launch, SC Global had

already received more than 500 en-

quiries. At least 40% of the potential

buyers who have expressed interest

are Singaporeans. As such, private

previews will start in Singa pore this

weekend, followed by Niseko later

in December.

Singapore architect Mok Wei Wei

of W Architects, who designed SC

Global’s 241-unit luxury residences,

Hilltops at Cairnhill Circle, has

also been engaged to design Set-

su Niseko in collaboration with

Japanese architects Field Four and

Kume Sekkei.

While Setsu Niseko has a Japa-

nese feel, SC Global has also inject-

ed its brand of luxury and thought-

ful touches into it: Every bedroom

has an en suite bathroom; there are

shoji screens, tatami rooms and ski

closets, as well as heated racks in

the bathrooms. “I embarked on this

project because I felt there was a tre-

mendous lack of such accommoda-

tion in Niseko,” says Cheong.

According to C9 Hotelworks Mar-

ket Research in June 2018, foreign

visitor arrivals to Niseko outper-

formed domestic travellers, with

y-o-y growth of 17% in 2017 and a

five-year compound annual growth

rate of 16%.

The top five Asian visitors are

from Hong Kong, mainland China,

South Korea, Taiwan and Singapore.

“Freehold ownership, a lower Jap-

anese yen, and high capital gains

have boosted the real estate mar-

ket in Niseko,” says the C9 Hotel-

works report.

Marketwide, the average selling

price of condominiums grew 12.5%

in 2017. Similarly, the average built-

up price for condos in Niseko has

soared 25% from last year.

About 80% of the units at Setsu

Niseko are one- and two-bedroom

units. This is in line with market de-

mand, as the most popular condos in

Niseko are those in the 70-to-90 sq m

range and priced from US$500,000

to US$1.2 million, according to C9

Hotelworks.

Setsu Niseko is scheduled for

completion in 2021. According to

SC Global’s Cheong, owners will

have the flexibility of using the res-

idence when they are there on holi-

day for as long as they like, or put-

ting it into the rental pool.

“We’re happy that we’re able to

leapfrog into Japan, and we’re in

a very sweet spot in Niseko,” says

Cheong. “The value of the project

is likely to appreciate, as demand

far exceeds supply.” E

Artist’s impression of the 190-unit Setsu Niseko

PICTURES: SC GLOBAL

Cheong: We’re happy that we’re able to leapfrog into Japan, and we’re in a very sweet spot in Niseko

Interior of a two-bedroom unit, which comes with a tatami room that can be converted into an additional bedroom Artist’s impression of a master suite with a picturesque view of Mount Yotei

UNDER THE HAMMER

EP12 • EDGEPROP | DECEMBER 3, 2018

Unit at VisionCrest going for $2.25 mil| BY BONG XIN YING |

A 1,324 sq ft, two-bedroom

unit at VisionCrest, on Ox-

ley Rise in prime District

9, will be put up for auc-

tion for the second time on

Dec 14, according to the auctioneer at

Knight Frank. This is an owner’s sale

and the property has an indicative

price of $2.25 million ($1,699 psf).

The fourth-floor unit was first put

up for auction on Nov 14 at a higher

price of $2.28 million ($1,722 psf).

As there were no bids then, it was

withdrawn.

VisionCrest is a freehold mixed-

use development by Wing Tai Hold-

ings, and was completed in 2007.

The 265-unit development compris-

Somerset and Dhoby Ghaut MRT sta-

tions on the North-South Line are an

eight-minute walk away.

There have been eight resale trans-

actions at VisionCrest so far this year.

The units involved range from 753 to

1,195 sq ft. The most recent transaction

was that of a 1,195 sq ft, three-bed-

room unit on the fourth floor, which

changed hands for $2.4 million ($2,009

psf) on Nov 1. In October, a 753 sq

ft studio on the fourth floor fetched

$1.535 million ($2,037 psf).

In 2016 and 2017, a total of 22

units at the condo was transacted at

an average of $1,925 psf each. “For

this unit at a psf price of $1,699, it is

great value for money,” says Lee.

es four residential blocks of up to 14

storeys. VisionCrest Commercial, a

12-storey office block, is adjacent

to the residential blocks. The unit

types at VisionCrest range from stu-

dios of up to 947 sq ft, to two-bed-

room units of up to 1,356 sq ft, as

well as three-bedroom units of up

to 1,475 sq ft and penthouses of up

to 2,131 sq ft.

The owners, a Singaporean couple,

purchased the unit as investment for

$2.359 million ($1,782 psf) in July

2007, when it was newly launched.

According to Sharon Lee, senior di-

rector and head of auction and sales

at Knight Frank, the couple has never

stayed in the unit. Instead, it has al-

ways been rented out, and is currently

tenanted to an Australian expatriate

who has stayed there for a couple of

years, says Lee. The unit can be sold

with either vacant possession or an

existing tenancy agreement.

The unit comes with a private

balcony, which Lee says the tenant

likes to use for “barbecue nights”.

The master bedroom comes with an

en-suite bathroom. There is also a

separate bathroom. The draw of this

unit is the location, Lee notes. Both

Recent rental contracts for 1,300 to 1,400 sq ft units at VisionCrestLEASE DATE MONTHLY RENT ($)

July 2018 5,300

August 2017 3,500

July 2017 5,300

Recent transactions at VisionCrestCONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF)

Nov 1, 2018 1,195 2,400,000 2,009

Oct 12, 2018 753 1,535,000 2,037

Sept 14, 2018 926 2,000,000 2,161

Aug 29, 2018 904 1,860,000 2,057

July 19, 2018 904 1,900,000 2,101

TABLES: URA, EDGEPROP

The 265-unit VisionCrest comprises four residential blocks of up to 14 storeys

This 1,324 sq ft, two-bedroom unit comes with a private balcony

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

KNIGHT FRANK

E