Signs of recovery in SAMUEL ISAAC CHUA/THE EDGE · PDF filetree Gardens (above, left) ......

NEWSApril new home sales

double from a year agoEP3

OFFSHOREDanang, a popular resort

home destinationEP4

MARKET TRENDSLosses mount in

resale marketEP10

DONE DEALSRenewed interest in city-fringe projects

EP12

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF MAY 22, 2017 | ISSUE 780-2

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

Signs of recovery inhigh-end condo segment

Property consultants and developers are optimistic in view of the diminishing inventory and a pickup in transactions in the prime districts.

See our Cover Story on Pages 7 to 9.

MCI (P) 079/05/2017 PPS 1519/09/2012 (022805)

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View of the Alexandra, Jervois and Tanglin area from Gramercy Park

EP2 • THEEDGE SINGAPORE | MAY 22, 2017

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

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PROPERTY BRIEFS

UOL and UIC complete acquisition of Raintree GardenThe en-bloc sale of the 175-unit Rain-

tree Gardens (above, left) in Potong Pa-

sir to UVD (Projects), a joint venture

between UOL Group and sister compa-

ny United Industrial Corp, for $334.2

million has been completed, according

to a filing made by UIC with the Singa-

pore Exchange.

Completed in the late 1980s, Raintree

Gardens was put up for sale last August

and sold to UVD in October. The sale

price of $334.2 million reflects a land

cost of $797 psf per plot ratio on the

potential gross floor area, inclusive of

a differential premium payable to the

state to top up the lease and for a re-

development of the site to a gross plot

ratio of 2.8. Each apartment owner at

Raintree Gardens will receive an aver-

age of $1.9 million.

Regal Property launches The BankUK-based Regal Property Group will

be launching its latest development

The Bank (below, left), located in the

heart of Birmingham’s city centre, on

May 20 and 21.

The Bank, a £40 million ($72.3 mil-

lion) scheme, comprises a pair of new

towers on Broad Street in Birmingham.

The first is an 18-storey tower, which

will house a 180-room hotel with a

ground-floor restaurant and café. The

second tower will be a 22-storey resi-

dential tower, with 189 apartments and

either retail shops or a restaurant on

the ground floor.

The units at The Bank are studios,

and one- and two-bedroom apartments.

For the Singapore leg of the Asia-Pacific

launch, a total of 108 one- and two-

bedroom units measuring 467 to 689 sq ft

will be released for sale. The starting

price for the 108 units, with a tenure of

250 years, is from £178,000.

According to Strawberry Star and

Savills, joint marketing agents for the

project, the developer is offering attrac-

tive payment terms and the develop-

ment is expected to be completed by

August 2018.

The Bank will have a host of facilities,

such as a 24-hour concierge service; ac-

cess to a private gym, residents lounge

and coffee bar; restaurants and shops

on the ground floor; outdoor greenery,

and a secure and private outdoor space.

Private residential property sales rise 18.6% q-o-q in 1Q2017, says ET&CoPrivate residential property sales in-

creased 18.6% q-o-q to 5,202 units in

1Q2017, according to the latest report by

Edmund Tie & Co. It said the increase

was due to the 27.9% q-o-q increase in

primary sales, with Singaporeans form-

ing the majority of buyers, comprising

76.1% of all residential property pur-

chases and 79.2% of primary sales.

The improvement in demand had

also helped ease the pressure on prices.

URA’s residential property price index

showed private non-landed home prices

stabilising, falling 0.36% q-o-q to 136.7

in 1Q2017, compared with the drops

of 0.43%, 1.5% and 0.51% in 2Q2016,

3Q2016 and 4Q2016, respectively.

The supply-side pressure on prices

was also reduced because of the meas-

ured approach taken by the government

through its government land sales (GLS)

programme. The total number of po-

tential units that can be launched fell

9.3% q-o-q to 18,754 units.

ET&Co says it anticipates an increase

in the number of sites acquired via col-

lective sales, private negotiation and

the triggering of reserved sites — such

as the land parcel on Stirling Road that

was triggered for $685.25 million ($572

psf per plot ratio) in April.

ET&Co forecasts that private-home

prices are likely to stabilise despite un-

certain external events and slower eco-

nomic growth. It highlighted potential

rate hikes by the US Federal Reserve,

and geopolitical events such as the Aus-

tralian budget, China’s measures and

Indonesian politics as some of the key

reasons that may put a lid on the rapid

recovery of the residential market.

Singapore consortium appointed master developer for Amaravati CityA Singapore consortium comprising

Ascendas-Singbridge and Sembcorp

Development has been appointed by

the Andhra Pradesh state government

as master developer for the state’s new

capital, Amaravati City (above, right).The consortium received the letter

of award for the master development

rights to the Amaravati City Start-up

Area on May 15. The Start-up Area

lies within the 20 sq km Seed Develop-

ment Area of Amaravati City, on the

River Krishna waterfront. Spread over

684ha, the Start-up Area is to be de-

veloped in phases over 15 to 20 years

and will include commercial, office

and residential developments. It is ad-

jacent to the government core, which

will house the state secretariat, legis-

lative and judiciary buildings, and the

governor’s office.

The consortium will work with Am-

aravati Development Corp to devel-

op the financial district. The two will

form a joint venture called Amaravati

Develop ment Partners, according to a

media statement by Singapore’s Minis-

try of Trade and Industry.

The government of Andhra Pradesh

needed a new capital city after the

state was split in two in June 2014 to

establish Telangana, India’s newest

state. Andhra Pradesh’s current capi-

tal, Hyderabad, will be shared between

the two states for 10 years. It will then

go to Telangana, as it falls within its

state boundary.

Higher bids drive up premiums for GLS sitesDepleting landbanks and strong pri-

vate-home sales at recent launches

have encouraged developers to bid ag-

gressively for recent GLS sites.

According to Cushman & Wakefield’s

latest report, the aggressive bidding at

public land tenders this year saw devel-

opers paying 29% more on average for

residential plots over comparable sites

sold in the past five years. This was a

sharp increase from an average premi-

um of 13% in 2H2016.

Cushman & Wakefield says interest

from foreign developers has also inten-

sified, with 50% of land tenders award-

ed to foreign bidders in 1H2017. They

include S P Setia, a Malaysian develop-

er that won the bid for Toh Tuck Road,

and China Construction Development,

for West Coast Vale. The number of bid-

ders has also increased from an aver-

age of 8.3 per land tender in 2H2015 to

13.3 per land tender in 1H2017.

Developers’ hunger for attractive

residential development sites is set to

continue this year, fuelled by positive

sentiment in private-new-home sales

and the upcoming development sites

with premium locations such as the

first landmark project for the new Bi-

dadari housing estate.

Optimism among local and foreign

developers will lead to higher land prices

as evidenced by the premium that deve-

lopers paid in anticipation of selling

the properties at a higher price several

months down the road, says Cushman

& Wakefield.

TA Corp’s Myanmar JV opens $5.6 mil HQMyanmar Synergy, which is 50%-owned

by TA Corp, has opened its $5.6 mil-

lion purpose-built two-storey building

(below, right) on a 5.4-acre site in the

Anawartha Industrial Zone in Hlaing

Thar Yar Township, in western Yangon,

Myanmar.

The building, which has a total

floor area of 43,200 sq ft, will house

Myanmar Synergy’s corporate head

office. It will have an office area, a

workshop with service and training

facilities, a warehouse and a show-

room. Next to the main building is a

23,000 sq ft car park for vehicles and

equipment.

Myanmar Synergy is the main dis-

tributor of IVECO commercial vehicles

such as trucks, buses and vans, and con-

struction equipment such as bulldoz-

ers, tractors and excavators from CASE

Construction Equipment.

According to TA Corp, the Myan-

mar market is becoming a key reve-

nue driver for the group’s distribution

business in Southeast Asia, especially

in Singapore, Myan mar and Thailand.

Its reve nue grew 23.4% to $21.6 million

in FY2016 ended Dec 31 and accounted

for 11.1% of total revenue. For the first

quarter ended March 31, revenue con-

tributions from the group’s distribution

business rose 20.3% to $7.1 million. —

Compiled by Michael Lim E

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CorrectionOur cover story “Office space on demand” (Issue 777, May 1) should have said Regus will be operating a 12,900 sq ft space at Level 8 of DUO Tower by M+S, and not as published. The error is regretted.

THEEDGE SINGAPORE | MAY 22, 2017 • EP3

NEWS

April home sales double from a year ago| BY TAN CHEE YUEN |

New home sales in April

may be 12.6% lower than

the 1,780 units recorded

in March, but they are still

more than double the 750

units sold a year ago. Excluding

executive condominiums (ECs), devel-

opers sold 1,555 new private homes

in April.

March’s sales figure was the high-

est since June 2013. According to

Nicholas Mak, executive director

and head of research at SLP Inter-

national, the robust sales recorded

that month was “unsustainable”. He

attributes it partly to “euphoria over

the slight relaxation of the [ property]

cooling measures”, which came into

effect on March 11.

The lower April figure was also

caused by a dip in fresh launches,

from 937 units in March to 714 last

The top-selling project in April was Seaside Residences, where 419 units in the 99-year leasehold project were sold at a median price of $1,736 psf

month, notes Ong Teck Hui, JLL

national director of research and con-

sultancy. Therefore, the corres pond-

ing take-up rate was down from 701

to 554 units on a m-o-m basis.

The top-selling project in April

was Seaside Residences at Siglap

View, where 419 units, or close to half

the total of 841 units in the 99-year

leasehold project, were sold at a me-

dian price of $1,736 psf. The strong

take-up rate was not unexpected, giv-

en that the project offers sea views

and is located close to the upcoming

Siglap MRT station. There also has

not been a new launch in the neigh-

bourhood in more than a decade,

observes SLP’s Mak.

Meanwhile, the 400-unit Artra

at Alexandra View trailed with 126

units sold at a median price of $1,646

psf. Parc Riviera came in third, with

90 units sold at a median price of

$1,246 psf. This brings total sales in

the 752-unit, 99-year leasehold pro-

ject at West Coast Vale to 496 (66%)

as at end-April.

Another new launch last month

was the 61-unit The Brooks I and II

at Springside Walk, off Sembawang

Road. Out of 28 units released, nine

were sold at a median price of $1,274

psf in April.

No new EC projects were launched

in April, but existing projects contin-

ued to see robust sales. A total of 371

units were sold in April, down 35.8%

from 578 in March. Buyers sought out

the seven to nine EC projects that were

launched earlier and still have units

available for sale, according to JLL.

Sol Acres was the best-selling EC

project last month, with 122 units

sold at a median price of $787 psf.

The 1,327-unit Sol Acres is also the

largest EC project to date. As at end-

April, 1,109 units, or 84% of the pro-

ject, had been sold. In second place

was The Visionaire, which saw 53

units sold at a median price of $810

psf last month. This brings total

sales in the 632-unit EC in Canberra

Drive to 442, which means the pro-

ject is 70% sold. Meanwhile, Parc

Life at Sembawang Crescent saw 33

units sold in April at a median price

of $774 psf. This brings total sales

at the development to 244 units, or

39% of the total 628.

While new home sales remain

healthy as sentiment improves, sales

volume could be affected by the taper-

ing of new launches in the second

half of 2017, says Desmond Sim, head

of CBRE Research for Singapore and

South East Asia. E

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OFFSHORE

| BY LIN ZHIQIN |

Danang, located on the coast of central

Vietnam and between Hanoi and Ho

Chi Minh City, is the third-largest city

in the country. Famous for its beauti-

ful beaches and its history as a French

colonial port, as well as its proximity to many

natural and cultural destinations, Danang is

the tourist capital of central Vietnam.

It is also considered one of the 20 “clean-

est cities in the world” and the “most livea-

ble city” in Vietnam, according to Savills in

its Danang market report in September 2016.

In 1Q2017, Danang welcomed 1.3 million

visitors, a 30% y-o-y increase from 1Q2016.

For the whole of 2016, Danang received 5.6

million tourists, and the figure is projected to

hit 6.3 million this year.

Natural and cultural attractionsBesides its beautiful coastline, Danang is also

shaping up to be a “golf capital”. It has at least

four golf courses designed by some of golf’s

greatest names: the Montgomerie Links by

Scottish professional golfer and former Eu-

ropean Ryder Cup captain Colin Montgom-

erie; the 18-hole Dunes course, designed by

Australian golf legend Greg Norman at the

Danang Golf Club; Laguna Lang Co golf course

at Banyan Tree’s luxury resort, designed by

English professional golfer Nick Faldo; and

the latest, a mountain golf course at the pic-

turesque Ba Na Hills, designed by former No

1 world champion and English professional

golfer Luke Donald.

Within a 30-minute to three-hour drive of

Danang are three Unesco World Heritage sites

— Hue to the north, Hoi An to the south and

My Son to the southwest. Hoi An’s Old Town

is recognised as a well-preserved example of

a Southeast Asian trading port dating back to

the 15th century.

Hue was the seat of the Nguyen Dynasty

and the national capital from 1802

to 1945. Major attractions include its

19th-century citadel with its palaces

and shrines surrounding the imperi-

al city. My Son is famous for the ru-

ins of one of the foremost Hindu tem-

ple complexes in Southeast Asia. The

buildings were destroyed by US carpet

bombing during the US-Vietnam War.

ConnectivityDanang has seen particularly strong

growth in tourism in recent years, ow-

ing to the rapid growth in the number

of direct flights from other cities across

Asia, says Neil MacGregor, managing

director of Savills Vietnam.

With Danang hosting the Asia-Pa-

cific Economic Cooperation (Apec)

Summit in October, efforts have been

made to upgrade its infrastructure. A

US$154 million ($215.3 million) new

international terminal at Da Nang

International Airport opened at end-

April. Additional upgrading of the

airport will bring total capacity to 13

million passengers by 2020.

According to GHC Asia, the num-

ber of direct flights from Hong Kong

to Danang has soared since Cathay

Dragon launched the first thrice-week-

ly service in 2013, with frequency in-

creased to daily flights in 2015. Carriers

Hong Kong Express and Jetstar Pacific

also currently operate three flights a

week on this route. Meanwhile, Bang-

kok Airways and AirAsia operate daily

flights between Danang and Bangkok,

while VietJet Air recently commenced

flights between Danang and Seoul.

Today, Danang has direct flights from Cam-

bodia, China, Hong Kong, Japan, Macau, Ma-

laysia, Russia, Singapore, South Korea, Taiwan

and Thailand, operated by 20 international car-

riers, says GHC Asia.

Other infrastructural works underway

include the construction of a 1,500-seat,

3,922 sq m international convention cen-

tre, a US$10.9 million project to improve 34

major roads in the city and a US$2.25 mil-

lion upgrade to facilities in Danang’s Thanh

Nien Park. The convention centre could be

a major boon for Danang as a destination

for MICE (meetings, incentives, conferenc-

es and events).

HotelsApec 2017 has spurred a rush of investments,

and it could lead to an increase in condotel per-

formance, notes Savills Vietnam in its 4Q2016

Danang market report.

In 2015, there were 73 three- to five-star

hotels with 7,485 rooms. Of these, seven of

11 five-star hotels and four of 14 four-star ho-

tels were managed by international operators.

“There remains room for increased interna-

tional operator presence,” notes Savills. Accor

Hotels and Resorts Group is the larg-

est international operator in Danang,

managing 944 rooms.

Major upcoming hospitality pro-

jects include Crowne Plaza Phase 2,

Hilton Danang Hotel and Four Points

by Sheraton. The first phase of HOIA-

NA, a US$4 billion integrated tourism

and leisure development located south

of Hoi An, is scheduled for comple-

tion in 1Q2019. The project comprises

a world-class casino, a resort by Rose-

wood Hotels & Resorts, a 445-room ho-

tel and 200 condos, as well as a cham-

pionship golf course by Robert Trent

Jones II. HOIANA will be the project

that launches the formation of a hos-

pitality strip from Danang to Hoi An,

says Savills.

Second-homes market Danang is a pioneer in the market for

luxury coastal homes — and is sec-

ond to Nha Trang in total stock, with

1,199 villas and 3,367 apartments. Ac-

cording to Savills, more than 80% of

purchasers are from Hanoi, who are

attracted by the wide variety of prod-

ucts, completed infrastructure, bright

tourism prospects and sales policies,

as well as Danang’s image as a young,

dynamic and green city.

The projects include Ba Na Hill

Resort & Residence; Ocean Villas at

Danang Beach Resort and Danang

Golf Club; Residences at Hyatt Re-

gency; Furama Condotel; and Inter-

continental Danang Villa Residence.

Upcoming large-scale projects in-

clude Soleil Da Nang, Coco Bay, Han River-

side, Ariyana Da Nang and Vinpearl Danang

Ocean Resort & Villas. “A large future supply

of apartments and coastal villas is expected,”

says Savills.

Many of these are high-end residences that

are managed by international hotel brands. Vi-

etnamese developer PPC An Thinh Vietnam In-

vestment and Infrastructure JSC (PPCAT) has

appointed Wyndham Hotel Group as its part-

ner for its US$446 million Wyndham Soleil

Danang project.

Scheduled to open in 2Q2018, Wyndham

Soleil Danang will have four condotel tow-

ers of up to 57 storeys that will contain 3,200

apartments, studios and hotel rooms. It will be

the tallest hotel-condotel complex in Danang

when completed.

Rental guaranteePPCAT is offering buyers of its apartments and

studios at Wyndham Soleil Danang a guaranteed

return of at least 9% per annum for the first five

years. Studios are 33 to 43 sq m, with one-bed-

room apartments between 55 and 59 sq m and

two-bedroom units between 80 and 160 sq m.

Leading Vietnamese real estate company

Sun Group has many resort developments in

Danang, including InterContinental Danang

Sun Peninsula Resort, Sun World Ba Na Hills,

Sun World Danang Wonders and Novotel Pre-

mier Han River Hotel.

Sun Group has partnered well-known names

in hospitality for many of its resort projects,

such as Marriott International in JW Marriott

Phu Quoc Emerald Bay; Starwood Hotels & Re-

sorts in St Regis Cham Island; and Ritz-Carl-

ton in Phu Quoc Island’s Ritz-Carlton Resort.

In Danang, Sun Group has tied up with In-

terContinental Hotels Group in its InterConti-

nental Danang Sun Peninsula Resort, a luxury

hillside resort and spa overlooking a bay and

the picturesque Son Tra Peninsula. It is one of

two resorts under Sun Group that is designed

by world-renowned architect and landscape

designer Bill Bensley.

“With airport improvements underway, as

well as its proximity to scenic beaches and Un-

esco World Heritage sites, Danang is a market

poised for great growth in a country popular with

world travellers,” says Barry Robinson, presi-

dent and managing director of Wyndham Hotel

Group for Southeast Asia and Pacific Rim.

Scheduled to open in 2Q2018, Wyndham Soleil Danang will have four condotel towers of up to 57 storeys. It will be the tallest hotel-condotel complex in Danang when completed.

InterContinental Danang Sun Peninsula Resort is a luxury hillside resort and spa that overlooks a bay and the picturesque Son Tra Peninsula

Danang, popular resort home destination

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SUSTAINABILITY

CDL to slash carbon emissions by 30% by 2030| BY MICHAEL LIM |

Local property giant City Developments

(CDL) has pledged to cut its carbon

emissions by 38% from 2007 levels by

2030 as part of the group’s sustainabil-

ity blueprint. The undertaking to re-

duce its carbon emissions by 38% — an in-

crease from its previous target of 25% set in

2010 — formed part of the group’s Integrated

Sustainability Report 2017 that was released

on May 15.

CDL says its blueprint encapsulates the

company’s long-standing sustainability com-

mitment, over 20 years of best practices, and a

set of tangible environmental, social and gov-

ernance (ESG) goals and targets, with 2030 in

mind. This is because 2030 is the target year

for the Net Zero Agenda — set by the World

Green Building Council — and for Singapore

to green 80% of its buildings based on the

Building and Construction Authority’s (BCA)

Green Building Masterplan.

The target CDL has set for itself is higher

than the Singapore government’s pledge of a

36% reduction from 2005 levels by 2030.

“The Singapore government announced

in its Budget 2017 that a carbon tax targeting

large direct emitters of greenhouse gases will

be implemented in 2019. Businesses can no

longer ignore the impact of climate-change

risks on their bottom line,” says Grant Kel-

ley, CDL’s CEO.

Last year, CDL achieved a 16% reduction

in carbon-emissions intensity from 2007 lev-

els, putting it on track to meet its revised goal

of 38% reduction by 2030. Carbon-emissions

intensity refers to the amount of carbon emis-

sions per sq m of floor area.

CDL has also pledged a 25% reduction

target for energy and water use from 2007

levels by 2030. It already met the figure set

for energy use last year, 14 years ahead of

schedule. CDL recorded a 15% cut in wa-

ter-use intensity from 2007 levels, and is on

track to meet its 25% target by 2030.

Over the past five years, it has managed to

save more than $16 million as a result of ener-

gy-efficient retrofitting and initiatives for eight

office buildings, including Republic Plaza and

11 Tampines Concourse.

Apart from lowering carbon emissions,

CDL has pledged to reduce its total waste dis-

posal — both construction waste and gener-

al waste from CDL-managed buildings — by

50% from 2016 levels. It has also pledged to

ensure that 50% of its construction materi-

als are derived from recycled content or low-

carbon sources, or are certified by recognised

environmental organisations.

Last month, CDL became the first company

here to launch a green bond through its sub-

sidiary CDL Properties. The bond raised $100

million at a 1.98% fixed rate due in 2019. In-

vestors consisted mainly of financial institu-

tions and fund managers.

CDL’s 11 Tampines Concourse is the first CarbonNeutral development in Asia-Pacific and Singapore

In April 2017, CDL Properties launched the first green bond by a Singapore company, secured against Republic Plaza

E

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: CDL


COVER STORY

The show suite of a 2,562 sq ft, four-bedroom unit at the South Tower of Gramercy Park

The rooftop swimming pool of a 7,287 sq ft, five-bedroom penthouse at Gramercy Park

The 50m swimming pool and manicured gardens of the 170,000 sq ft freehold grounds of Gramercy ParkThe twin curved towers of the 174-unit Gramercy Park

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| BY CECILIA CHOW |

Even on a weekday afternoon,

real estate agents are ubiqui-

tous at Gramercy Park: waiting

for their clients at the basement

carpark; touring the 170,000

sq ft manicured grounds, which in-

clude a 50m pool and clubhouse; or

viewing the new show suites at the

South Tower with prospective buy-

ers. The 174-unit freehold, luxury

condominium, developed by listed

property giant City Developments

(CDL), was completed last year. Lo-

cated on Grange Road, Gramercy

Park is a twin-tower development

with 87 units each in the North and

South Towers.

CDL released Phase 1 of Gramercy

Park a year ago. As at May 15, 73 units

of the North Tower, or 84%, were sold.

A second phase of 20 units in the South

Tower was released at end-March, and

19 units have been snapped up so far.

Average sale prices at Gramercy Park

have risen from over $2,600 psf in

Phase 1 to over $2,800 psf in Phase

2, according to CDL.

Early-bird pricing for the South

Tower (Phase 2) starts from $3.4 mil-

lion for a two-bedroom-plus-study unit

to $5.1 million for a three-bedroom

unit and $6.8 million for a four-bed-

room unit. The deferred payment

scheme (DPS) is said to be available

for only “a limited number of units”.

A tweak in timeIs the pickup in sales at Gramercy

Park symptomatic of a wider recov-

ery in the Core Central Region (CCR)?

Samuel Eyo, managing director of

Singapore Christie’s International

Real Estate, believes so. “There are

certainly signs of a recovery in the

high-end condo segment, especially

since March,” he says.

Eyo attributes the pickup in trans-

actions partly to the government’s

tweaking of the property cooling

measures, which cut the seller’s

stamp duty period from four years

to three, and reduced the rate to 4%

to 12% for those who sell within

the first to third years of comple-

tion. The total debt servicing ra-

tio (TDSR) framework will also no

longer apply for mortgage equity

loans in cases where the loan-to-

value ratio is 50% or less.

“With those tweaks, buyers are

hopeful that more measures will be

unwound,” notes Eyo. “Those who

have been sitting on the sidelines

and waiting for the right opportunity

have also decided to take the plunge.”

Sales figures in the first four

months of 2017 bear him out. Based

on URA Realis data, there were 1,084

transactions in CCR from January to

April this year, says Ong Teck Hui,

JLL Singapore’s national director of

research and consultancy. This is 35%

higher than the 802 units transact-

ed over the same four-month period

in 2016, “which reflects a significant

increase”, he adds.

Incentive schemes for buyersTo entice buyers, more developers —

especially those who are up against

an additional buyer’s stamp duty or a

Qualifying Certificate (QC) deadline

— are rolling out DPS, some form

of ABSD reimbursement or even di-

rect discounts. For instance, Singa-

pore-listed United Industrial Corp’s

(UIC) Pollen & Bleu boutique high-

end condo on Farrer Drive has seen

a significant pickup in sales over the

past two months. As at May 15, only

12 units were available for sale in the

eight-storey, 99-year leasehold con-

do in prime District 10. In contrast,

a year ago, only 12 units were sold

in the 106-unit project, according to

URA data (see table on Page EP8).

The recent strong sales at Pol-

len & Bleu is partly attributed to

the developer’s offer of a cash re-

bate on ABSD of up to 18%. The

remaining units at the project in-

clude 1,163 sq ft, two-bedroom-plus-

study lofts priced from $2.05 million

($1,445 psf); a 2,099 sq ft, three-bed-

room-plus-family duplex penthouse

with a $4 million price tag; and a

2,831 sq ft, four-bedroom-plus-fam-

ily penthouse that costs $5.25 mil-

lion. These are listed prices prior to

the 18% cash rebate.

Although DPS is available for Pol-

len & Bleu, most buyers have opted

for the normal progressive scheme,

according to a UIC spokesperson. The

project affords views of the Holland

Road Good Class Bungalow estate and

Singapore Botanic Gardens from the

fourth floor, which is where facilities

such as the swimming pool and res-

idents’ lounge are located. The pro-

ject obtained Temporary Occupation

Permit (TOP) at end-2016.

UIC has just over a month (un-

til June 27) to sell the remaining 12

units at Pollen & Bleu. This is be-

cause the developer was awarded

the 99-year leasehold site on Farrer

Drive on June 27, 2012.

Signs of recovery in high-end condo segment

Property consultants and developers are optimistic in view of the diminishing inventory and a pickup in transactions in the prime districts

Eyo: With those tweaks [by the govern-ment], buyers are hopeful that more measures will be unwound

CONTINUES NEXT PAGE


COVER STORY

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Diminishing inventory of unsold units in selected condominiums in the Core Central Region NO OF UNITS NO OF UNITS TOTAL NO SOLD SOLD AVAILABLEPROJECT NAME OF UNITS (END-APRIL 2016) (END-APRIL 2017) UNITS*

Ardmore Three 84 22 65 19

Cairnhill Nine 268 177* 251 17

Gramercy Park 174 0^ 92 82

Leedon Residence 381 223 341 40

Mon Jervois 109 48 92 27

OUE Twin Peaks 462 80 440 20

Pollen & Bleu 106 12 94 12

*Figure as at end-March 2016 ^Not launched yet #As at May 15, 2017

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FROM PREVIOUS PAGE

and Pollen & Bleu, it is clear that

developers’ unsold inventory has

dropped, says Christie’s Eyo. This

was confirmed by JLL Research’s

Ong, who says the number of un-

sold units in CCR was around 5,500

in 1Q2017, down from 8,600 two

years ago.

At Wheelock Properties’ luxury

condo, Ardmore Three, the devel-

oper offered a 15% discount and

an additional 15% ABSD assistance

package from April last year. And

last month, it also gave buyers the

option of DPS of up to 24 months.

The 84-unit, freehold luxury condo

was completed and obtained TOP in

December 2015.

Currently, fewer than 20 units

are available for sale. Under the re-

quirements of the QC, Wheelock will

have to sell all the remaining units

by year-end if it wants to avoid pay-

ing extension charges.

Prices at Ardmore Three have been

rising steadily. Even after a 15% dis-

count, high-floor units at the devel-

opment — above the 20th floor in

the 36-storey tower — have fetched

prices above $3,400 psf, according

to caveats lodged with URA Realis.

In March, a 1,776 sq ft, three-bed-

room unit on the 35th floor was sold

for $7.48 million, or $4,212 psf, the

highest psf price achieved in the lux-

ury condo so far.

Singapore-listed developer OUE

was the first to roll out a DPS for a

completed project when it relaunched

its 462-unit OUE Twin Peaks last April.

The 99-year leasehold twin-tower de-

velopment, which has 231 units in

each tower, was completed in Feb-

ruary 2015. Currently, it has only

20 unsold units, says Dominic Lee,

PropNex Realty’s associate branch

district director.

Prices at OUE Twin Peaks have

also increased, with many of the high-

floor units sold for more than $3,000

psf, says Lee. For instance, in early

May, there were seven transactions

for one-bedroom units on the 23rd

to the 29th floors. Three of the trans-

actions were those of 549 sq ft units

sold between $1.56 million ($2,837

psf) and $1.62 million ($2,945 psf).

The other units were sold at $1.66

million ($3,035 psf) to $1.86 million

($3,260 psf), based on caveats lodged

with URA Realis.

To meet the conditions of the

QC, OUE had to sell all the units by

February this year to avoid paying

extension charges. In its 1Q2017 fi-

nancial results, the developer said

it had incurred an increase of $13

million in administrative expenses,

“partially due to transaction costs

incurred on the transfer of 22 OUE

Twin Peaks units from development

properties to investment properties,

which will be held for capital ap-

preciation”.

‘Renewed confidence in high-end segment’Even projects that are not affected by

ABSD or QC penalties are chalking

up relatively healthy sales, says Jo-

seph Tan, CBRE executive director of

residential services. For instance, the

366-unit Corals at Keppel Bay is not

subject to QC or ABSD charges. The

99-year leasehold waterfront condo,

designed by world-renowned archi-

tect Daniel Libeskind, was complet-

ed last year. As at end-April, 245 out

of 300 units released were sold, with

the latest median price at $1,848 psf,

according to URA data.

“There is renewed confidence

in the high-end segment, and peo-

ple are starting to come back,” says

CBRE’s Tan. “Buyers are recognis-

ing that there isn’t that much new

supply of high-end condos in the

prime districts and that stock is di-

minishing.”

According to Christie’s Eyo, there

has been an increase in interest in

the high-end condo segment from

Singapore citizens and permanent

residents, as well as foreign buyers.

However, the percentage of for-

eign buyers in CCR in 1Q2017 was

15%, while in 1Q2016, it was 17%,

according to JLL’s Ong. “As the bulk

of buying in CCR is investment-mo-

tivated, the ABSD would still be a

major factor affecting foreigners,”

he says.

Penalty for unsold unitsThe ABSD for developers buying res-

idential development sites was 10%

when it was introduced in January

2011, and hiked to 15% in January

2013. This means developers have

to build and sell all units within five

years of being awarded a development

site in order to qualify for the claw-

back on the ABSD, which is based

on the land cost.

UIC’s other boutique high-end

condo is the 109-unit Mon Jervois

on Jervois Road. The developer said

in its 1Q2017 results that it had paid

$14.8 million in ABSD in February.

The regulations require the develop-

er to sell all the units in Mon Jervois

by the Feb 8 deadline.

As at May 15, there were still 27

unsold units in Mon Jervois. UIC is

offering buyers a 15% ABSD cash re-

bate, which was introduced on April

5. From May 12, it is also offering an

interior design and furnishing pack-

age for selected units.

However, it looks like prices at

Mon Jervois have also crept up. Two

transactions in May were for a 614

sq ft one-bedder that was sold for $1.38

million ($2,256 psf) and a 1,001 sq ft

two-bedder that fetched $2.22 million

($2,220 psf). The prices of $2,220 to

$2,256 psf were higher than those of

units sold in the first four months of

the year, which ranged from $1,752 to

$2,041 psf, based on caveats lodged

with URA Realis.

‘Promotional prices’At Leedon Residence, Singapore-listed

GuocoLand sold 55 of the remaining

95 units in the first four months of

2017. This means only 40 units are

still available in the 381-unit freehold

condo at Leedon Heights.

To meet the QC conditions, Guo-

coLand has to sell all the units in the

development within two years of TOP,

that is, by June 15, 2017. Failing to

do so will mean incurring extension

charges of 8% to 24% for the first to

third years, prorated according to the

proportion of unsold units.

Units sold at Leedon Residence

over the past month ranged from

$2.35 million ($2,250 psf) for a 1,044

sq ft, two-bedroom unit to $10.2 mil-

lion ($2,168 psf) for a 4,704 sq ft,

five-bedroom unit. GuocoLand has

also offered DPS and special promo-

tional prices for selected units.

For instance, a 5,694 sq ft, five-bed-

room penthouse fully furnished by

interior design and furniture com-

pany Saporiti Italia is on the mar-

ket for $11.1 million, including all

the furnishings, which are in excess

of $1 million. This is a “promotion-

al price”, according to a marketing

agent, as the initial price tag was

$13.7 million.

Meanwhile, another penthouse

— a 3,764 sq ft, four-bedroom unit

— also carries a promotional price

tag of $6.8 million ($1,815 psf). The

original price tag was $7.6 million

($2,020 psf).

Unsold inventory reducedJudging from the recent sales at

Gramercy Park, Leedon Residence

Pollen & Bleu has a bridge on the roof terrace and the fourth floor to link all the blocks within the development

The swimming pool at the facilities deck on the fourth level of Pollen & Bleu The 109-unit Mon Jervois, which was completed last August, has only 27 unsold units

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COVER STORY

Limited pipeline of new launchesThe pipeline of high-end projects to be

launched in CCR is limited, says Chris-

tie’s Eyo. GuocoLand has announced

that it will be launching its 450-unit

Martin Modern at the corner of Martin

Place and River Valley Close in 2H017.

CDL intends to launch New Fu-

tura, its exclusive 124-unit freehold

luxury condo, in 2H2017. The New

Futura project is located on the site

of the old Futura tower on Leonie

Hill Road in District 9.

Singapore-listed Bukit Sembawang

Estates has yet to launch Paterson Col-

lection, which obtained TOP in Octo-

ber 2015. Construction is underway

at its still-unnamed 250-unit condo

project at St Thomas Walk (site of

the former Airview Towers).

YTL Land, the property arm of

Malaysia-listed conglomerate YTL

Corp, has also not rolled out its lux-

ury project, the 77-unit 3 Orchard-

by-the-Park on Orchard Boulevard.

Meanwhile, Far East Organiza-

tion has three projects in prime Dis-

trict 9: the newly completed 231-unit

Scotts Tower on Scotts Road, the 40-

unit Skyline @ Orchard Boulevard on

Angullia Park and the former Ferra

project on Leonie Hill.

Likewise, Tong Eng Group is hold-

ing on to its two completed boutique

developments on Balmoral Road —

the 40-unit Three on Balmoral and

the 76-unit Goodwood Grand. Both

are freehold projects.

“Private developers who are not

subject to QC, such as Far East Or-

ganization, SC Global Developments

and Tong Eng Group, are holding on

to their freehold projects in the prime

districts,” notes Christies’ Eyo. “They

recognise that such freehold sites are

not easy to come by these days.”

At The Marq on Paterson Hill, the

most recent transaction was that of

a 6,232 sq ft, four-bedroom unit on

the 13th floor of The Signature Tow-

er, where all the units are of this

size and come with a 15m lap pool.

The unit was sold for $21.8 million

($3,498 psf), according to a cave-

at lodged with URA Realis on April

12. The price was $4.6 million low-

er than the purchase price of $26.44

million ($4,242 psf) paid by the orig-

inal buyer a decade ago.

SC Global has remained firm on

its selling prices at the 66-unit The

Marq on Paterson Hill. A record price

of $6,840 psf was achieved in Novem-

ber 2011, when a 3,003 sq ft, four-bed-

room unit on the 20th floor of The

Premier Tower was sold for $20.54

million. SC Global has yet to launch

its 34-unit ultra-luxurious Sculptura

at Ardmore project, even though the

development is already completed.

Are prices bottoming?Early this month, Lum Chang Group

paid $65 million for One Tree Hill Gar-

dens. The collective sale site, with a

three-storey residential development

containing just six maisonettes and

seven apartments, has a freehold land

area of 39,063 sq ft. The $65 million

price tag translates into a land rate

of $1,664 psf, according to Ian Loh,

Knight Frank executive director and

head of investment and capital mar-

kets, who brokered the sale.

Under the Master Plan 2014, the

site is zoned for redevelopment into

a landed residential project compris-

ing two-storey semi-detached hous-

es. “One Tree Hill Gardens is the first

successful collective sale of 2017,”

says Loh. “This is the only sizeable

landed redevelopment site [close to]

Orchard Road.”

The URA non-landed price index

for CCR has been hovering between

+0.3% and -1.9% over the past five

quarters (from 1Q2016 to 1Q2017).

JLL’s Ong reckons it is an indication

that the index is bottoming. “The me-

dian price of non-landed homes in

CCR has been trending up in the last

two quarters, and stood at $1,899 psf

in 1Q2017,” he says.

JLL’s capital value data on the

prime district segments has also

recorded a mild turnaround. “We

foresee that sentiment will remain

positive, sustaining buying interest

and leading to a price recovery,”

adds Ong.

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The show unit of the Saporiti-furnished, 5,694 sq ft, five-bedroom penthouse at Leedon Res-idence that is on the market for $11.1 million, down from $13.7 millionThe facilities on the grounds of the 522,326 sq ft Leedon Residence

View of the Holland Road enclave in prime District 10 from Leedon Residence

The 130,983 sq ft grounds of OUE Twin Peaks, with landscaping by renownedarchitect and landscape designer Bill Bensley

The show unit of OUE Twin Peaks, where apartments come fully furnished

The full-marble bathroom of a unit at OUE Twin Peaks

The 462-unit twin towers of OUE Twin Peaks, where only about 20 units are still available for sale

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MARKET TRENDS

The number of unprofi table deals rose in 1Q2017,with total losses of $74.5 million

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Losses mount in resale market | BY LIN ZHIQIN |

The take-up rate of new homes,

as measured by the sales-to-

launch ratio, has dropped

from 117% in March to 96%

last month, notes Nicholas

Mak, executive director of research

and consultancy at SLP Internation-

al. The decrease in the take-up rate

in April was mainly due to the high-

er level of units launched relative to

units sold, he says. “Still, it’s close to

the equlibrium level of 100%, indi-

cating that the transaction volume in

the private residential primary mar-

ket is gradually stabilising.”

Proportion of unprofitable deals continues to riseHowever, among sellers in the resale

market, pain continues to mount. In

1Q2017, 317 out of 1,492 transactions

in the non-landed segment (condo-

miniums and apartments) were un-

profitable, translating into a rate of

21%. On a y-o-y basis, the rate is

higher than the previous two years

— 15% in 1Q2016 (160 out of 1,087

transactions) and 7% in 1Q2015 (60

out of 897 transactions).

The figures are computed based

on the matching of URA caveat data

for non-landed homes transacted as

at May 9. The profit-and-loss com-

putation excludes transaction costs

such as stamp duty.

The number of unprofitable deals

in 1Q2017 — 317 — is nearly double

the 160 registered in 1Q2016 and a

fivefold increase from the 60 record-

ed in 1Q2015. Likewise, the amount

of losses suffered by sellers of these

private non-landed homes surged to

$74.5 million, from $46.4 million in

1Q2016 and $29.7 million in 1Q2015

(see chart).

To be sure, the majority of deals

(79%) in the non-landed housing

segment in 1Q2017 were profitable.

However, the average profit per trans- Bot

Two 2,885 sq ft units at Ardmore Park fetched the two largest profits of $4.6 million and $3.49 million in CCR in 1Q2017

action was lower at $205,273, com-

pared with $231,720 in 1Q2016 and

$359,367 in 1Q2015.

In 1Q2017, the Core Central Re-

gion (CCR) accounted for 38% of

unprofitable deals in the non-land-

ed housing segment compared with

28% in the Rest of Central Region

(RCR) and 33% in the Outside Cen-

tral Region (OCR).

Losses in CCR rise 64% y-o-y The average profit per transaction

in CCR has fallen over the last two

years: It was $171,711 in 1Q2017,

compared with $184,558 in 1Q2016

and $378,850 in 1Q2015.

Total losses in 1Q2017 rose 64%

y-o-y to $53.8 million in CCR, with

121 out of 337 transactions unprof-

itable. This translates into a rate of

36% compared with 30% (72 out of

241 transactions) in 1Q2016 and total

losses of $32.8 million. In 1Q2015, 39

out of 188 deals (21%) were unprof-

itable, with losses of $27.4 million.

The most unprofitable deal in

1Q2017 was the sale of a 4,069

sq ft, four-bedroom unit at Seascape,

a 151-unit luxury condo in Sentosa

Cove. The previous owner, believed

to be a Russian national, had pur-

chased the property for $12.8 mil-

lion ($3,146 psf) in June 2010. The

unit was put up for auction in a

mortgagee sale in January 2017 for

$6.8 million, and sold in February

for $6.2 million. Based on the sale

figure, the loss translated into 52%

for the original buyer.

On Feb 7, a 4,069 sq ft unit at Seascape in Sentosa Cove was sold for the biggest loss in 1Q2017 of $6.6 million

The number of unprofitable deals in 1Q2017 — 317 in total — is nearly double the 160 registered in 1Q2016, and a fivefold increase from the 60 recorded in 1Q2015

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MARKET TRENDS

URA,

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Both units that fetched profits of more than $1 million in OCR in 1Q2017 were located at Varsity Park Condominium

n

Aalto is a freehold 196-unit condo-minium completed in 2010

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A 5,231 sq ft unit at Pandan Valley was sold at a $1.92 million profit, the largest in RCR in 1Q2017

A 2,400 sq ft unit at The Waterside fetched the second-biggest profit in RCR in 1Q2017 of $1.74 million

The second most unprofitable re-

sale in CCR in 1Q2017 was that of

a 2,336 sq ft, four-bedroom unit at

Orchard Scotts, which was sold for

a $4.92 million loss on Feb 15, in-

clusive of seller’s stamp duty. The

seller had purchased the unit for

$8.46 million ($3,620 psf) in Octo-

ber 2013 and sold it for $3.68 million

($1,575 psf). The seller had to pay

a 4% SSD, or $147,200. Excluding

SSD, the loss would have amount-

ed to $4.78 million, or 56%. Com-

pleted in 2008, Orchard Scotts is a

387-unit, 99-year leasehold develop-

ment with two apartment towers and

a serviced residence tower.

Ardmore Park’s price resilienceThe two most profitable deals in

1Q2017 were recorded at Ardmore

Park, a 330-unit condo that has set

the benchmark for the luxury con-

do segment since its completion in

2001. Both transactions were those of

the typical 2,885 sq ft, four-bedroom

apartments. One unit was purchased

for $4.9 million ($1,699 psf) in Sep-

tember 2002 and sold for $9.5 million

($3,293 psf) on Feb 9, according to

caveats lodged. The sale recorded a

gain of $4.6 million, or 94%.

The second unit at Ardmore Park

was purchased for $5.41 million

($1,876 psf) in August 1996, which

was near the peak of the previous

property boom. It was sold for $8.9

million ($3,085 psf) on Feb 28. Thus,

it registered a gain of $3.49 million,

or 64%.

RCR — Pandan Valley’s great gains In RCR, average profit per transaction

has been knocked down to $251,204

in 1Q2017, from $274,228 in 1Q2016

and $399,429 in 1Q2015. Total loss-

es rose 22% y-o-y to $13 million in

1Q2017, with 90 out of 426 transac-

tions (21%) unprofitable. In 1Q2016,

50 out of 322 transactions (16%) reg-

istered losses, while only 5% (12 out

of 258 transactions) did in 1Q2015.

At Aalto, a 196-unit high-end

condo on Meyer Road in prime Dis-

trict 15, only two sales have been

recorded in 2017 so far. Both units

were sold at a loss. One was a 2,443

sq ft, four-bedroom-plus-study unit

purchased for $4.82 million ($1,974

psf) from the developer in Septem-

ber 2007 and sold for $3.88 million

($1,588 psf) almost a decade later

on, March 13, 2017. The deal trans-

lated into a loss of under $1 million.

The other unit at Aalto that re-

cently changed hands was a 1,959

sq ft, four-bedroom unit that was


psf) in 2008 and sold for $3.7 million

($1,889 psf) on Jan 23. This trans-

lates into a loss of 19%. Residents

at Aalto are likely to benefit in the

future, with the upcoming Tanjong

Katong MRT station located oppo-

site the condo.

In another sought-after residential

district, District 21, is Pandan Valley,

a 623-unit freehold condo complet-

ed in 1979. In March, a 5,231 sq ft,

six-bedroom unit at Pandan Valley

was sold at a $1.92 million profit,

the most profitable transaction reg-

istered in RCR in 1Q2017. The sell-

er had purchased the unit for $1.22

million ($233 psf) in October 2005

and sold it for $3.14 million ($600

psf) two months ago.

Another unit at Pandan Valley

that changed hands recently for more

than $1 million in profit ($1.02 mil-

lion to be exact) was a 1,690 sq ft,

three-bedroom unit. The previous

owner paid $700,000 ($414 psf) for

the unit in January 2005 and sold it

for $1.72 million in January this year.

The second most profitable deal

in RCR was recorded at The Water-

side, a 502-unit freehold condo on

Tanjong Rhu Road that was complet-

ed in 1992. The deal involved the re-

sale of a 2,400 sq ft, four-bedroom

unit for $2.95 million ($1,229 psf)

on March 1. The previous owner had

purchased the unit for $1.21 million

($503 psf) in July 2003. Thus, the

sale translated into a profit of $1.74

million for the previous owner.

OCR — Varsity Park resale units see profits above $1 milIn OCR, the average profit per transac-

tion fell to $193,947 in 1Q2017, from

$227,290 in 1Q2016 and $328,328 in

1Q2015. Total losses surged 169% y-o-y

to $7.71 million in 1Q2017, when 106

out of 729 transactions (15%) were

unprofitable. In 1Q2016, 38 out of 524

deals (7%) registered a loss, with to-

tal losses amounting to $2.86 million.

In 1Q2015, only nine out of 451 trans-

actions (2%) were unprofitable, with

losses totalling just $645,070.

The two units that fetched profits

above $1 million in OCR in 1Q2017

were located at the 530-unit Varsi-

ty Park Condominium. The 99-year

leasehold condo on West Coast Road

in District 5 was completed in 2008.

A 2,228 sq ft, four-bedroom unit

fetched a profit of $1.66 million on

March 31. The unit was purchased

for $890,910 ($400 psf) from the de-

veloper in November 2004 and sold

for $2.55 million ($1,144 psf). The

profit works out to 186%, or 9% a

year over 12.4 years.

Another four-bedroom unit at Var-

sity Park — slightly smaller at 1,830

sq ft — was sold for $1.94 million

($1,060 psf) on Jan 9. The unit was

purchased for $824,004 ($450 psf) in

May 2006; thus, the seller realised a

profit of more than $1 million.

The most unprofitable deal in

1Q2017 was the sale of a unit at

Watertown in Punggol Central. The

1,356 sq ft, four-bedroom unit was


psf) when the project was launched

in February 2012. It was sold for $1.68

million in January 2017, at a loss of

$353,042. The 992-unit Watertown

is part of a giant integrated develop-

ment that includes Waterwave Point

shopping mall that opened last year.

As business sentiment and the

economic outlook improve, the num-

ber of unprofitable deals in the re-

sale market could start to decline in

the coming quarters.


| BY TAN CHEE YUEN |

City-fringe projects have seen a

return in buyer interest since

the beginning of the year.

At The Meyerise on Mey-

er Road in prime District 15,

eight units were sold in the week of

May 2 to 9.

Of the 26 units sold at the develop-

ment this year, based on caveats lodged

with URA Realis, only three were re-

sales of units purchased in Septem-

ber 2011 when the 239-unit freehold

condominium was first launched for

sale. The Meyerise, developed by Hong

Leong Holdings and completed in

2014, comprises twin 31-storey towers.

Property agents attribute the spike

in transactions to the developer offer-

ing a deferred payment scheme (DPS)

of up to two years and a 23% price dis-

count since the beginning of the year.

Units sold by the developer were

high-floor units above the 20th floor.

In April and May, units sold ranged

from an 883 sq ft, two-bedroom unit

on the 27th floor that fetched $1.74

million ($1,975 psf) to a 1,281 sq ft,

three-bedroom unit on the 28th floor

of the adjacent block that went for

$2.95 million ($2,303 psf).

Meanwhile, the three resale units,

which were on the sixth to 10th floors,

were sold at lower prices. An 872 sq ft,

two-bedroom unit on the ninth floor

went for $1.62 million ($1,858 psf)

and a 1,819 sq ft, four-bedroom unit

on the 10th floor fetched $2.85 mil-

lion ($1,567 psf).

According to property agents, there

were only 11 units available for sale

as at May 17, which means the pro-

ject is over 95% taken up.

At the 578-unit Gem Residences on

Toa Payoh Lorong 5, 312 units were

sold on the first day of preview in May

last year at a median price of $1,431

psf. Another 10 units were sold last

June, followed by two units in July.

Sales then flatlined for the rest of

2016 until February this year, when

the developer launched the second

phase of the project. As at end-April,

338 units at Gem Residences were sold

at a median price of $1,488 psf. This

brings the take-up rate at Gem Resi-

dences to 58.5%.

When the 99-year leasehold site in

Toa Payoh was launched for sale two

years ago, it drew 14 bids. This was

because there had been no new launch

of a private condo in seven years in

Toa Payoh and developers recognised

that there was pent-up demand from

upgraders in the mature HDB estate.

Gem Residences is a joint project

by Malaysian developer Gamuda Land

(50% stake), Singapore-based Evia

Real Estate (20% stake) and Max-

din (30%), a subsidiary of construc-

tion company Greatearth Holdings.

The project is scheduled for comple-

tion in 2020.

More than half the units at Gem

Residences are one- and two-bedroom

units of 452 to 775 sq ft. There are

also three-bedroom units of 936 to

1,055 sq ft and four- and five-bedroom

units of 1,249 and 1,313 sq ft respec-

tively. There are only two penthous-

es: a 1,636 sq ft, four-bedroom unit

and a 2,045 sq ft, six-bedroom unit.

It seems that well-located city-

fringe developments are seeing re-

newed interest, according to prop-

erty agents.

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 May 2 to 9

District 1 THE SAIL @ MARINA BAY Apartment 99 years May 05, 2017 614 1,148,000 - 1,871 2008 ResaleDistrict 2 ICON Apartment 99 years May 04, 2017 581 1,020,000 - 1,755 2007 ResaleSPOTTISWOODE SUITES Apartment Freehold May 04, 2017 452 970,000 - 2,146 Uncompleted Sub SaleDistrict 3 ALEX RESIDENCES Apartment 99 years May 03, 2017 883 1,572,000 - 1,781 Uncompleted New SaleARTRA Apartment 99 years May 02, 2017 829 1,437,999 - 1,735 Uncompleted New SaleARTRA Apartment 99 years May 03, 2017 829 1,344,999 - 1,623 Uncompleted New SaleARTRA Apartment 99 years May 04, 2017 829 1,390,999 - 1,678 Uncompleted New SaleARTRA Apartment 99 years May 05, 2017 1,410 2,099,999 - 1,489 Uncompleted New SaleARTRA Apartment 99 years May 06, 2017 786 1,401,999 - 1,784 Uncompleted New SaleARTRA Apartment 99 years May 06, 2017 786 1,346,999 - 1,714 Uncompleted New SaleARTRA Apartment 99 years May 07, 2017 829 1,430,999 - 1,727 Uncompleted New SaleARTRA Apartment 99 years May 07, 2017 1,044 1,767,999 - 1,693 Uncompleted New SaleARTRA Apartment 99 years May 07, 2017 829 1,396,999 - 1,686 Uncompleted New SaleARTRA Apartment 99 years May 07, 2017 829 1,368,999 - 1,652 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 03, 2017 463 838,000 - 1,811 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 04, 2017 753 1,368,000 - 1,816 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 04, 2017 463 838,000 - 1,811 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 05, 2017 463 858,000 - 1,854 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 06, 2017 1,076 1,776,100 - 1,650 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 07, 2017 904 1,583,300 - 1,751 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years May 02, 2017 904 1,650,000 - 1,825 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years May 06, 2017 667 1,418,000 - 2,125 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 02, 2017 495 808,000 - 1,632 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 02, 2017 495 796,000 - 1,608 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 02, 2017 495 790,000 - 1,595 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 03, 2017 764 1,206,000 1,201,000 1,571 Uncompleted 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

PRINCIPAL GARDEN Condominium 99 years May 05, 2017 495 796,910 - 1,609 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 07, 2017 786 1,312,000 - 1,670 Uncompleted New SaleQUEENS Condominium 99 years May 05, 2017 1,184 1,480,000 - 1,250 2002 ResaleQUEENS PEAK Condominium 99 years May 02, 2017 441 787,000 - 1,783 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 02, 2017 861 1,453,112 - 1,687 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 02, 2017 624 1,032,000 - 1,653 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 03, 2017 431 764,000 - 1,774 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 03, 2017 441 765,000 - 1,733 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 05, 2017 495 872,000 - 1,761 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 06, 2017 441 745,000 - 1,688 Uncompleted New SaleRIVER PLACE Condominium 99 years May 03, 2017 807 1,070,000 - 1,325 2000 ResaleRIVER PLACE Condominium 99 years May 05, 2017 2,303 2,610,000 - 1,133 2000 ResaleTHE ANCHORAGE Condominium Freehold May 08, 2017 1,561 1,900,000 - 1,217 1997 ResaleTHE CREST Condominium 99 years May 02, 2017 797 1,434,600 - 1,801 2017 New SaleTHE CREST Condominium 99 years May 02, 2017 1,744 2,900,000 - 1,663 2017 New SaleTHE CREST Condominium 99 years May 04, 2017 1,916 3,180,000 - 1,660 2017 New SaleTHE CREST Condominium 99 years May 04, 2017 1,916 2,980,000 - 1,555 2017 New SaleTHE CREST Condominium 99 years May 06, 2017 936 1,642,000 - 1,753 2017 New SaleTHE CREST Condominium 99 years May 06, 2017 1,841 3,129,000 - 1,700 2017 New SaleDistrict 4 CORALS AT KEPPEL BAY Condominium 99 years May 03, 2017 1,399 2,460,000 - 1,758 2016 New SaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years May 02, 2017 1,711 2,850,000 - 1,665 2010 ResaleDistrict 5 BLUE HORIZON Condominium 99 years May 02, 2017 1,163 1,130,000 - 972 2005 ResaleBLUE HORIZON Condominium 99 years May 03, 2017 1,152 1,128,000 - 979 2005 ResaleBLUE HORIZON Condominium 99 years May 09, 2017 1,163 1,150,000 - 989 2005 ResaleCLEMENTIWOODS CONDOMINIUM Condominium 99 years May 09, 2017 1,389 1,500,000 - 1,080 2010 ResaleHERITAGE VIEW Condominium 99 years May 05, 2017 1,195 1,350,000 - 1,130 2000 ResaleHERITAGE VIEW Condominium 99 years May 05, 2017 1,163 1,292,000 - 1,111 2000 ResaleMONTEREY PARK CONDOMINIUM Condominium 999 years May 05, 2017 1,367 1,515,000 - 1,108 2005 ResalePARC RIVIERA Condominium 99 years May 02, 2017 710 962,000 - 1,354 Uncompleted New SalePARC RIVIERA Condominium 99 years May 02, 2017 904 1,156,000 - 1,279 Uncompleted New SalePARC RIVIERA Condominium 99 years May 02, 2017 990 1,210,560 - 1,222 Uncompleted New SalePARC RIVIERA Condominium 99 years May 02, 2017 990 1,188,000 - 1,200 Uncompleted New SalePARC RIVIERA Condominium 99 years May 02, 2017 1,227 1,438,000 - 1,172 Uncompleted New SalePARC RIVIERA Condominium 99 years May 03, 2017 603 800,000 - 1,327 Uncompleted New SalePARC RIVIERA Condominium 99 years May 03, 2017 904 1,081,550 - 1,196 Uncompleted New SalePARC RIVIERA Condominium 99 years May 04, 2017 990 1,225,000 - 1,237 Uncompleted New SalePARC RIVIERA Condominium 99 years May 04, 2017 1,152 1,388,000 - 1,205 Uncompleted New SalePARC RIVIERA Condominium 99 years May 05, 2017 603 825,000 - 1,369 Uncompleted New SalePARC RIVIERA Condominium 99 years May 05, 2017 710 948,235 - 1,335 Uncompleted New SalePARC RIVIERA Condominium 99 years May 05, 2017 463 607,000 - 1,311 Uncompleted New SalePARC RIVIERA Condominium 99 years May 05, 2017 1,421 1,388,025 - 977 Uncompleted New SalePARC RIVIERA Condominium 99 years May 06, 2017 710 947,000 - 1,333 Uncompleted New SalePARC RIVIERA Condominium 99 years May 06, 2017 904 1,185,000 - 1,311 Uncompleted New SalePARC RIVIERA Condominium 99 years May 06, 2017 904 1,133,000 - 1,253 Uncompleted New SalePARC RIVIERA Condominium 99 years May 06, 2017 990 1,222,000 - 1,234 Uncompleted New SalePARC RIVIERA Condominium 99 years May 07, 2017 990 1,223,040 - 1,235 Uncompleted New SalePARC RIVIERA Condominium 99 years May 07, 2017 904 1,095,000 - 1,211 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 02, 2017 990 1,371,000 - 1,384 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 02, 2017 1,141 1,470,000 - 1,288 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 03, 2017 635 950,000 - 1,496 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 03, 2017 1,141 1,580,000 - 1,385 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 06, 2017 710 1,023,000 - 1,440 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 06, 2017 1,109 1,527,000 - 1,377 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 07, 2017 710 1,045,000 - 1,471 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 07, 2017 732 1,025,000 - 1,400 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 07, 2017 1,141 1,556,000 - 1,364 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 07, 2017 1,109 1,496,000 - 1,349 Uncompleted New Sale


According to property agents, as at May 17, there were only 11 units available for sale at The Meyerise, which means the project is more than 95% taken up E

DONE DEALS

Renewed interest in city-fringe projects

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THE CLEMENT CANOPY Apartment 99 years May 07, 2017 1,346 1,810,000 - 1,345 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 07, 2017 1,109 1,447,000 - 1,305 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 07, 2017 1,346 1,632,000 - 1,213 Uncompleted New SaleTHE INFINITI Condominium Freehold May 05, 2017 1,302 1,180,000 - 906 2008 ResaleTHE PARC CONDOMINIUM Condominium Freehold May 03, 2017 1,421 1,630,000 - 1,147 2010 ResaleTHE ROCHESTER Apartment 99 years May 03, 2017 1,679 2,180,000 - 1,298 2011 ResaleTHE TRILINQ Condominium 99 years May 02, 2017 1,109 1,341,000 - 1,210 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 02, 2017 1,109 1,324,000 - 1,194 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 02, 2017 1,356 1,547,000 - 1,141 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 03, 2017 538 823,000 - 1,529 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 03, 2017 1,518 1,775,000 - 1,170 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 04, 2017 538 807,000 - 1,499 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 04, 2017 1,518 1,821,000 - 1,200 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 05, 2017 1,356 1,566,000 - 1,155 Uncompleted New SaleVISTA PARK Condominium 99 years May 05, 2017 904 760,000 - 841 1985 ResaleDistrict 8 CITY LOFT Apartment Freehold May 08, 2017 743 900,000 - 1,212 2012 ResaleCITY SQUARE RESIDENCES Condominium Freehold May 03, 2017 1,206 1,600,000 - 1,327 2009 ResaleCITYSCAPE @FARRER PARK Condominium Freehold May 08, 2017 1,378 1,400,000 - 1,016 2014 ResaleCAMBRIDGE ROAD Terrace Freehold May 08, 2017 2,196 2,800,000 - 1,273 1998 ResaleRESIDENCES @ SOMME Apartment Freehold May 02, 2017 506 580,000 - 1,146 2008 ResaleRITZ @ FARRER Apartment Freehold May 03, 2017 592 843,888 - 1,425 2017 New SaleSTURDEE RESIDENCES Condominium 99 years May 04, 2017 721 1,178,700 - 1,634 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years May 06, 2017 1,044 1,465,200 - 1,403 Uncompleted New SaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years May 03, 2017 1,378 1,870,000 - 1,357 2007 ResaleBELLE VUE RESIDENCES Condominium Freehold May 08, 2017 2,433 4,225,000 - 1,737 2010 ResaleCAIRNHILL NINE Apartment 99 years May 02, 2017 1,044 2,845,000 - 2,725 2016 New SaleCAIRNHILL NINE Apartment 99 years May 02, 2017 1,033 2,604,000 - 2,520 2016 New SaleCAIRNHILL NINE Apartment 99 years May 03, 2017 1,066 2,787,000 - 2,615 2016 New SaleCAIRNHILL NINE Apartment 99 years May 04, 2017 1,033 2,647,000 - 2,562 2016 New SaleCAIRNHILL NINE Apartment 99 years May 06, 2017 1,033 2,700,000 - 2,613 2016 New SaleELIZABETH TOWER Apartment Freehold May 08, 2017 2,928 4,500,088 - 1,537 1980 ResaleESPADA Apartment Freehold May 08, 2017 560 1,218,000 - 2,176 2013 ResaleLEONIE SUITES Apartment 99 years May 02, 2017 926 1,500,000 - 1,620 2006 ResaleLUMA Apartment Freehold May 04, 2017 743 1,275,000 - 1,717 2011 ResaleOUE TWIN PEAKS Condominium 99 years May 05, 2017 570 1,860,000 - 3,260 2015 ResaleOUE TWIN PEAKS Condominium 99 years May 05, 2017 549 1,676,300 - 3,054 2015 ResaleOUE TWIN PEAKS Condominium 99 years May 05, 2017 549 1,666,000 - 3,035 2015 ResaleOUE TWIN PEAKS Condominium 99 years May 05, 2017 549 1,616,500 - 2,945 2015 ResaleOUE TWIN PEAKS Condominium 99 years May 05, 2017 549 1,600,000 - 2,915 2015 ResaleOUE TWIN PEAKS Condominium 99 years May 05, 2017 549 1,557,600 - 2,837 2015 ResaleOUE TWIN PEAKS Condominium 99 years May 08, 2017 570 1,718,680 - 3,013 2015 ResalePARC EMILY Condominium Freehold May 03, 2017 1,001 1,618,000 - 1,616 2008 ResaleRICHMOND PARK Condominium Freehold May 02, 2017 1,259 2,850,000 - 2,263 1996 ResaleROBERTSON 100 Apartment Freehold May 08, 2017 872 1,530,000 - 1,755 2004 ResaleSOPHIA 98 Apartment Freehold May 03, 2017 1,399 1,705,000 - 1,218 2002 ResaleSOPHIA HILLS Condominium 99 years May 02, 2017 1,023 1,959,000 - 1,916 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 05, 2017 700 1,484,000 - 2,121 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 05, 2017 570 1,152,000 - 2,019 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 06, 2017 1,012 1,866,000 - 1,844 Uncompleted New SaleTHE BOTANIC ON LLOYD Condominium Freehold May 02, 2017 1,819 3,180,000 - 1,748 2006 ResaleTHE PIER AT ROBERTSON Apartment Freehold May 03, 2017 732 1,338,000 - 1,828 2006 ResaleWILKIE STUDIO Apartment Freehold May 08, 2017 872 1,360,000 - 1,560 2010 ResaleYONG AN PARK Condominium Freehold May 08, 2017 3,229 5,400,000 - 1,672 1986 ResaleDistrict 10 ARDMORE THREE Condominium Freehold May 09, 2017 1,744 6,090,250 - 3,493 2014 ResaleASTRID MEADOWS Condominium Freehold May 05, 2017 2,045 3,450,000 - 1,687 1990 ResaleBALMORAL 8 Condominium Freehold May 03, 2017 1,905 2,900,000 - 1,522 2003 ResaleBALMORAL GATE Condominium Freehold May 03, 2017 1,636 2,100,000 - 1,284 1994 ResaleBAN GUAN PARK Semi-Detached Freehold May 03, 2017 2,368 4,250,000 - 1,798 2008 ResaleBOTANIC GARDENS VIEW Apartment Freehold May 04, 2017 1,410 2,200,000 - 1,560 Unknown ResaleCYAN Condominium Freehold May 03, 2017 657 1,270,000 - 1,934 2014 ResaleD’LEEDON Condominium 99 years May 02, 2017 786 1,388,000 - 1,766 2014 ResaleD’LEEDON Condominium 99 years May 02, 2017 1,055 1,851,000 - 1,755 2014 ResaleD’LEEDON Condominium 99 years May 02, 2017 5,264 6,477,960 - 1,231 2014 ResaleGRAMERCY PARK Condominium Freehold May 02, 2017 1,981 5,676,040 - 2,866 2016 ResaleGRAMERCY PARK Condominium Freehold May 02, 2017 1,249 3,574,400 - 2,863 2016 ResaleGRAMERCY PARK Condominium Freehold May 02, 2017 1,884 5,088,800 - 2,701 2016 ResaleGRAMERCY PARK Condominium Freehold May 04, 2017 2,691 6,865,560 - 2,551 2016 ResaleHOLLAND HILL PARK Condominium Freehold May 05, 2017 1,389 1,780,000 - 1,282 1992 ResaleILLOURA Semi-Detached Freehold May 02, 2017 4,176 3,650,000 - 874 2009 ResaleJERVOIS VIEW Apartment Freehold May 03, 2017 2,476 4,040,000 - 1,632 1982 ResaleLEEDON RESIDENCE Condominium Freehold May 04, 2017 2,648 5,556,000 - 2,098 2015 ResaleMADISON RESIDENCES Condominium Freehold May 03, 2017 1,464 2,860,000 - 1,954 2012 ResaleMON JERVOIS Condominium 99 years May 04, 2017 614 1,384,243 - 2,256 2016 ResaleMON JERVOIS Condominium 99 years May 05, 2017 1,001 2,221,960 - 2,220 2016 ResaleNASSIM JADE Condominium Freehold May 05, 2017 3,455 5,500,000 - 1,592 1997 ResaleONE BALMORAL Condominium Freehold May 03, 2017 969 2,200,000 - 2,271 2016 ResaleONE BALMORAL Condominium Freehold May 03, 2017 1,410 3,002,000 - 2,129 2016 ResaleONE BALMORAL Condominium Freehold May 05, 2017 969 2,296,000 - 2,370 2016 ResaleONE TREE HILL MANSIONS Apartment 99 years May 05, 2017 1,615 1,450,000 - 898 Unknown ResalePOLLEN & BLEU Condominium 99 years May 05, 2017 1,163 2,069,750 - 1,780 2016 ResalePOLLEN & BLEU Condominium 99 years May 09, 2017 1,432 3,108,450 - 2,171 2016 ResalePOLLEN & BLEU Condominium 99 years May 09, 2017 1,270 2,191,300 - 1,725 2016 ResaleQUEENSBERRY LODGE Apartment Freehold May 05, 2017 614 840,000 - 1,369 2002 ResaleRIDGEWOOD Condominium 999 years May 03, 2017 1,744 1,900,000 - 1,090 1981 ResaleRV RESIDENCES Condominium 999 years May 03, 2017 678 1,390,000 - 2,050 2015 ResaleSIGNATURE AT LEWIS Apartment Freehold May 03, 2017 635 960,000 - 1,512 2011 ResaleSOMMERVILLE PARK Condominium Freehold May 08, 2017 624 980,000 - 1,570 1985 ResaleSPANISH VILLAGE Condominium Freehold May 08, 2017 775 1,068,000 - 1,378 1987 ResaleTHE ARC AT DRAYCOTT Apartment Freehold May 08, 2017 1,270 2,800,000 - 2,204 2008 ResaleTHE ASANA Apartment Freehold May 05, 2017 1,033 2,196,900 - 2,126 Uncompleted New SaleTHE HORIZON Condominium Freehold May 03, 2017 1,722 2,428,000 - 1,410 2001 ResaleTHE LEGEND Condominium Freehold May 08, 2017 753 1,050,000 - 1,394 1996 ResaleDistrict 11 26 NEWTON Apartment Freehold May 03, 2017 484 1,191,855 - 2,461 2016 Resale6 DERBYSHIRE Condominium Freehold May 03, 2017 527 1,220,383 - 2,314 2017 New SaleCUBE 8 Condominium Freehold May 02, 2017 1,475 1,750,000 - 1,187 2013 ResaleHILLCREST ARCADIA Condominium 99 years May 05, 2017 1,711 1,340,000 - 783 1980 ResaleHILLCREST VILLA Terrace 99 years May 02, 2017 3,154 2,900,000 - 920 2009 ResaleHILLCREST VILLA Terrace 99 years May 03, 2017 3,154 2,830,000 - 897 2009 ResaleHILLCREST ROAD Detached Freehold May 03, 2017 7,912 12,050,000 - 1,524 Unknown ResaleTREVOSE CRESCENT Detached Freehold May 04, 2017 6,652 9,800,000 - 1,474 Unknown ResaleMERRYN ROAD Detached Freehold May 05, 2017 4,521 8,100,000 - 1,793 2001 ResalePARK INFINIA AT WEE NAM Condominium Freehold May 04, 2017 560 1,050,000 - 1,876 2008 ResaleSKY@ELEVEN Condominium Freehold May 03, 2017 2,271 3,108,000 - 1,368 2010 ResaleSOLEIL @ SINARAN Condominium 99 years May 05, 2017 1,722 3,160,000 - 1,835 2011 ResaleTHE WHITLEY RESIDENCES Semi-Detached Freehold May 04, 2017 6,125 4,850,000 - 792 2016 New SaleTRILIGHT Condominium Freehold May 05, 2017 2,099 3,514,000 - 1,674 2012 ResaleWATTEN ESTATE CONDOMINIUM Condominium Freehold May 03, 2017 2,465 2,580,000 - 1,047 1983 ResaleDistrict 12 AMPAS APARTMENTS Apartment Freehold May 08, 2017 1,259 1,250,000 - 993 1990 ResaleDE ROYALE Condominium Freehold May 09, 2017 3,046 2,700,000 - 886 2006 Resale


GEM RESIDENCES Condominium 99 years May 02, 2017 678 1,015,740 - 1,498 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 03, 2017 678 1,078,000 - 1,590 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 03, 2017 1,249 1,854,000 - 1,485 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 05, 2017 775 1,172,000 - 1,512 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 07, 2017 678 1,074,000 - 1,584 Uncompleted New SalePINNACLE 16 Apartment Freehold May 09, 2017 915 1,338,000 - 1,462 2006 ResaleTRELLIS TOWERS Condominium Freehold May 09, 2017 549 830,000 - 1,512 2000 ResaleVIIO @ BALESTIER Condominium Freehold May 02, 2017 1,076 1,612,500 - 1,498 Uncompleted New SaleDistrict 13 8@WOODLEIGH Condominium 99 years May 08, 2017 398 570,000 - 1,431 2012 ResaleMACPHERSON GARDEN ESTATE Terrace Freehold May 09, 2017 958 1,550,000 - 1,618 Unknown ResaleJALAN RIANG Terrace Freehold May 02, 2017 1,658 1,910,000 - 1,156 Unknown ResalePARC MONDRIAN Apartment Freehold May 03, 2017 904 1,150,000 - 1,272 2010 ResaleTHE POIZ RESIDENCES Apartment 99 years May 03, 2017 538 789,000 - 1,466 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years May 04, 2017 1,152 1,571,000 - 1,364 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years May 05, 2017 1,227 1,655,000 - 1,349 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years May 06, 2017 538 804,000 - 1,494 Uncompleted New SaleDistrict 14 ASTORIA PARK Condominium 99 years May 04, 2017 958 920,000 - 960 1995 ResaleD’ CASITA Apartment Freehold May 09, 2017 990 1,020,000 - 1,030 2010 ResaleJALAN PUNAI Semi-Detached Freehold May 05, 2017 3,498 3,600,000 - 1,028 1999 ResaleJALAN KECHOT Terrace Freehold May 05, 2017 3,444 3,318,000 - 962 1988 ResalePALMERA EAST Apartment Freehold May 02, 2017 431 595,000 - 1,382 2012 ResalePARK PLACE RESIDENCES AT PLQ Apartment 99 years May 02, 2017 743 1,374,999 - 1,851 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 03, 2017 958 1,338,700 - 1,397 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 03, 2017 1,066 1,444,700 - 1,356 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 03, 2017 614 771,000 - 1,257 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 04, 2017 484 737,800 - 1,523 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 04, 2017 667 944,291 - 1,415 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 04, 2017 667 923,300 - 1,383 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 06, 2017 667 971,536 - 1,456 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 06, 2017 990 1,373,300 - 1,387 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 07, 2017 667 982,800 - 1,473 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 07, 2017 797 960,000 - 1,205 Uncompleted New SaleTERRA VILLAS Terrace Freehold May 02, 2017 4,338 2,980,000 - 687 2016 New SaleTHE HELICONIA Condominium Freehold May 08, 2017 1,302 1,200,000 - 921 2003 ResaleTHE HELICONIA Condominium Freehold May 08, 2017 1,346 1,163,800 - 865 2003 ResaleTHE WATER EDGE Apartment Freehold May 04, 2017 398 535,000 - 1,343 2013 ResaleTRE RESIDENCES Condominium 99 years May 02, 2017 947 1,269,000 - 1,340 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 03, 2017 947 1,264,000 - 1,334 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 04, 2017 570 878,000 - 1,539 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 04, 2017 947 1,268,000 - 1,339 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 06, 2017 570 906,000 - 1,588 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 06, 2017 570 885,000 - 1,551 Uncompleted New SaleDistrict 15 COSTA RHU Condominium 99 years May 08, 2017 1,776 2,100,000 - 1,182 1997 ResaleEASTERN LAGOON Condominium Freehold May 08, 2017 753 875,000 - 1,161 1985 ResaleFLAMINGO VALLEY Condominium Freehold May 05, 2017 818 1,120,000 - 1,369 2014 ResaleFRANKEL ESTATE Semi-Detached Freehold May 03, 2017 2,896 4,200,000 - 1,448 Unknown ResaleFULCRUM Condominium Freehold May 04, 2017 678 1,388,000 - 2,047 2016 ResaleFULCRUM Condominium Freehold May 08, 2017 829 1,526,000 - 1,841 2016 ResaleHAIG ELEVEN Apartment Freehold May 08, 2017 1,442 1,528,000 - 1,059 2005 ResaleMANDARIN GARDENS Condominium 99 years May 02, 2017 1,528 1,200,000 - 785 1986 ResaleMANDARIN GARDENS Condominium 99 years May 03, 2017 2,034 1,818,000 - 894 1986 ResaleMEIER SUITES Condominium Freehold May 09, 2017 2,228 3,400,000 - 1,526 2012 ResaleBOWMONT GARDENS Terrace Freehold May 03, 2017 1,550 2,000,000 - 1,290 Unknown ResaleEAST COAST TERRACE Semi-Detached Freehold May 09, 2017 2,153 4,400,000 - 2,044 2015 ResaleTEMBELING ROAD Terrace Freehold May 09, 2017 2,207 2,560,000 - 1,158 1986 ResaleONE K GREENLANE Apartment Freehold May 02, 2017 1,604 1,500,000 - 935 2005 ResalePEBBLE BAY Condominium 99 years May 02, 2017 1,281 1,470,000 - 1,148 1997 ResaleSEASIDE RESIDENCES Apartment 99 years May 03, 2017 807 1,338,000 - 1,657 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 03, 2017 829 1,334,000 - 1,610 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 04, 2017 786 1,272,000 - 1,619 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 05, 2017 1,485 2,417,000 - 1,627 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 06, 2017 786 1,256,000 - 1,598 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 07, 2017 560 1,070,000 - 1,912 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 07, 2017 560 1,061,000 - 1,896 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 07, 2017 560 1,045,000 - 1,867 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 07, 2017 1,087 1,788,000 - 1,645 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 07, 2017 1,087 1,752,000 - 1,612 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 07, 2017 1,023 1,628,000 - 1,592 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 07, 2017 1,023 1,564,000 - 1,529 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 07, 2017 1,023 1,513,000 - 1,480 Uncompleted New SaleST PATRICK’S RESIDENCES Apartment Freehold May 03, 2017 1,453 1,725,000 - 1,187 2013 ResaleSTILL MANSIONS Apartment Freehold May 04, 2017 1,044 970,000 - 929 1967 ResaleSUITES@ KATONG Apartment Freehold May 09, 2017 474 638,000 - 1,347 2012 ResaleSUNSHINE MANSIONS Apartment Freehold May 03, 2017 786 938,000 - 1,194 2006 ResaleTHE MAKENA Condominium Freehold May 05, 2017 1,292 1,680,000 - 1,301 1998 ResaleTHE MAKENA Condominium Freehold May 09, 2017 1,636 2,100,000 - 1,284 1998 ResaleTHE MEYERISE Condominium Freehold May 02, 2017 883 1,770,000 - 2,005 2014 ResaleTHE MEYERISE Condominium Freehold May 04, 2017 1,313 2,930,000 - 2,231 2014 ResaleTHE MEYERISE Condominium Freehold May 05, 2017 1,313 2,770,000 - 2,109 2014 ResaleTHE MEYERISE Condominium Freehold May 05, 2017 883 1,815,000 - 2,056 2014 ResaleTHE MEYERISE Condominium Freehold May 05, 2017 883 1,743,000 - 1,975 2014 ResaleTHE MEYERISE Condominium Freehold May 08, 2017 1,281 2,950,000 - 2,303 2014 ResaleTHE MEYERISE Condominium Freehold May 08, 2017 1,313 2,666,000 - 2,030 2014 ResaleTHE MEYERISE Condominium Freehold May 09, 2017 1,302 2,797,000 - 2,148 2014 ResaleTHE SEAFRONT ON MEYER Condominium Freehold May 09, 2017 2,110 3,250,000 - 1,540 2010 ResaleTHE SERENNO Apartment Freehold May 02, 2017 484 676,000 - 1,396 2016 ResaleDistrict 16 ARCHIPELAGO Condominium 99 years May 05, 2017 527 665,000 - 1,261 2015 Sub SaleBAYWATER Condominium 99 years May 03, 2017 1,292 1,180,000 - 914 2006 ResaleBEDOK COURT Condominium 99 years May 03, 2017 2,260 1,630,000 - 721 1985 ResaleCASA MERAH Apartment 99 years May 02, 2017 1,249 1,280,000 - 1,025 2009 ResaleCASA MERAH Apartment 99 years May 05, 2017 1,550 1,390,000 - 897 2009 ResaleCASAFINA Condominium 99 years May 02, 2017 1,604 1,250,000 - 779 1999 ResaleCASCADALE Condominium Freehold May 02, 2017 1,561 1,290,000 - 827 1994 ResaleCHANGI COURT Condominium Freehold May 08, 2017 840 875,000 - 1,042 1997 ResaleCHANGI GREEN Condominium Freehold May 02, 2017 1,001 850,000 - 849 1998 ResaleCOSTA DEL SOL Condominium 99 years May 02, 2017 1,227 1,590,000 - 1,296 2003 ResaleCOSTA DEL SOL Condominium 99 years May 08, 2017 1,475 1,975,000 - 1,339 2004 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years May 02, 2017 1,259 1,598,560 - 1,269 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 03, 2017 1,216 1,480,000 - 1,217 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 03, 2017 1,744 2,013,000 - 1,154 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 05, 2017 893 1,149,000 - 1,286 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 06, 2017 969 1,302,000 - 1,344 Uncompleted New SaleLAGUNA GREEN Condominium 99 years May 04, 2017 1,604 1,550,000 - 966 1998 ResaleTHE BAYSHORE Condominium 99 years May 03, 2017 926 820,000 - 886 1997 ResaleTHE CLEARWATER Condominium 99 years May 05, 2017 1,195 1,030,000 - 862 2001 ResaleTHE GLADES Condominium 99 years May 03, 2017 474 741,800 - 1,566 2016 New SaleTHE GLADES Condominium 99 years May 03, 2017 495 760,000 - 1,535 2016 New SaleTHE GLADES Condominium 99 years May 03, 2017 1,948 2,453,100 - 1,259 2016 New SaleTHE GLADES Condominium 99 years May 06, 2017 2,594 3,254,000 - 1,254 2016 New Sale

E

DONE DEALS

CONTINUES NEXT PAGE


DISCLAIMER:Source: URA Realis. Updated May 16, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium




DONE DEALS

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THE GLADES Condominium 99 years May 07, 2017 527 790,000 - 1,498 2016 New SaleUBER 388 Condominium Freehold May 04, 2017 1,518 1,830,000 - 1,206 2014 ResaleWATERFRONT WAVES Condominium 99 years May 05, 2017 1,249 1,238,000 - 991 2011 ResaleDistrict 17 ESTELLA GARDENS Condominium Freehold May 05, 2017 1,141 835,000 - 732 1999 ResaleLOYANG VALLEY Condominium 99 years May 03, 2017 1,001 730,000 - 729 1985 ResaleRIZ HAVEN Apartment 946 years May 03, 2017 452 552,000 - 1,221 2010 ResaleTHE GALE Condominium Freehold May 03, 2017 1,991 1,590,000 - 798 2013 ResaleTOH ESTATE Semi-Detached Freehold May 03, 2017 3,283 2,650,000 - 808 1995 ResaleDistrict 18 COCO PALMS Condominium 99 years May 03, 2017 1,259 1,372,000 - 1,089 Uncompleted New SaleCOCO PALMS Condominium 99 years May 04, 2017 1,378 1,341,000 - 973 Uncompleted New SaleCOCO PALMS Condominium 99 years May 05, 2017 1,259 1,406,400 - 1,117 Uncompleted New SaleCOCO PALMS Condominium 99 years May 05, 2017 1,744 1,799,200 - 1,032 Uncompleted New SaleCOCO PALMS Condominium 99 years May 07, 2017 1,259 1,397,600 - 1,110 Uncompleted New SaleD’NEST Condominium 99 years May 02, 2017 1,130 1,100,000 - 973 Uncompleted Sub SaleDOUBLE BAY RESIDENCES Condominium 99 years May 08, 2017 1,550 1,580,000 - 1,019 2012 ResaleDOUBLE BAY RESIDENCES Condominium 99 years May 08, 2017 3,488 2,882,000 - 826 2012 ResaleEASTVALE EC 99 years May 05, 2017 1,098 770,000 - 701 1999 ResaleMELVILLE PARK Condominium 99 years May 08, 2017 1,044 738,000 - 707 1996 ResaleRIPPLE BAY Condominium 99 years May 05, 2017 786 800,000 - 1,018 2015 ResaleRIPPLE BAY Condominium 99 years May 09, 2017 538 625,000 - 1,161 2015 ResaleSEASTRAND Condominium 99 years May 08, 2017 592 585,000 - 988 2014 ResaleSIMEI GREEN CONDOMINIUM EC 99 years May 02, 2017 1,378 990,000 - 719 1999 ResaleTHE ALPS RESIDENCES Condominium 99 years May 02, 2017 689 707,000 - 1,026 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 02, 2017 689 699,000 - 1,015 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 03, 2017 700 717,000 - 1,025 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 04, 2017 689 715,000 - 1,038 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 06, 2017 689 703,000 - 1,020 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 07, 2017 689 735,000 - 1,067 Uncompleted New SaleTHE EDEN AT TAMPINES EC 99 years May 02, 2017 1,453 915,000 - 630 2003 ResaleTHE SANTORINI Condominium 99 years May 02, 2017 915 974,000 - 1,065 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 02, 2017 915 959,180 - 1,048 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 02, 2017 753 785,000 - 1,042 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 02, 2017 1,109 1,118,700 - 1,009 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 03, 2017 1,249 1,239,480 - 993 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 03, 2017 1,184 1,156,000 - 976 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 04, 2017 1,130 1,164,240 - 1,030 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 04, 2017 753 774,000 - 1,027 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 05, 2017 1,119 1,115,000 - 996 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 05, 2017 1,991 1,600,000 - 803 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 06, 2017 1,152 1,196,000 - 1,038 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 07, 2017 1,130 1,124,000 - 994 Uncompleted New SaleWATERVIEW Condominium 99 years May 09, 2017 1,119 1,050,000 - 938 2014 ResaleDistrict 19 BOATHOUSE RESIDENCES Condominium 99 years May 02, 2017 624 730,000 - 1,169 2015 ResaleCENTRAL VIEW Condominium 99 years May 05, 2017 1,216 960,000 - 789 2002 ResaleCHUAN VALE Terrace 99 years May 02, 2017 2,013 2,200,000 - 1,091 2004 ResaleFONTAINE PARRY Condominium 999 years May 04, 2017 1,238 1,318,000 - 1,065 2010 ResaleFOREST WOODS Condominium 99 years May 03, 2017 915 1,260,000 - 1,377 Uncompleted New SaleGOLDENHILL VILLAS Terrace Freehold May 04, 2017 1,615 2,738,000 - 1,696 2004 ResaleKOVAN MELODY Condominium 99 years May 03, 2017 904 1,090,000 - 1,206 2006 ResaleKOVAN MELODY Condominium 99 years May 08, 2017 904 1,000,000 - 1,106 2006 ResalePARK VILLAS Terrace 99 years May 04, 2017 1,615 1,465,000 - 907 1997 ResalePARK VILLAS Semi-Detached 99 years May 08, 2017 2,153 1,668,800 - 775 1997 ResaleREGENTVILLE Apartment 99 years May 08, 2017 980 720,000 - 735 1999 ResaleRIO VISTA Condominium 99 years May 04, 2017 1,055 805,000 - 763 2004 ResaleRIVERSAILS Condominium 99 years May 04, 2017 883 860,000 - 974 2016 ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 02, 2017 2,949 3,700,000 - 1,255 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 02, 2017 2,164 2,380,000 - 1,102 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 03, 2017 2,164 3,400,000 - 1,571 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 03, 2017 2,164 3,300,000 - 1,526 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 04, 2017 2,809 2,580,000 - 918 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 05, 2017 1,841 2,580,000 - 1,403 1999 ResaleSOLARIS RESIDENCES Terrace Freehold May 05, 2017 3,886 2,088,000 - 537 2010 ResaleSTARS OF KOVAN Apartment 99 years May 03, 2017 969 1,487,840 - 1,536 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years May 04, 2017 797 1,137,240 - 1,428 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years May 06, 2017 743 1,083,060 - 1,458 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years May 06, 2017 732 1,034,040 - 1,413 Uncompleted New SaleSUMMER PLACE Semi-Detached Freehold May 03, 2017 3,940 3,600,000 - 913 1988 ResaleSUNGLADE Condominium 99 years May 04, 2017 1,238 1,450,000 - 1,171 2003 ResaleTAI YUAN GARDEN Semi-Detached Freehold May 08, 2017 3,520 3,400,000 - 965 1977 ResaleTHE LUXURIE Condominium 99 years May 08, 2017 1,055 1,230,000 - 1,166 2015 ResaleTHE VALES EC 99 years May 02, 2017 764 672,180 - 880 Uncompleted New SaleTHE VALES EC 99 years May 04, 2017 764 659,940 - 864 Uncompleted New SaleTHE VALES EC 99 years May 05, 2017 1,722 1,352,000 - 785 Uncompleted New SaleTRILIVE Condominium Freehold May 05, 2017 549 934,000 - 1,701 Uncompleted New SaleTRILIVE Condominium Freehold May 06, 2017 904 1,353,000 - 1,496 Uncompleted New SaleTRILIVE Condominium Freehold May 07, 2017 904 1,437,000 - 1,589 Uncompleted New SaleDistrict 20 BISHAN LOFT EC 99 years May 02, 2017 1,184 1,220,000 - 1,030 2003 ResaleGOLDENHILL PARK CONDOMINIUM Condominium Freehold May 08, 2017 936 1,338,000 - 1,429 2004 ResaleGRANDEUR 8 Condominium 99 years May 02, 2017 1,195 1,138,000 - 952 2005 ResaleGRANDEUR 8 Condominium 99 years May 02, 2017 1,109 980,000 - 884 2005 ResaleTHE GARDENS AT BISHAN Condominium 99 years May 04, 2017 883 930,000 - 1,054 2004 ResaleTHOMSON VIEW CONDOMINIUM Condominium 99 years May 09, 2017 2,024 1,670,000 - 825 1987 ResaleDistrict 21 1 KING ALBERT PARK Condominium Freehold May 05, 2017 1,572 1,780,000 - 1,133 1997 ResaleBUKIT REGENCY Condominium Freehold May 08, 2017 1,399 1,470,000 - 1,051 1995 ResaleENG KONG GREEN Condominium Freehold May 09, 2017 840 750,000 - 893 1999 ResaleHIGH OAK CONDOMINIUM Condominium 99 years May 08, 2017 1,044 885,000 - 848 1999 ResaleYUK TONG AVENUE Semi-Detached Freehold May 03, 2017 2,347 4,300,000 - 1,831 2000 ResalePARC PALAIS Condominium Freehold May 02, 2017 1,335 1,280,000 - 959 1999 ResalePINE GROVE Condominium 99 years May 02, 2017 1,755 1,310,000 - 747 Unknown ResaleSHERWOOD TOWER Apartment 99 years May 04, 2017 1,421 1,040,000 - 732 1980 ResaleTHE BEVERLY Apartment Freehold May 04, 2017 2,734 1,910,000 - 699 2012 ResaleTHE BLOSSOMVALE Condominium 999 years May 04, 2017 1,335 1,790,000 - 1,341 1998 ResaleTHE CREEK @ BUKIT Condominium Freehold May 02, 2017 1,604 2,158,000 - 1,346 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold May 03, 2017 721 1,222,000 - 1,694 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold May 05, 2017 657 1,139,636 - 1,736 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold May 05, 2017 936 1,600,000 - 1,709 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold May 05, 2017 807 1,252,000 - 1,551 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold May 07, 2017 721 1,254,988 - 1,740 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold May 07, 2017 1,658 2,112,195 - 1,274 Uncompleted New SaleTOH TUCK HILL Semi-Detached Freehold May 03, 2017 8,256 6,200,000 - 751 1974 ResaleDistrict 22 CASPIAN Condominium 99 years May 05, 2017 1,238 1,308,000 - 1,057 2012 ResaleLAKE GRANDE Condominium 99 years May 02, 2017 775 1,090,000 - 1,406 Uncompleted New SaleLAKE GRANDE Condominium 99 years May 07, 2017 775 1,021,000 - 1,317 Uncompleted New SaleLAKE GRANDE Condominium 99 years May 07, 2017 775 993,000 - 1,281 Uncompleted New SaleLAKE GRANDE Condominium 99 years May 07, 2017 818 1,040,000 - 1,271 Uncompleted New SalePARC OASIS Condominium 99 years May 02, 2017 1,389 1,200,000 - 864 1994 ResaleWESTWOOD RESIDENCES EC 99 years May 03, 2017 1,152 927,000 - 805 Uncompleted New Sale

WESTWOOD RESIDENCES EC 99 years May 04, 2017 1,475 1,173,000 - 795 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years May 06, 2017 1,152 936,000 - 813 Uncompleted New SaleDistrict 23 ECO SANCTUARY Condominium 99 years May 04, 2017 1,604 1,515,660 - 945 2016 New SaleGLENDALE PARK Condominium Freehold May 08, 2017 1,033 1,030,000 - 997 2000 ResaleGUILIN VIEW Condominium 99 years May 02, 2017 1,259 928,000 - 737 1999 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years May 05, 2017 980 935,000 - 955 2000 ResaleHILLION RESIDENCES Apartment 99 years May 02, 2017 474 714,400 - 1,508 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 02, 2017 474 694,450 - 1,466 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 04, 2017 474 694,450 - 1,466 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 05, 2017 463 704,900 - 1,523 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 05, 2017 463 699,200 - 1,511 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 05, 2017 474 668,800 - 1,412 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 05, 2017 474 668,800 - 1,412 Uncompleted New SaleHILLVIEW GARDEN ESTATE Semi-Detached Freehold May 03, 2017 2,164 2,650,000 - 1,226 1997 ResaleINZ RESIDENCE EC 99 years May 02, 2017 1,173 924,500 - 788 Uncompleted New SaleINZ RESIDENCE EC 99 years May 03, 2017 1,141 871,000 - 763 Uncompleted New SaleINZ RESIDENCE EC 99 years May 05, 2017 883 676,000 - 766 Uncompleted New SaleINZ RESIDENCE EC 99 years May 06, 2017 1,184 896,000 - 757 Uncompleted New SaleINZ RESIDENCE EC 99 years May 06, 2017 689 493,000 - 716 Uncompleted New SaleINZ RESIDENCE EC 99 years May 07, 2017 969 777,000 - 802 Uncompleted New SaleINZ RESIDENCE EC 99 years May 07, 2017 1,098 819,000 - 746 Uncompleted New SaleINZ RESIDENCE EC 99 years May 07, 2017 689 512,000 - 743 Uncompleted New SaleMERA WOODS Condominium 999 years May 02, 2017 1,346 1,248,000 - 928 1999 ResaleMERA WOODS Condominium 999 years May 08, 2017 1,346 1,300,000 - 966 1999 ResaleNORTHVALE Apartment 99 years May 02, 2017 721 680,000 - 943 1998 ResalePARK NATURA Condominium Freehold May 09, 2017 1,442 1,630,000 - 1,130 2011 ResaleREGENT GROVE Condominium 99 years May 02, 2017 1,163 798,000 - 686 2000 ResaleREGENT HEIGHTS Condominium 99 years May 05, 2017 1,023 822,000 - 804 1999 ResaleSOL ACRES EC 99 years May 02, 2017 570 487,000 - 854 Uncompleted New SaleSOL ACRES EC 99 years May 03, 2017 732 595,000 - 813 Uncompleted New SaleSOL ACRES EC 99 years May 03, 2017 850 667,000 - 784 Uncompleted New SaleSOL ACRES EC 99 years May 03, 2017 926 720,000 - 778 Uncompleted New SaleSOL ACRES EC 99 years May 03, 2017 926 705,000 - 762 Uncompleted New SaleSOL ACRES EC 99 years May 03, 2017 495 376,000 - 759 Uncompleted New SaleSOL ACRES EC 99 years May 04, 2017 872 723,000 - 829 Uncompleted New SaleSOL ACRES EC 99 years May 04, 2017 872 679,000 - 779 Uncompleted New SaleSOL ACRES EC 99 years May 05, 2017 732 604,000 - 825 Uncompleted New SaleSOL ACRES EC 99 years May 05, 2017 872 685,000 - 786 Uncompleted New SaleSOL ACRES EC 99 years May 05, 2017 926 723,000 - 781 Uncompleted New SaleSOL ACRES EC 99 years May 05, 2017 926 702,000 - 758 Uncompleted New SaleSOL ACRES EC 99 years May 05, 2017 926 699,000 - 755 Uncompleted New SaleSOL ACRES EC 99 years May 06, 2017 850 691,000 - 813 Uncompleted New SaleSOL ACRES EC 99 years May 06, 2017 732 577,000 - 788 Uncompleted New SaleSOL ACRES EC 99 years May 06, 2017 926 702,000 - 758 Uncompleted New SaleSOL ACRES EC 99 years May 07, 2017 1,044 837,000 - 802 Uncompleted New SaleSOL ACRES EC 99 years May 07, 2017 495 384,000 - 776 Uncompleted New SaleSOL ACRES EC 99 years May 07, 2017 732 565,000 - 772 Uncompleted New SaleTHE JADE Condominium 99 years May 08, 2017 1,475 1,350,000 - 915 2004 ResaleWANDERVALE EC 99 years May 02, 2017 1,098 845,000 - 770 Uncompleted New SaleWANDERVALE EC 99 years May 04, 2017 1,098 834,000 - 760 Uncompleted New SaleDistrict 25 BELLEWOODS EC 99 years May 02, 2017 1,152 917,730 - 797 2017 New SaleBELLEWOODS EC 99 years May 03, 2017 1,346 930,600 - 692 2017 New SaleBELLEWOODS EC 99 years May 04, 2017 1,528 1,116,470 - 730 2017 New SaleBELLEWOODS EC 99 years May 06, 2017 1,442 989,010 - 686 2017 New SaleLA CASA EC 99 years May 08, 2017 1,184 823,888 - 696 2008 ResaleNORTHWAVE EC 99 years May 02, 2017 1,464 1,057,350 - 722 Uncompleted New SaleNORTHWAVE EC 99 years May 04, 2017 1,001 711,150 - 710 Uncompleted New SaleNORTHWAVE EC 99 years May 05, 2017 678 537,450 - 793 Uncompleted New SaleNORTHWAVE EC 99 years May 06, 2017 1,098 855,000 - 779 Uncompleted New SaleNORTHWAVE EC 99 years May 07, 2017 753 567,150 - 753 Uncompleted New SaleDistrict 26 CASTLE GREEN Condominium 99 years May 08, 2017 1,216 995,000 - 818 1997 ResaleTHE BROOKS I & II Apartment Freehold May 02, 2017 710 903,688 - 1,272 2016 New SaleTHE SPRINGSIDE Terrace Freehold May 09, 2017 1,679 2,380,000 - 1,416 2006 ResaleDistrict 27 EUPHONY GARDENS Condominium 99 years May 05, 2017 2,433 1,450,000 - 596 2001 ResaleNORTH PARK RESIDENCES Apartment 99 years May 03, 2017 700 963,900 - 1,378 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years May 03, 2017 732 959,200 - 1,310 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years May 07, 2017 732 963,870 - 1,317 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years May 07, 2017 1,023 1,146,600 - 1,121 Uncompleted New SalePARC LIFE EC 99 years May 03, 2017 1,066 883,500 - 829 Uncompleted New SalePARC LIFE EC 99 years May 03, 2017 1,001 737,200 734,900 734 Uncompleted New SalePARC LIFE EC 99 years May 05, 2017 1,055 831,040 828,740 786 Uncompleted New SalePARC LIFE EC 99 years May 06, 2017 1,055 801,800 799,500 758 Uncompleted New SalePARC LIFE EC 99 years May 06, 2017 1,001 741,000 - 740 Uncompleted New SalePARC LIFE EC 99 years May 07, 2017 1,550 1,212,480 1,210,180 781 Uncompleted New SalePARC LIFE EC 99 years May 07, 2017 1,001 769,500 - 769 Uncompleted New SalePARC LIFE EC 99 years May 07, 2017 1,066 807,500 - 758 Uncompleted New SalePARC LIFE EC 99 years May 07, 2017 1,001 729,600 - 729 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years May 02, 2017 764 567,765 - 743 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years May 07, 2017 947 699,000 - 738 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 02, 2017 786 858,480 - 1,093 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 02, 2017 797 819,000 - 1,028 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 02, 2017 1,023 1,034,000 - 1,011 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 03, 2017 915 918,000 - 1,003 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 05, 2017 786 870,000 - 1,107 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 05, 2017 915 917,000 - 1,002 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 06, 2017 786 886,000 - 1,128 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 06, 2017 797 844,000 - 1,060 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 06, 2017 1,023 989,800 - 968 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 07, 2017 797 861,000 - 1,081 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 07, 2017 1,023 1,021,000 - 998 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 02, 2017 753 652,000 - 865 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 06, 2017 947 732,000 - 773 Uncompleted New SaleTHE CRITERION EC 99 years May 04, 2017 1,012 756,000 - 747 Uncompleted New SaleTHE CRITERION EC 99 years May 06, 2017 1,281 994,400 - 776 Uncompleted New SaleTHE CRITERION EC 99 years May 06, 2017 1,023 789,600 - 772 Uncompleted New SaleTHE CRITERION EC 99 years May 07, 2017 1,173 870,400 - 742 Uncompleted New SaleTHE MILTONIA RESIDENCES Condominium 99 years May 03, 2017 1,173 1,035,000 - 882 2014 ResaleTHE WISTERIA Apartment 99 years May 05, 2017 969 951,212 - 982 Uncompleted New SaleTHE WISTERIA Apartment 99 years May 06, 2017 969 1,075,212 - 1,110 Uncompleted New SaleTHE WISTERIA Apartment 99 years May 06, 2017 969 1,060,612 - 1,095 Uncompleted New SaleTHE WISTERIA Apartment 99 years May 06, 2017 969 1,057,233 - 1,091 Uncompleted New SaleTHE WISTERIA Apartment 99 years May 06, 2017 969 1,021,900 - 1,055 Uncompleted New SaleTHE WISTERIA Apartment 99 years May 06, 2017 969 966,012 - 997 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold May 05, 2017 3,584 2,700,000 - 753 Uncompleted New SaleSELETAR HILLS ESTATE Semi-Detached 999 years May 04, 2017 3,412 2,850,000 - 834 Unknown ResaleSELETAR HILLS ESTATE Semi-Detached Freehold May 08, 2017 3,444 4,600,000 - 1,335 Unknown Resale


GAINS AND LOSSES

Top 10 gains and losses from May 2 to 9

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

NON-LANDED

1 Yong An Park 9 3,229 May 8 1,672 Jan 1, 2002 661 3,265,000 153 6 15.4

2 Elizabeth Tower 9 2,928 May 8 1,537 April 20, 1996 803 2,150,088 91 3 21.1

3 Jervois View 10 2,476 May 3 1,632 May 1, 1997 828 1,990,000 97 3 20.0

4 De Royale 12 3,046 May 9 886 Nov 7, 2006 506 1,160,000 75 5 10.5

5 Thomson View Condominium 20 2,024 May 9 825 Sept 9, 2005 254 1,155,000 224 11 11.7

6 Balmoral Gate 10 1,636 May 3 1,284 Dec 28, 2004 623 1,080,000 106 6 12.4

7 Costa Rhu 15 1,776 May 8 1,182 Jan 22, 2007 648 950,000 83 6 10.3

8 Bedok Court 16 2,260 May 3 721 Nov 24, 2006 314 920,000 130 8 10.4

9 The Makena 15 1,292 May 5 1,301 Dec 21, 1998 697 780,000 87 3 18.4

10 Sophia 98 9 1,399 May 3 1,218 Oct 24, 2001 665 775,000 83 4 15.5

Non-profi table deals

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

1 The Beverly 21 2,734 May 4 699 June 14, 2012 1,207 1,390,000 42 11 4.9

2 River Place 3 2,303 May 5 1,133 April 29, 2008 1,430 683,290 21 3 9.0

3 Uber 388 16 1,518 May 4 1,206 June 8, 2012 1,462 388,600 18 4 4.9

4 Cityscape @Farrer Park 8 1,378 May 8 1,016 Feb 14, 2013 1,295 383,800 22 6 4.2

5 Cube 8 11 1,475 May 2 1,187 Nov 30, 2015 1,390 300,000 15 11 1.4

6 The Legend 10 753 May 8 1,394 March 11, 2013 1,725 250,000 19 5 4.2

7 Belle Vue Residences 9 2,433 May 8 1,737 Sept 18, 2009 1,831 228,200 5 1 7.6

8 Hillcrest Arcadia 11 1,711 May 5 783 April 15, 2010 911 220,000 14 2 7.1

9 Wilkie Studio 9 872 May 8 1,560 Dec 18, 2007 1,797 206,920 13 1 9.4

10 Watten Estate Condominium 11 2,465 May 3 1,047 May 16, 2011 1,116 170,000 6 1 6.0

Yong An Park unit sold at $3.3 mil profit

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

| BY TAN CHEE YUEN |

Based on caveats lodged be-

tween May 2 and 9, there

were six apartment and con-

dominium transactions which

saw the sellers making prof-

its of more than $1 million. These

are mainly large units located in old,

freehold condo or apartment blocks

completed more than 30 years ago.

The most significant gain was

$3.27 million, for a 3,229 sq ft,

four-bedroom unit at Yong An Park,

which was sold for $5.4 million

(1,672 psf) recently, according to

a caveat lodged in early May. The

seller paid $2.14 million ($661 psf)

for the unit in January 2002. The

profit works out to 153% or an an-

nualised rate of 6% over a 15-year

holding period.

Located on River Valley Road in

prime District 9, the freehold prop-

erty contains four blocks of up to 25

storeys, with a total of 288 units. A

mixed-use residential development,

Yong An Park has a range of unit

types, from one-bedroom apartments

to five-bedroom townhouses.

The development was complet-

ed in 1986. However, it is sought

after as it is near the Great World

City shopping mall and the up-

coming Great World MRT station

on the Thomson-East Coast Line.

Also in prime District 9 is the 80-

unit Elizabeth Tower. Completed in

1980, the freehold project has two

26-storey blocks and contains a mix of

three- to five-bedroom units of 1,991

to 3,143 sq ft. There are also pent-

houses of 4,489 sq ft. Elizabeth Tower

is located in the Mount Eliza beth

enclave, just off the prime Orchard

Road shopping belt.

A 2,928 sq ft, four-bedroom unit

on the 11th floor of one of the blocks

at Elizabeth Tower was sold early this

month for $4.5 million ($1,537 psf).

The previous owner paid $2.35 mil-

lion ($803 psf) for the unit in April

1996, which was the peak of the last

property boom. He made a profit of

$2.15 million, which works out to

91%, or an annualised gain of 3% a

year over the last 21 years.

Meanwhile, a 2,476 sq ft, three-bed-

room apartment at Jervois View was

sold for $4.04 million ($1,632 psf).

The freehold 16-unit condo block

was completed in 1986 and is lo-

cated on Jervois Road, opposite the

Malaysian High Commission. $2.05

million ($828 psf) in May 1997. The

seller paid $2.05 million ($828 psf)

in May 1997. The sale reaps him a

gain of just under $2 million, or an

annualised rate of 3% over the 20-

year period.

On the flip side, the biggest loss

registered in the week of May 2 to 9

came from the sale of a 2,734 sq

ft, three-bedroom penthouse at The

Beverly, located on Toh Tuck Road

in Upper Bukit Timah, District 21.

The penthouse was a mortgagee sale

that debuted at Knight Frank’s auc-

tion on March 22. The unit fetched

$1.91 million ($699 psf), according

to a caveat lodged on May 4.

The seller paid $3.3 million

($1,207 psf) for the penthouse in a

sub-sale in June 2012. He incurred

a loss of $1.39 million. The Beverly,

a five- storey, freehold development

with just 118 units, was completed

in 2012.

A unit at Yong An Park was sold at a $3.27 million profit. Find the most affordable listing in the project at bit.ly/YongAnParkEdge.

A 2,734 sq ft, three-bedroom penthouse at The Beverly was sold at a $1.39 million loss. Find the most affordable listing in the project at bit.ly/TheBeverlyEdge.E

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Recent rental contracts for units of 400 to 500 sq ft at Alexis

LEASE DATE MONTHLY RENT $ $ PSF

March 2017 2,100 4.70

March 2017 2,450 5.40

January 2017 2,150 4.80

January 2017 2,200 4.90

January 2017 2,350 5.20

Recent transactions at Alexis

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

March 22, 2017 420 685,000 1,632

Feb 23, 2017 398 575,000 1,444

Jan 26, 2017 689 950,000 1,379

One-bedroom unit at Alexis going for $680,000

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Alexis is a freehold, mixed-use development with 293 apartments spanning six floors atop a retail podium on the ground floor

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| BY DELICIA LIM |

A 420 sq ft, one-bedroom unit

at Alexis on Alexandra Road

has been listed for sale at

$680,000 ($1,619 psf) on

TheEdgeProperty.com. The

unit is currently vacant and believed

to be owned by a foreigner, accord-

ing to Alex Lim of ERA Reality Net-

work, who is marketing the property.

The indicative price is in line with

the latest transaction of a 420 sq ft,

one-bedroom unit on the second lev-

el of the project that changed hands

recently for $685,000 ($1,632 psf) in

March, according to a caveat lodged

with URA Realis.

Alexis is a freehold, mixed-use de-

velopment with 293 apartments span-

ning six floors atop a retail podium

on the ground floor that comprises

21 strata units. The project was fully

sold within the first weekend of its

preview in February 2009 and com-

pleted in 2012. The joint developers

for Alexis, Fission Group and Yi Kai

Group, were credited with popularis-

ing the shoebox apartment concept.

The popularity of Alexis was

due to the fact that the majority of

the units are compact apartments:

one-bedroom units are 366 to 527

sq ft and one-bedroom-plus-study

units are 474 to 764 sq ft. Mean-

while, two-bedroom units are 527 to

1,033 sq ft and two-bedroom-plus-

study units are 657 to 1,055 sq ft.

The penthouses are equally com-

pact, ranging from 764 to 1,518 sq ft.

As many of the one-bedroom units

were priced below $500,000, they ap-

pealed to mom-and-pop investors.

Average price then was $1,046 psf.

This year saw three resale trans-

actions with mixed results. The most

recent one was the sale of a 420 sq ft

unit for $685,000 ($1,632 psf). The

previous owner had purchased the

unit for $558,000 ($1,329 psf) in a

sub-sale in September 2009. The orig-

inal buyer paid $467,000 ($1,112 psf)

just six months earlier in March 2009.

However, in February, the sell-

er of a 398 sq ft, one-bedroom unit

did not fare as well. The resale price

was $575,000 ($1,444 psf), below the

$745,000 ($1,871 psf) that he paid in

a sub-sale in September 2012. The

first buyer had purchased the unit

for $450,000 ($1,130 psf) when it

was first launched.

In January, a 689 sq ft, two-bed-

room unit fetched $950,000 ($1,379

psf). The previous owner paid

$646,000 ($938 psf) for the unit

when the project was first launched.

Based on URA data for the first

three months of 2017, one-bedroom

units of 400 to 500 sq ft at Alexis

have been leased at monthly rents

of $2,100 to $2,450.

For an investor buying the 420

sq ft one-bedroom unit at $680,000,

that will translate into a gross yield

of about 4.3%.

Visit tinyurl.com/DealWatch-S780

for more information.

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