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Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of March 4, 2019 | ISSUE 871-93

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

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

UOL Group to launch Meyer Road & Silat Avenue projects in 2Q2019

The Singapore-listed group will focus on selling down inventory of its residential projects and will be selective in its land banking strategy.

Turn to our Cover Story on Pages 6 & 7.

The 663-unit Principal Garden was 100% sold and completed at the end of 2018, one year ahead of scheduled completion in 4Q2019

Market Trends More than 9,000 new

home sales expected in 2019 ep4

Done Deals Spanish Village unit sold for $3 mil amid collective

sale attempt ep8

Under the Hammer Semi-detached house off

Holland Road for sale at $6.38 mil ep10

Spotlight PropNex aims to have

more than 8,000 agents by end-2019 ep11

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EP2 • EDGEPROP | MARCH 4, 2019

PROPERTY BRIEFS

EDITORIALeditor | Cecilia Chowdeputy editor | Amy Tanwriters | Timothy Tay, Bong Xin Ying, Charlene Chindigital writer | Fiona Hohead, copy editing | Pek Tiong Geecopy editor | Rachel Hengphoto editor | Samuel Isaac Chuaphotographer | Albert Chuaeditorial coordinator | Yen Tandesigner | Kim Sy

ADVERTISING + MARKETING ADVERTISING SALES

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CORPORATE chief executive officer | Bernard Tong

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Two freehold conservation shophouses in Kampong Bahru for sale A pair of freehold conservation shop-houses at 69 and 71 Kampong Bahru Road is up for sale at a guide price of $13 million to $13.65 million, or $2,200 to $2,300 psf.

The two-storey shophouses, with at-tic, occupy a 2,343 sq ft site with an es-timated gross floor area of 5,947 sq ft. The ground floor is currently leased to a Cheers convenience stall and a pub, while the upper floors are leased to office tenants. The land is zoned for commer-cial use under URA’s Master Plan 2014, and is located within the Blair Plain Con-servation Area.

The shophouses command a main road frontage with high visibility, accord-ing to JLL, marketing agent for the site.

The property is a nine-minute walk to Outram Park MRT Station, and a 14-min-ute walk to the upcoming Cantonment MRT Station on the Circle Line, which is slated for completion in 2025.

Foreigners are eligible to purchase the property. There will be no addition-al buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed on the pur-chase of this property.

Heritage commercial site in Little India for sale A heritage commercial site in Little India is up for sale. The vendors have not set an asking price and are inviting offers through the tender exercise, says Karam-jit Singh, senior consultant at JLL, who is marketing the property.

The site includes the former House of Tan Teng Niah, at 37 Kerbau Road; a pair of adjoining two-storey heritage shophouses at 41/43 Kerbau Road; a sin-gle-storey shop fronting Buffalo Road; and a single-level retail building com-prising 14 shops at 672 Chander Road, with an open courtyard and two shel-tered eating areas.

The portfolio of assets has received a valuation of $70.6 million, says Singh, and will be sold in its entirety.

The property occupies 25,865 sq ft, and is zoned for commercial use under URA’s Master Plan 2014. A section of the site is to be retained as open space. The combined gross floor area of all the buildings is estimated at 16,800 sq ft. The lettable space across all four buildings is almost fully leased, JLL says.

“This could well be one of the largest plots of privately-held commercial land located in the vicinity of the Little India MRT Station,” says Singh.

Foreigners are eligible to purchase the property. There would be no addition-al buyer’s stamp duty (ABSD) imposed on the purchase.

The expression of interest exercise will close on April 2 at 2.30pm.

JTC launches industrial site at Tampines North Drive 3 for tenderA new industrial site at Tampines North Drive 3 (plot 2) has been launched by JTC for tender.

The site is the second of five under the Confirmed List for the first half of the 2019 Industrial Government Land Sales (IGLS) programme. The site, zoned for industrial use under “B2”, measures 0.48ha and has a gross plot ratio of 2.5. It has a 20-year land tenure.

The tender will close on April 23 at 11am.

Co-living brand Hmlet expands into Australia Homegrown co-living company Hmlet

will launch two new co-living proper-ties in Sydney, located in the Newtown and Marrickville suburbs, in the next few months. This marks its expansion into Australia, the company’s second overseas location outside Singapore. The compa-ny also plans to open new properties in Melbourne and Brisbane.

“With the growing demand for more flexible, community-based options of liv-ing in urban cities such as Sydney, Aus-tralia felt like the next natural move for us,” says Hmlet CEO and co-founder, Yoan Kamalski.

Hmlet @ Newtown will be one of the first purpose-built co-living proper-ties in Australia, and can accommodate 20 people. It will feature a co-working space, communal living, kitchen spac-es, and a rooftop terrace. The property will also feature a new hospitality ven-ue that will open later this year.

Hmlet @ Marrickville, which can house over 70 people, will be the cornerstone property for the company’s expansion into Sydney. It is the largest built-to-rent development in Sydney’s inner-west area, and was completed in January this year. The property spans 25,833 sq ft across six floors and includes a garden terrace and outdoor kitchens.

The co-living brand targets millenni-als, and offers flexible lease options and fully furnished spaces to its members. Hmlet has about 15 locations in Singa-pore and Hong Kong, and aims to have more than 2,400 beds under its manage-ment by year-end.

Crown Group launches penthouse units of Sydney development Australian property developer Crown Group has announced that it will be releasing the three penthouse units at Mastery by Crown Group, its latest pro-ject in the Waterloo suburb in Sydney.

The penthouses in the $500 million project will have views of the city and the surrounding suburbs of Zetland and Green Square. Mastery, developed in partnership with Mitsubishi Estate Asia, will comprise 374 apartments in five residential blocks. The penthouse units are located at the top of a 19-sto-rey tower designed by Japanese archi-tect Kengo Kuma. Mastery is his first residential project in Australia.

The penthouse units are sized from 1,615 sq ft to 1,841 sq ft, and will be priced from A$3.75 million ($3.63 mil-lion) to A$4.88 million. Units will come with high-end kitchen and bathroom finishes and appliances, such as pre-mium Smeg rangehoods, gas cooktops, ovens, steam ovens, microwave ovens and coffee machines. Buyers may also have a Japanese onsen-style bathtub in their ensuite.

Other units in the development in-clude studios and one- to three-bed-room units priced from A$630,000 to A$2.37 million. Mastery is expected to be completed in 2021.

Pine Grove up for collective sale again, at $1.86 bil The owners of Pine Grove have re-

launched the 660-unit condo in the Hol-land Road cluster for collective sale. The reserve price is $1.86 billion, or $1,307 psf per plot ratio. This is not the first time that Pine Grove owners are at-tempting a collective sale.

The 99-year leasehold site, which oc-cupies 893,219 sq ft, has a gross plot ra-tio of 2.1 and a maximum permissible gross floor area of 1.876 million sq ft. It can be redeveloped into a residential development of 24 storeys, with a max-imum of 2,050 units at an average min-imum size of 915 sq ft (85 sq m) each, says C&H Group, marketing agent for the property.

Pine Grove has raised its reserve price from $1.72 billion to $1.86 billion, in or-der to win a majority vote so a collective sale could be re-launched.

The tender for the site will close on April 23 at 3pm.

Peace Centre/Peace Mansion up for en bloc sale again Owners of Peace Centre/Peace Mansion (PCPM), at Sophia Road, have put up the property for sale at a reserve price of $688 million, or $1,474 psf per plot ratio. This marks its fifth attempt at a collective sale.

PCPM occupies a 76,617 sq ft site, which is zoned for commercial use. It has a gross plot ratio (GPR) of 7.89 and can be redeveloped up to a height of 55 metres above sea level, according to JLL, marketing agent for the property.

PCPM comprises 99 commercial units, 133 offices, 86 apartments, and a car-park with 162 lots. The front podium block is 10 storeys high, while the rear is a 32-storey tower.

The potential developer could rede-velop the site up to an existing gross floor area of 604,578 sq ft at an equiv-alent GPR of 7.89 for a mixed commer-cial and residential project, notes JLL.

PCPM is within 10 minutes’ walk to

five MRT stations – Bencoolen, Rochor, Dhoby Ghaut, Bras Basah and Little India – while Bugis MRT Station is a 12-min-ute walk away.

Education institutions nearby in-clude Singapore Management Uni-versity, Singapore School of the Arts, LaSalle College of the Arts, Nanyang Academy of Fine Arts and the Kaplan city campus.

A pre-application feasibility study is not required for the site.

St Thomas Ville attempts second collective sale at $58 mil The owners of St Thomas Ville have launched their development for collective sale with a reserve price of $58 million, or $1,816 psf per plot ratio, excluding balcony space. This marks their second attempt at a collective sale.

The property comprises 23 apart-ments and is located at 38 St Thomas Walk, the highest point of the road. It occupies a 11,407 sq ft site that is zoned for residential use with a gross plot ra-tio of 2.8, and has an allowable height of up to 36 storeys.

There will be no development charge payable due to the existing high devel-opment baseline, says JLL, marketing agent for the site.

The site is not subject to a pre-appli-cation feasibility study. As it is located within the Central Area, the minimum average unit size of 915 sq ft (85 sq m) does not apply.

St Thomas Ville is a 14-minute walk from the upcoming Great World MRT Station on the Thomson-East Coast Line. The station is slated for com-pletion in 2021. The development is also near schools such as River Val-ley Primary School, Chatsworth Inter-national School and ISS International School. – Compiled by Charlene Chin and Timothy Tay

We invite offers to purchase the following property on an “as-is, where-is” basis:

■Type of Property: An entire office floor comprising 4 strata-titled units

■Floor Area: 1,218 sqm (13,110 sqft) ■Lease: 999 Years ■Location: Samsung Hub, 3 Church Street, Singapore 049483 ■Type of sale: Mortgagee sale

Interested parties are required to submit their offers in the manner as prescribed in the Terms and Conditions of Tender by 5:00 pm on 20 March 2019.

For further details and viewing, please contact:

VIEWING STRICTLY BY APPOINTMENT ONLY.

GRADE A OFFICE SPACE IN CBD FOR SALE

Ian Low +65 6715 1119 [email protected]

Lwi Tong Chong +65 6715 1106 [email protected]

PICTURES: JLL

Owners of Peace Centre/Peace Mansion have put up the property for sale at a reserve price of $688 million

The shophouses at 69 and 71 Kampong Bahru Road are up for sale at a guide price of $13 million to $13.65 million

The commercial site in Little India includes the former House of Tan Teng Niah, at 37 Kerbau Road

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EDGEPROP | MARCH 4, 2019 • EP3

PROPERTY PREVIEWS

One Meyer, 1953 and The Essence preview

ERA on expansion path in the Asia-Pacific

| BY AMY TAN |

Three boutique developments previewed over the weekend of Feb 23-24: One Meyer by Sustained Land on Meyer Road; 1953 by Oxley Holdings locat-ed on the corner of Balestier Road and

Tessensohn Road; and The Essence in Sem-bawang by Lian Soon Holdings, OKP Land and HSB Developments.

One Meyer is located across the road from Katong Park and the upcoming Katong Park MRT Station on the Thomson-East Coast Line, which is scheduled to be completed by 2023. The 66-unit project contains a mix of compact two- and three-bedroom units with sizes from 614 to 1,033 sq ft. Average indicative price is

said to be in the $2,500 to $2,700 psf range. Sustained Land purchased the One Meyer

site in an en bloc deal for $69.12 million in July 2017. Hence, the project is a redevelopment of the former 11-unit The Albracca which sits on a 23,400 sq ft freehold site. All the units at One Meyer are said to be facing the sea.

Given its location, it will be a mere 20-min-ute MRT ride to the CBD in the future. It is just an 8-10 minute drive to the CBD and Marina Bay. The East Coast Park is a short distance away, via an underpass at Katong Park. One Meyer is scheduled for launch on March 9.

Another city-fringe development that pre-viewed last weekend was 1953, a mixed-use development by Oxley Holdings. The project comprises a row of conservation shophouses

that will be integrated with a new eight-sto-rey building in the rear.

The freehold development is located prom-inently at the junction of Balestier Road and Tessensohn Road. The 14 retail units have siz-es ranging from 366 to 786 sq ft, while the 58 apartments are a mix of studios and one- to five-bedroom units from 441 to 1,658 sq ft. The apartments housed in the eight-storey block, will be priced from $1,800 psf. Some units are also located within the conservation shophous-es. The prices of those have yet to be released.

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

way (CTE) is just a one-minute drive away and the CBD is a mere 10-minute drive.

Over in Sembawang, on Chong Kuo Road (just off Sembawang Road), is The Essence. The 99-year leasehold condo contains 84 units with a mix of one- to three-bedroom apartments sized from 538 to 1,679 sq ft. Prices start from $740,000 for a one-bedroom-plus-study unit, and from $1.55 million for a three-bedroom premium unit.

The project is within a short walking dis-tance to the upcoming Springleaf MRT Station on the Thomson-East Coast Line. When the line is operational, it will be just a 20-minute train ride from Sembawang to the CBD and Marina Bay. The project is scheduled to open for public sales on March 2.

| BY BONG XIN YING |

ERA Realty Network is growing in the Asia-Pacific, with a series of plans and initiatives announced at the ERA 2019 Asia Pacific Business Conference (APBC) held on Feb 21.

It is well-supported by its growing network of real estate agents in its expansion. ERA not-ed an 8.9% increase in the number of agents in Singapore, from 6,102 agents in last October, to 6,643 agents this February. In the whole of the Asia-Pacific, it boasts a network of more than 17,800 real estate agents.

Jack Chua, CEO of ERA, is looking to “strengthen [its] presence in Singapore” with a 14,983 sq ft, four-storey commercial build-

ing located in Toa Payoh, which serves as ERA Asia-Pacific’s new headquarters. “Now that we have our own building, it will form part of our identity,” says Chua.

The building is expected to be ready by the end of the year. Renovation works have already begun on the third and fourth floors, which will house agents from the Zhong Shan and HDB Hub branches. The first level will be re-modelled as a lounge area, and parts of it will be leased out, together with the second and third floors. There are already existing tenants on the first level such as a beauty salon and a chicken rice stall, which are “convenient for my agents”, says Chua. “We will continue to lease them out.”

ERA agents based at Mountbatten Square

will move to Toa Payoh after the lease at the former location expires in two years. ERA is currently awaiting approval from URA to start renovations for the exterior.

On the projects front, ERA sold out on 22 projects last year. It is looking to continue its streak, with more than 40 projects already in the pipeline this year, including Fyve Derby-shire, RV Altitude, The Florence Residences, and the upcoming Treasure @ Tampines. Eight new launches are planned for March alone.

Outside of Singapore, in February, ERA ac-quired the master franchisor for Indonesia, and took direct ownership of the master fran-chise in Thailand. Once the acquisition goes through for ERA Indonesia, it will be an indi-rect wholly-owned subsidiary of listed APAC

Realty, which operates the ERA brand. The acquisition will bring with it more than 6,900 ERA agents from across 103 offices. In Japan, ERA plans to go beyond franchising in the fu-ture, says Chua.

In early January, ERA launched Plush, which enables selected agents to better cater to the increasing demands of high net worth indi-viduals. This initiative was rolled out across ERA’s Asia-Pacific network at its Feb 21 busi-ness conference. Through training programmes, ERA agents will be able to also provide advice on asset management and enhancement, trust and will creation, as well as estate and suc-cession planning.

“Definitely, ERA is in a position to lead and rise,” asserts Chua.

One Meyer is a redevelopment of the former 11-unit The Albracca condo

Located along Tessensohn Road, Oxley Holdings’ 1953 will comprise 58 residential units and 14 retail units The Essence is within walking distance to the upcoming Springleaf MRT Station on the Thomson-East Coast Line

SUSTAINED LAND OXLEY HOLDINGS OXLEY HOLDINGS HUTTONS

ERA

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ERA held its 2019 Asia Pacific Business Conference on Feb 21

SPOTLIGHT


| BY AMY TAN |

A pair of adjacent shophouses at 277 and 279 South Bridge Road has been put up for sale with a price tag of $15.5 million. The properties are located within walking distance of

the upcoming Maxwell MRT Station on the Thomson-East Coast Line, Maxwell Food Cen-tre with its Michelin-star food stalls, and the dining and lifestyle options along Ann Siang Hill and Club Street.

The three-storey shophouses have a total gross floor area of 6,861 sq ft. They both have a 99-year lease starting from November 1992, which means the properties have remaining leases of 72 years. They are zoned for com-mercial use and have URA approval for F&B operations “which is one of the main draws” for potential buyers, says Jeffrey Sim, associ-

ate executive director of OrangeTee & Tie, the appointed exclusive marketing agent.

Currently, the property houses three busi-nesses, namely a medical aesthetics clinic, a general practitioner and a dentist. They are operated by the landlord of the buildings. The landlord and owner is a party made up of 11 stakeholders who are seeking to con-solidate their assets, according to one of the stakeholders, who wants to be known only as Foong.

The shophouses were purchased in 2013 for $13 million. When the stakeholders bought the two units six years ago, the first level was occupied by a Chinese hotpot restaurant. Af-ter the tenant vacated the premises, the stake-holders decided to use the property for their own business operations, starting with the gen-eral practitioner. The various medical opera-tions are complementary to one another, says

Foong. The stakeholders spent $2 million to renovate the shophouses, he adds.

The property will be offered on a “sale-and-leaseback arrangement” as the owners still want to continue operating their busi-nesses there, says OrangeTee’s Sim. The cur-rent owners have agreed to continue leasing the space at a monthly rental rate of $68,750 for the next three years. Based on the asking price, the gross rental yield is about 5.3% per annum.

The owners also want the option to buy back the shophouses at the end of three years at $18 million. However, in the event that the businesses on the premises default on their rental payments for two consecutive months, then the option to purchase is void, says Sim.

The shophouses are being offered for sale by private treaty. Interest has come from cash-rich investors, according to Sim.

ON THE MARKET

MARKET TRENDS

More than 9,000 new home sales expected in 2019: OrangeTee

Pair of shophouses on South Bridge Road for sale at $15.5 mil

| BY CHARLENE CHIN |

New home sales could pick up this year as more than 60 projects are expected to be launched in the coming months. Ac-

cording to OrangeTee & Tie in its Market Out-look 2019 report released on Jan 25, an in-crease in marketing activities and number of new project launches has historically spurred buying interest.

While more than 19,000 new units may be launch-ready this year, the actual number of units launched could be between 12,000 and 14,000 units.

New home launches and impending sup-ply are projected to dip from mid-2020 in tan-dem with the slowdown in collective sales in 2H2018 that resulted from the property cool-ing measures introduced in July 2018. Devel-opers are more likely to spread their new stock over the next two years as new home supply is expected to fall drastically from mid-2020.

Of the 12,000 to 14,000 new units slated for launch this year, OrangeTee reckons the take-up rate is likely to be between 9,000 and 10,000 units.

Given the pipeline of new supply and ongo-

ing US-China trade tensions weighing on mar-ket sentiment, OrangeTee predicts that overall housing prices will grow by 1% to 3% for 2019. Price growth for new homes (excluding execu-tive condos or ECs) is expected to be higher – in the range of 1% to 4% – given the relative-ly high land prices paid by developers over the past two years. Meanwhile, resale home prices are expected to remain flat or rise marginally in tandem with new sales, by 1% to 2%.

According to URA, the expected comple-tions (excluding ECs) dipped from 10,119 units in 3Q2018 to 8,926 units in 4Q2018, indicat-ing that some projects were completed earli-er than expected.

As the number of new completions are ex-pected to dip by 2% this year, and likely to hit a fresh low next year, rents are expected to “remain robust” at the current level – trending between minus 1% and 1% for 2019. Leasing demand is expected to strengthen further this year after reaching a 10-year high, with 88,400 rental transactions in 2018.

HDB marketDemand for HDB resale flats is expected to remain resilient this year, with resale transac-

tions possibly hitting 22,000 to 24,000, says OrangeTee. Last year, there were 23,099 resales of HDB flats – a new high since 2012.

Sengkang, Punggol and Yishun may emerge as “the new hot spots” this year as many flats

will be reaching their five-year minimum oc-cupation period (MOP) in 2019.

OrangeTee expects demand to be supply-led as more than 26,000 HDB flats could be put up

Punggol (pictured), Sengkang and Yishun may emerge as the new hot spots this year as many flats will be reaching their five-year minimum occupation period

The shophouses currently house three businesses, namely a medical aesthetics clinic, a general practitioner and a dentist, which share common waiting areas on the second and third storeys

The two shophouses on South Bridge Road are within walking distance of the upcoming Maxwell MRT Station

ALBERT CHUA/EDGEPROP SINGAPORE

PICTURES: ALBERT CHUA/EDGEPROP SINGAPORE

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CONTINUES ON PAGE EP12


COVER STORY

| BY CECILIA CHOW |

Singapore-listed property firm, UOL Group, which has a market capitalisation of $5.7 billion, recorded a 13% increase in revenue to $2.4 billion in FY2018. Earnings however, were down 51% to

$433.72 million, mainly due to the $535.6 mil-lion gain recognised upon the consolidation of United Industrial Corp (UIC) group in FY2017.

Gearing ratio increased y-o-y from 0.21 to 0.28 as at Dec 31, 2018, due mainly to higher borrowings for the acquisitions of the govern-ment land site at Silat Avenue for $1.035 billion ($1,138 psf per plot ratio) last April; and the eight-storey office building at 72 Christie Street in Sydney for A$154.52 million in December.

The gearing ratio of 0.28 “is still considered quite low”, says Liam Wee Sin, UOL Group chief executive at a press conference on Feb 26. “And it gives us the debt headroom for fu-ture acquisitions.”

Property development contributed to 41% of revenue and 26% of operating profit in FY2018. Property investments, on the other hand, ac-counted for 23% of revenue but 56% of oper-ating profit in FY2018.

Property investmentsThe increase in profit contribution from prop-erty investments was owing to the consolida-tion with UIC, which became a wholly-owned subsidiary in August 2017. This was after UOL purchased 60 million shares of the listed enti-ty, which brought its stake to more than 50%.

UIC has a portfolio of office and retail proper-ties totalling 3.42 million sq ft in net floor area. Office buildings include Singapore Land Tower, Clifford Centre and The Gateway, while retail properties are West Mall and Marina Square shopping mall.

UOL’s property investments include of-fice complexes such as Novena Square, Unit-ed Square, Odeon Towers as well as shopping

malls such as Velocity@Novena Square, Unit-ed Square and Kinex. Formerly known as One KM, the mall has been rebranded Kinex to fo-cus on “experiential retail”. UOL’s hotel port-folio includes Parkroyal on Pickering in Singa-pore, the Pan Pacific Orchard which is being redeveloped, the newly refurbished Parkroy-al Penang Resort and Pan Pacific Melbourne.

‘Singapore-centric’According to UOL, the company continues to be “Singapore-centric” as 81% of its revenue contribution came from its home market. The rest were from Australia, China, Malaysia and the UK. As at end-FY2018, UOL has total as-sets valued at $20.66 billion, of which Singa-pore accounts for 84%.

Last year, UOL launched two projects. The first was Amber 45, which was launched in May. The 139-unit, freehold development on Amber Road is 71% sold to date at an average price of $2,344 psf, says Liam. The other pro-

ject was the 729-unit The Tre Ver, launched in August 2018. The Tre Ver is a redevelopment of the former Raintree Gardens en bloc site in Potong Pasir, which UOL purchased for $334.2 million in October 2016. To date, the project is 40% sold with an average price of $1,558 psf.

Liam points out that Amber 45 was launched before the property cooling measures took ef-fect on July 6, while The Tre Ver was launched after that. Despite competition from other new launches in the neighbourhood, “sales have been healthy”, he notes. “We have continued to see steady sales, and we want to hold our selling prices.” In fact, Amber 45 has set a new benchmark in terms of prices in the Amber area, he points out.

Projects fully sold, completed ahead of schedule The 663-unit Principal Garden on Prince Charles Crescent, off Alexandra Road, was launched in October 2015 and fully sold last year at an av-

erage price of $1,656 psf. The project was de-veloped by a joint venture between UOL and privately held Kheng Leong Co, controlled by the family of banking mogul and former chair-man of UOB Bank, Wee Cho Yaw. It was com-pleted in December 2018 – one year ahead of schedule.

The other project, a joint venture between UOL and Singapore Land, is the 505-unit The Clement Canopy located on Clementi Avenue 1. Launched in February 2017, it was fully sold last year. Average price achieved for the pro-ject was $1,374 psf. The project is scheduled to complete by 1Q2019 – well ahead of the original estimated completion date of 4Q2020.

With two 40-storey blocks, The Clement Can-opy was also considered the tallest residential towers to be constructed using prefabricated prefinished volumetric construction (PPVC). Ac-cording to Liam, the project set “a new bench-mark” in terms of construction productivity.

PPVC is now a requirement in the tender

The 505-unit The Clement Canopy is 100% sold and will be completing sometime in 1Q2019 – well ahead of the original completion date of 4Q2020.

The 1,074-unit Avenue South Residence located on Silat Avenue in Kampong Bahru is slated for launch sometime towards the end of 2Q2019

Artist’s impression of the 56-unit luxury project MeyerHouse, which is expected to be launched sometime in 2Q2019

The Singapore-listed group will focus on selling down inventory of itsresidential projects and will be selective in its land banking strategy

UOL Group to launch Meyer Road & Silat Avenue projects in 2Q2019

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

PICTURES: UOL GROUP


COVER STORY

for all government land sale (GLS) sites. How-ever, it is not a requirement for redevelop-ment of sites purchased en bloc as yet. The construction method using PPVC costs more than the conventional construction method, concedes Liam. However, for PPVC, most of the work is done at a factory, which ensures smoother work flow, better quality assur-ance and is environmentally more sustain-able, he adds.

Another residential project by UOL that is completing in 1Q2019 is the 797-unit Botanique at Bartley, which is also fully sold.

New luxury project to set benchmarkUOL is readying two projects for launch in 2Q2019 – MeyerHouse and Avenue South Residence.

MeyerHouse will be a redevelopment of the former Nanak Mansion, which UOL purchased en bloc in September 2017 for $201.08 million ($1,429 psf ppr).

Bounded by Meyer Road and Jalan Nuri, MeyerHouse is adjacent to a public play-ground. “It’s an island site,” says Liam. The project is a 50:50 joint venture between UOL and Kheng Leong.

Liam likens it to Nassim Park Residenc-es, UOL’s 100-unit luxury project on Nas-sim Road, which was developed jointly with Kheng Leong and Orix Capital. The project also features three “master designers” – Chan Soo Khian of SCDA Architects, Japanese land-scape architect Shunmyo Masuno and French interior designer Christian Liaigre. When Nas-sim Park Residences was launched in 2008, units were priced from $10 million. Typical units were three-bedroom apartments start-ing from 3,175 sq ft to penthouses from 6.867 sq ft. The largest penthouse of 8,073 sq ft at Nassim Park Residences fetched $26 million ($3,221 psf) in Aug 2008.

For the MeyerHouse project, UOL has en-gaged WOHA Architects (the same architectur-al firm which designed The Tre Ver and UOL’s redevelopment of the Pan Pacific Orchard); leading German landscape architectural firm Ramboll Studio Dreisetl (the landscape archi-tect for the Bishan-Ang Mo Kio Park); and To-ronto-founded international design firm Yabu Pushelberg (which designed the interiors of the Four Seasons and Moxy Times Square in New York, a penthouse at Opus, the most lux-urious residential project in Hong Kong by the Swire Group, and UOL’s One Bishopsgate Pla-za project in London).

According to Liam, each of the 56 units at MeyerHouse will have its own dedicated lob-by and lift leading from the basement carpark directly to the unit. “You own the lobby and the lift as well as the apartment,” he says.

The majority of the typical units within MeyerHouse are four-bedroom apartments with sizes from 3,000 sq ft. Three-bedroom units are from 1,850 sq ft and there are relatively fewer such units in the development. There will be six penthouses sized from 5,200 sq ft. The apartments at MeyerHouse are there-fore “large format”, says Liam, which differ-entiates the project from other new launch-es in the area, which tend to feature compact apartments.

“MeyerHouse will appeal to those who ap-preciate the luxury of space, and those who can afford it and can’t find something similar in the location,” Liam says. Given the exclusivity of the project, it will open for preview “by in-vitation only”, he adds. The project is located in prime District 15 in the east, which is con-sidered a prestigious address outside the tradi-tional prime Districts of 9, 10 and 11.

Mega-project in Kampong BahruWhile MeyerHouse is an exclusive boutique

development, the second project, Avenue South Residence, is considered “a mega pro-ject” with 1,074 residential units and 13,993 sq ft commercial space. The project on Silat Avenue will have twin 56-storey towers, which are regarded as some of the tallest condomin-ium projects in Singapore. And it will also be using PPVC in construction. The project will be developed jointly by UOL, UIC and Kheng Leong in a 50:30:20 split.

Located off Kampong Bahru Road, the project will capitalise on its proximity to the 24km long Rail Corridor and the Great-er Southern Waterfront – a 1,000ha site three times the size of Marina Bay – which is the area freed up by the relocation of the Tanjong Pagar, Pulau Brani and Pasir Pan-jang terminals.

The area is zoned by URA in its 2013 Mas-ter Plan for long-term redevelopment into commercial and residential projects with work-live-play components. It will offer op-portunities for new waterfront developments in the future.

UOL is expected to launch the Avenue South Residence sometime towards the end of 2Q2019. The project will feature 16 sky gardens and offer uninterrupted views as the development “stands head and shoul-ders” above the other 36-storey condos in the area, adds Liam.

Maintaining sales momentum beyond launch weekendThe three new projects launched in January this year clocked an average sales rate of about 15%. The weekend of March 2 and 3 will see three more new project launches, including the first of half a dozen “mega projects” with at least 1,000 units - the 1,410-unit The Flor-ence Residences by Logan Property.

“Sales rates have definitely been more mut-

ed given the property cooling measures intro-duced last July,” acknowledges Liam. “But dif-ferent projects have different attributes, and every developer has its own strategy.”

In the current market, what’s more im-portant is not just the initial burst on launch weekend, but sales momentum “post-launch weekend”, notes Liam. “Developers must have the right strategy to gain continued sales traction. It’s important to have a prod-uct that stands out in terms of design, quality and finishes.” According to Liam, in acquir-ing sites ahead of the peak of the collective sale fever, the group is therefore able to en-joy “land cost advantage”.

Property consultants are anticipating an-ywhere between 50 and 60 new projects to be launched this year. Given the challeng-ing market environment, UOL will focus on “selling down” its inventory of residential units, he adds.

Moderation in land pricesLand prices are expected to moderate in the wake of the property cooling measures intro-duced last July and also URA’s requirement for average unit sizes of residential projects out-side the Central Area to be at least 85 sq m. This took effect from Jan 19.

With the higher additional buyer’s stamp duty (ABSD) that developers are subjected to, and the larger unit sizes, Liam says, “I expect limited success in en bloc sales and this will help mitigate supply in the longer term.”

As such, UOL will be “very selective” in its land banking strategy.

The property cooling measures notwith-standing, Singapore remains “an attractive market” and is still attractive to foreign buy-ers as it presents “a safe haven” for invest-ment, adds Liam.

Kinex, the former One KM Mall, has been repositioned as an “experiential mall” with new tenants such as Fatburger (pictured), Evolve mixed martial arts gym, and Invade, a first-of-its-kind indoor retail theme park which will open in 2Q2019

Artist’s impression of the upcoming 350-room Pan Pacific Orchard designed by WOHA, which is a redevelop-ment of the old hotel which was closed on April 1, 2018. The new hotel is scheduled to open in 2021.

One Bishopsgate Plaza marks UOL’s first foray into the UK. The project is a 42-storey tower that will have a mix of 160-unit residential development, The Sky Residences and a 237-key Pan Pacific London. It’s targeted for launch sometime in 3Q2019

Liam: Developers must have the right strategy to gain continued sales traction. It’s important to have a product that stands out in terms of design, quality and finishes as well as land cost advantage

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| BY BONG XIN YING |

A 2,368 sq ft, three-bedroom unit at Spanish Village changed hands for $3.08 million ($1,301 psf) recently, according to a caveat lodged with URA Realis on Feb 13. This is the

development’s first transaction in more than a year: the last transaction was in Novem-ber 2017 when a 2,056 sq ft, three-bedroom unit on the second level fetched $2.55 million ($1,240 psf).

The 266-unit, freehold Spanish Village, which was built in 1987, was launched for collective sale on Feb 11 by marketing agency, Edmund Tie & Co (ET&Co). The guide price is $882 million, which reflects a land rate of $1,721 psf per plot ratio inclusive of a devel-opment charge of $30 million. Owners are in the process of signing a supplementary agree-ment to lower the reserve price of the devel-opment to $828 million. The tender will close on March 11.

The owner of the unit that changed hands recently did not wait for the outcome of the lat-est collective sale attempt – Spanish Village’s third. The first-level unit was purchased 17 years ago for $1.22 million ($515 psf), accord-ing to a caveat lodged in May 2002. Spanish Village fronts Farrer Road in prime District 10.

The $3.08 million transaction was the top gainer for the week of Feb 12 to Feb 19 (see

Gains & Losses Table on Page EP9). Howev-er, it was said to be a distressed sale. Usually, when a development is attempting a collective sale, very few owners will want to sell their unit in the resale market, according to proper-ty consultants. This is because the collective sale price for their unit is generally at a pre-mium to the prevailing market price.

Located nearby on Farrer Drive, just off Far-rer Road, is Sommerville Park, where three units changed hands in February. The free-hold, 456-unit, low-rise residential develop-ment was completed in 1985. The latest sale was for a 1,302 sq ft, three-bedroom unit on the

14th floor that fetched $2.18 million ($1,674 psf), according to a caveat lodged on Feb 13.

On the same day, a 1,948 sq ft, four-bed-room apartment on the sixth level went for $3.37 million ($1,730 psf). Meanwhile, a 1,862 sq ft, three-bedroom unit on the third lev-el was sold for around $3.1 million ($1,664 psf) on Feb 11.

Most of these buyers are locals who pre-fer larger units, and are therefore snapping up these older, freehold developments. According to Dominic Lee, head of luxury team at Prop-Nex Realty, buying activity in the Holland Road-Farrer Road area has picked up in recent

months compared to other areas in prime Dis-trict 10. These developments also hold long-term collective sale potential.

What’s more, future launches in the Farrer Road-Holland Road area – such as the former The Estoril, Hollandia as well as Tulip Gar-den located across the road – are expected to set new benchmark prices, notes Lee.

DONE DEALS

Spanish Village unit sold for $3 mil amid collective sale attempt

EDGEPROP SINGAPORE

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

Three units were sold at Sommerville Park in February at prices ranging from $1,664 to $1,730 psfThe unit at Spanish Village changed hands at 2.5 times the original purchase price 17 years ago

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (2019) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

District 1 MARINA ONE RESIDENCES Apartment 99 years Feb 15 1,582 3,597,000 - 2,273 2017 New SaleTHE CLIFT Apartment 99 years Feb 13 775 1,520,000 - 1,961 2011 ResaleTHE SAIL @ MARINA BAY Apartment 99 years Feb 14 624 1,180,000 - 1,890 2008 ResaleDistrict 2 SPOTTISWOODE 18 Apartment Freehold Feb 13 893 1,360,000 - 1,522 2014 ResaleSPOTTISWOODE PARK Apartment 85 years Feb 15 1,335 970,000 - 727 Unknown ResaleDistrict 3 ARTRA Apartment 99 years Feb 13 1,410 2,509,900 - 1,780 Uncompleted New SaleDOMAIN 21 Condominium 99 years Feb 14 1,033 1,550,000 - 1,500 2007 ResaleEMERALD PARK Condominium 99 years Feb 19 926 1,210,000 - 1,307 1993 ResaleMARGARET VILLE Apartment 99 years Feb 13 700 1,405,124 - 2,008 Uncompleted New SaleMARGARET VILLE Apartment 99 years Feb 14 463 929,726 - 2,009 Uncompleted New SaleMARGARET VILLE Apartment 99 years Feb 16 657 1,211,800 - 1,846 Uncompleted New SaleQUEENS Condominium 99 years Feb 18 1,184 1,370,000 - 1,157 2002 ResaleSTIRLING RESIDENCES Apartment 99 years Feb 13 624 1,091,000 - 1,748 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 13 689 1,257,000 - 1,825 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 14 1,055 1,879,000 - 1,781 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 14 764 1,403,000 - 1,836 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 14 678 1,278,000 - 1,885 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 15 678 1,301,000 - 1,919 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 15 1,055 1,695,000 - 1,607 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 16 657 1,104,000 - 1,681 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 16 893 1,676,000 - 1,876 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 17 657 1,112,000 - 1,694 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 17 764 1,381,000 - 1,807 Uncompleted New SaleTHE CREST Condominium 99 years Feb 13 1,593 2,895,000 - 1,817 2017 ResaleTHE CREST Condominium 99 years Feb 18 1,195 2,547,500 - 2,132 2017 ResaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years Feb 14 1,356 1,870,000 - 1,379 2009 ResaleDistrict 5 BIJOU Apartment Freehold Feb 17 614 1,213,359 1,201,417 1,958 2018 New SaleBLUE HORIZON Condominium 99 years Feb 19 936 992,000 - 1,059 2005 ResaleTHE INFINITI Condominium Freehold Feb 19 1,302 1,371,188 - 1,053 2008 Resale

Residential transactions with contracts dated Feb 12 to Feb 19Singapore — by postal district LOCALITIES DISTRICTS

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


THE PEAK@BALMEG Condominium Freehold Feb 14 1,507 2,125,000 - 1,410 2011 ResaleWHISTLER GRAND Apartment 99 years Feb 14 1,281 1,593,270 - 1,244 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Feb 14 1,281 1,683,990 - 1,315 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Feb 14 441 677,970 - 1,536 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Feb 16 624 904,770 - 1,449 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Feb 17 764 1,085,400 - 1,420 Uncompleted New SaleDistrict 7 DUO RESIDENCES Apartment 99 years Feb 14 947 2,300,000 - 2,428 2017 Sub SaleDistrict 8 THE MERLOT Apartment Freehold Feb 15 517 790,000 - 1,529 2009 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold Feb 19 807 2,650,000 - 3,283 2018 ResaleASPEN HEIGHTS Condominium 999 years Feb 14 1,119 1,865,000 - 1,666 1998 ResaleESTILO Apartment Freehold Feb 14 517 870,000 - 1,684 2010 ResaleHILLTOPS Condominium Freehold Feb 15 829 2,717,000 - 3,278 2011 ResaleRV ALTITUDE Apartment Freehold Feb 15 603 1,717,000 - 2,848 Uncompleted New SaleTHE PEAK @ CAIRNHILL II Apartment Freehold Feb 14 829 2,313,000 - 2,791 2015 ResaleTHE PEAK @ CAIRNHILL II Apartment Freehold Feb 15 829 2,297,000 - 2,771 2015 ResaleTHE PEAK @ CAIRNHILL II Apartment Freehold Feb 15 829 2,289,000 - 2,762 2015 ResaleTHE PEAK @ CAIRNHILL II Apartment Freehold Feb 18 904 2,300,000 - 2,544 2015 ResaleUE SQUARE Apartment 929 years Feb 14 1,195 2,170,000 - 1,816 1997 ResaleVIDA Apartment Freehold Feb 15 861 1,650,000 - 1,916 2009 ResaleVISIONCREST Apartment Freehold Feb 13 969 1,830,000 - 1,889 2007 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Feb 14 926 1,900,000 - 2,052 2008 ResaleDistrict 10 3 CUSCADEN Apartment Freehold Feb 17 764 2,567,000 - 3,359 Uncompleted New SaleDUKES RESIDENCE Apartment Freehold Feb 14 1,012 1,950,000 - 1,927 2011 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years Feb 13 947 2,364,000 - 2,496 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Feb 14 969 2,169,000 - 2,239 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Feb 15 506 1,186,000 - 2,344 Uncompleted New SaleEWART PARK Detached Freehold Feb 18 27,469 30,000,000 - 1,092 2006 ResaleSOMMERVILLE PARK Condominium Freehold Feb 13 1,302 2,180,000 - 1,674 1985 ResaleSOMMERVILLE PARK Condominium Freehold Feb 13 1,948 3,370,000 - 1,730 1985 ResaleSPANISH VILLAGE Condominium Freehold Feb 13 2,368 3,080,000 - 1,301 1987 ResaleTANGLIN REGENCY Condominium 99 years Feb 13 1,292 1,580,964 - 1,224 1998 ResaleTHE GRANGE Condominium Freehold Feb 15 1,765 4,550,000 - 2,577 2008 ResaleTHE TRIZON Condominium Freehold Feb 14 1,012 1,820,000 - 1,799 2012 ResaleDistrict 11 BUCKLEY 18 Apartment Freehold Feb 13 2,530 3,600,000 - 1,423 2009 ResaleGILSTEAD TWO Apartment Freehold Feb 15 775 1,550,000 - 2,000 2014 ResaleVANDA CRESCENT Detached Freehold Feb 15 9,117 11,000,000 - 1,206 1975 ResalePAVILION 11 Condominium Freehold Feb 15 1,485 2,300,000 - 1,548 2009 ResaleDistrict 12 ASCENT @ 456 Apartment Freehold Feb 13 689 850,000 - 1,234 2017 Sub SaleGEM RESIDENCES Condominium 99 years Feb 13 1,249 1,958,220 - 1,568 Uncompleted New SaleJALAN KEMAMAN Apartment Freehold Feb 18 1,195 1,050,000 - 879 1993 ResaleDistrict 13 D’ ALMIRA Apartment Freehold Feb 19 1,098 1,165,000 - 1,061 2011 ResalePARK COLONIAL Condominium 99 years Feb 14 980 1,670,112 - 1,705 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Feb 15 1,464 2,288,000 - 1,563 2018 New SaleTHE POIZ RESIDENCES Apartment 99 years Feb 15 1,152 1,844,000 - 1,601 2018 New SaleTHE TRE VER Condominium 99 years Feb 14 495 780,112 - 1,576 Uncompleted New SaleTHE TRE VER Condominium 99 years Feb 14 700 1,068,112 - 1,527 Uncompleted New SaleTHE TRE VER Condominium 99 years Feb 17 495 752,112 - 1,519 Uncompleted New SaleTHE TRE VER Condominium 99 years Feb 17 495 756,112 - 1,527 Uncompleted New SaleDistrict 14 PARC ESTA Apartment 99 years Feb 13 527 934,000 - 1,771 Uncompleted New SalePARC ESTA Apartment 99 years Feb 14 840 1,365,000 - 1,626 Uncompleted New SalePARC ESTA Apartment 99 years Feb 14 926 1,530,000 - 1,653 Uncompleted New SalePARC ESTA Apartment 99 years Feb 16 635 1,113,000 - 1,753 Uncompleted New SalePARC ESTA Apartment 99 years Feb 17 1,119 1,777,000 - 1,587 Uncompleted New Sale

E


GAINS AND LOSSES



Residential transactions with contracts dated Feb 12 to Feb 19

DISCLAIMER:Source: URA Realis. Updated Feb 26, 2019. 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

Top gains and losses from Feb 12 to Feb 19

Source: URA, EdgeProp Note: Computed based on URA caveat data as at Feb 26 for private non-landed houses transacted between Feb 12 and Feb 19. The profit and loss computation excludes transaction costs such as stamp duties.

Most profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON (2019)

SALES PRICE ($ PSF)

BOUGHT ON PURCHASE PRICE ($ PSF)

PROFIT ($) PROFIT (%)

ANNUALISED PROFIT (%)

HOLDING PERIOD (YEARS)

1 SPANISH VILLAGE 10 2,368 Feb 13 1,301 May 28, 2002 515 1,860,000 152 6 16.72 THE GRANGE 10 1,765 Feb 15 2,577 Dec 19, 2005 1,662 1,616,270 55 3 13.23 COSTA RHU 15 2,164 Feb 14 1,441 Mar 30, 2007 971 1,018,000 48 3 11.94 ASPEN HEIGHTS 9 1,119 Feb 14 1,666 Oct 30, 2003 813 955,000 105 5 15.35 DOMAIN 21 3 1,033 Feb 14 1,500 Sep 7, 2005 627 902,000 139 7 13.46 SOMMERVILLE PARK 10 1,302 Feb 13 1,674 May 30, 1997 998 880,000 68 2 21.77 THE METROPOLITAN

CONDOMINIUM3 1,356 Feb 14 1,379 Jul 16, 2008 832 741,200 66 5 10.6

8 THE BEVERLY 21 1,798 Feb 14 1,363 May 25, 2011 960 723,920 42 5 7.79 QUEENS 3 1,184 Feb 18 1,157 Jun 1, 2007 591 670,000 96 6 11.710 VISIONCREST 9 969 Feb 13 1,889 Apr 7, 2004 1,249 620,000 51 3 14.911 JALAN KEMAMAN 12 1,195 Feb 18 879 Aug 11, 2014 502 450,000 75 13 4.512 SUNNY PALMS 15 1,033 Feb 19 1,028 Aug 24, 2004 599 430,421 68 4 14.513 THE SAIL @ MARINA BAY 1 624 Feb 14 1,890 Oct 24, 2005 1,230 412,000 54 3 13.314 KINGS APARTMENTS 15 1,216 Feb 13 1,028 Aug 30, 2010 691 410,000 49 5 8.515 DUKES RESIDENCE 10 1,012 Feb 14 1,927 Sep 29, 2009 1,532 400,000 26 2 9.4

Non-profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON (2019)

SALES PRICE ($ PSF)

BOUGHT ON PURCHASE PRICE ($ PSF)

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

1 VIDA 9 861 Feb 15 1,916 May 14, 2010 2,737 707,000 30 4 8.8

2 ASCENT @ 456 12 689 Feb 13 1,234 May 20, 2016 1,437 140,000 14 5 2.73 THE PROMENADE@PELIKAT 19 947 Feb 15 990 May 23, 2012 1,120 135,000 13 2 6.74 SOMMERVILLE PARK 10 1,948 Feb 13 1,730 Jan 24, 2013 1,796 130,000 4 1 6.15 D' ALMIRA 13 1,098 Feb 19 1,061 Jan 25, 2013 1,161 110,000 9 1 6.16 GILSTEAD TWO 11 775 Feb 15 2,000 Aug 23, 2010 2,123 95,200 6 1 8.57 KEW GREEN 16 3,025 Feb 18 678 Jan 12, 2015 688 30,000 1 0.4 4.18 PARC ELEGANCE 15 409 Feb 19 1,449 Aug 7, 2013 1,513 26,200 4 1 5.5

DONE DEALS

PARC ESTA Apartment 99 years Feb 17 1,119 1,682,000 - 1,503 Uncompleted New SaleTHE NAVIAN Apartment Freehold Feb 16 926 1,534,000 - 1,657 Uncompleted New SaleWINDY HEIGHTS Condominium Freehold Feb 14 2,476 2,500,000 - 1,010 1983 ResaleDistrict 15 COSTA RHU Condominium 99 years Feb 14 2,164 3,118,000 - 1,441 1997 ResaleKINGS APARTMENTS Apartment Freehold Feb 13 1,216 1,250,000 - 1,028 1994 ResaleLAGOON VIEW Apartment 99 years Feb 15 1,647 1,420,000 - 862 Unknown ResaleKOON SENG ROAD Terrace Freehold Feb 15 1,582 2,200,000 - 1,388 Unknown ResaleEAST COAST ROAD Terrace Freehold Feb 19 2,831 3,560,000 - 1,258 1979 ResalePARC ELEGANCE Apartment Freehold Feb 19 409 592,800 - 1,449 2013 ResaleSUNNY PALMS Condominium Freehold Feb 19 1,033 1,062,000 - 1,028 2004 ResaleTHE LINE @ TANJONG RHU Condominium Freehold Feb 19 1,066 2,238,000 - 2,100 2016 ResaleTHE SEA VIEW Condominium Freehold Feb 15 1,647 3,050,000 - 1,852 2008 ResaleTHE SOUND Condominium Freehold Feb 18 1,593 2,500,000 - 1,569 2013 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years Feb 18 936 995,000 - 1,063 1986 ResaleCOUNTRY PARK CONDOMINIUM Condominium Freehold Feb 13 1,087 1,390,000 - 1,279 2003 ResaleGREEN PARK Terrace 999 years Feb 18 1,981 2,650,000 - 1,339 1976 ResaleKEW GREEN Condominium 99 years Feb 18 3,025 2,050,000 - 678 1997 ResaleJALAN CHEMPAKA KUNING Semi-Detached 70 years Feb 13 3,035 530,000 - 174 Unknown ResaleDistrict 17 CARISSA PARK CONDOMINIUM Condominium Freehold Feb 13 624 630,000 - 1,009 2001 ResaleDistrict 18 RIPPLE BAY Condominium 99 years Feb 13 775 800,000 - 1,032 2015 ResaleSTRATUM Condominium 99 years Feb 13 2,260 2,218,000 - 981 2016 ResaleTHE TAPESTRY Condominium 99 years Feb 14 990 1,295,190 - 1,308 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Feb 15 926 1,229,180 - 1,328 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Feb 15 1,173 1,318,680 - 1,124 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Feb 16 1,432 1,732,660 - 1,210 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Feb 16 1,098 1,327,590 - 1,209 Uncompleted New SaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years Feb 13 1,152 1,763,000 - 1,531 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 13 732 1,074,000 - 1,467 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 14 484 711,000 - 1,468 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 14 904 1,420,000 - 1,570 Uncompleted New SaleAFFINITY AT SERANGOON Terrace 99 years Feb 14 2,067 2,250,000 - 1,089 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 15 538 799,000 - 1,485 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 16 474 708,000 - 1,495 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 16 1,076 1,600,000 - 1,486 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 17 538 776,000 - 1,442 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 17 614 893,000 - 1,455 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Feb 17 614 936,000 - 1,526 Uncompleted New SaleAFFINITY AT SERANGOON Terrace 99 years Feb 17 2,067 2,250,000 - 1,089 Uncompleted New SaleAFFINITY AT SERANGOON Terrace 99 years Feb 17 2,067 2,225,000 - 1,077 Uncompleted New SaleBARTLEY RESIDENCES Apartment 99 years Feb 15 1,066 1,438,000 - 1,349 2015 ResalePRIVE EC 99 years Feb 18 1,335 1,150,000 - 862 2013 ResaleRIVERFRONT RESIDENCES Apartment 99 years Feb 13 517 669,000 - 1,295 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 13 517 718,000 - 1,390 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 14 1,066 1,333,000 - 1,251 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 15 463 637,000 - 1,376 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 15 721 944,000 - 1,309 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 16 603 815,000 - 1,352 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 16 915 1,148,000 - 1,255 Uncompleted New Sale

RIVERFRONT RESIDENCES Apartment 99 years Feb 16 463 594,000 - 1,283 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 16 1,109 1,466,000 - 1,322 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 16 915 1,206,000 - 1,318 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 16 721 929,000 - 1,288 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 16 721 957,000 - 1,327 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 16 1,485 1,878,000 - 1,264 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 16 1,109 1,407,000 - 1,269 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 17 1,109 1,447,000 - 1,305 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 17 603 845,000 - 1,402 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 17 463 615,000 - 1,329 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 17 1,066 1,326,000 - 1,244 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 17 721 985,000 - 1,366 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Feb 13 517 750,500 - 1,453 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Feb 16 517 754,100 - 1,460 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Feb 17 614 948,900 - 1,547 Uncompleted New SaleTHE PROMENADE@PELIKAT Apartment Freehold Feb 15 947 938,000 - 990 2015 ResaleTHE QUARTZ Condominium 99 years Feb 14 1,206 1,182,000 - 980 2009 ResaleTHE RIVERVALE EC 99 years Feb 14 1,367 980,000 - 717 2000 ResaleWATERTOWN Apartment 99 years Feb 14 581 750,000 - 1,290 2017 Sub SaleDistrict 20 SEMBAWANG HILLS ESTATE Terrace Freehold Feb 13 2,002 2,230,000 - 1,115 Unknown ResaleDistrict 21 DAINTREE RESIDENCE Condominium 99 years Feb 14 678 1,201,750 1,182,862 1,744 Uncompleted New SaleGREENBANK PARK Semi-Detached Freehold Feb 15 4,047 4,580,000 - 1,131 1981 ResaleMAPLE WOODS Condominium Freehold Feb 18 1,335 2,100,000 - 1,573 1997 ResaleMAYFAIR GARDENS Condominium 99 years Feb 13 829 1,650,000 - 1,991 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Feb 13 570 1,125,000 - 1,972 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Feb 16 850 1,657,000 - 1,949 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Feb 16 1,066 1,968,000 - 1,847 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Feb 16 1,066 1,988,000 - 1,866 Uncompleted New SaleYARWOOD AVENUE Detached 999 years Feb 13 19,041 22,150,000 - 1,164 2008 ResaleTHE BEVERLY Apartment Freehold Feb 14 1,798 2,450,000 - 1,363 2012 ResaleDistrict 23 THE MADEIRA Condominium 99 years Feb 14 1,249 980,000 - 785 2003 ResaleDistrict 25 NORTHWAVE EC 99 years Feb 17 990 867,000 - 876 2019 New SaleDistrict 26 CASTLE GREEN Condominium 99 years Feb 14 1,152 1,025,000 - 890 1997 ResaleTHE BROOKS I Apartment Freehold Feb 18 1,399 1,665,000 - 1,190 2016 ResaleDistrict 27 CANBERRA RESIDENCES Condominium 99 years Feb 18 904 848,000 - 938 2013 ResaleLILYDALE EC 99 years Feb 15 1,238 802,000 - 648 2003 ResalePENAGA PLACE Terrace 99 years Feb 15 2,583 1,950,000 - 755 2009 ResaleDistrict 28 NIM COLLECTION Terrace 99 years Feb 17 1,615 2,800,000 - 1,734 Uncompleted New SalePARC BOTANNIA Condominium 99 years Feb 13 980 1,354,120 - 1,382 Uncompleted New SalePARC BOTANNIA Condominium 99 years Feb 14 506 720,000 - 1,423 Uncompleted New SalePARC BOTANNIA Condominium 99 years Feb 17 861 1,069,112 - 1,242 Uncompleted New SaleTHE GREENWICH Condominium 99 years Feb 15 1,292 1,420,000 - 1,099 2014 Resale


UNDER THE HAMMER

| BY TIMOTHY TAY |

Asemi-detached house on Jalan Jelita, off Holland Road, will be up for auc-tion by Edmund Tie & Company (ET&-

Co) on March 27. A mortgagee sale, it will be the third time that the house will be put un-der the hammer.

The owner had initially offered the house for sale by private treaty in November and De-cember 2018. As no buyer emerged, it was re-possessed by the bank and put up for auction by ET&Co in January and February. After the second auction on Feb 26 which also saw no buyer, the house attracted two offers, but they were below the bank’s reserve price.

The semi-detached house sits on a 3,993 sq ft, 999-year leasehold site. It spans 3½ storeys and has a built-up area of 4,500 sq ft. The house

has seven bedrooms and two study rooms. It is located within McMahon Park, a quiet

housing estate in prime District 10, comprising predominantly semi-detached and detached houses. The houses were originally built in 1967, and over the years, many of them have been torn down and redeveloped.

As the site has a height restriction of 2½ storeys, the existing property will need to be rebuilt, says Joy Tan, ET&Co’s head of auc-tion and sales. The cost of tearing down the existing structure is estimated to be about $500,000, and it will cost another $1.5 mil-lion to $2 million to build a new 2½-storey, semi-detached house.

The house will be sold with vacant posses-sion as the previous owner had moved out of the property in December. The guide price of the property is $6.38 million ($1,595 psf) based

on the land area. According to Tan, there have been at least

10 viewings since the property was put on the market. The previous owner had purchased the property for $2.03 million ($507 psf) back in June 2005, according to URA Realis.

Based on caveats lodged for McMahon Park, the last transaction in the estate was for a semi-de-tached house on Jalan Tenang, which sits on a 999-year leasehold site of 3,444 sq ft. It changed

hands for $5.8 million ($1,685 psf) in June 2018. About one month before that, a detached

house sitting on a land area of 6,297 sq ft at Jalan Jelita was sold for $12.6 million ($2,001 psf).

The semi-detached house offers a rare op-portunity to acquire a house in this neigh-bourhood, notes ET&Co’s Tan. “We rarely see houses here available for mortgagee sale and properties here are sought-after due to their prime location.” E

Mortgagee sale of semi-detached house off Holland Road for $6.38 mil

Latest transactions at McMahon ParkLOCATION AREA

(SQ FT) TRANSACTED

PRICE ($ MIL) UNIT PRICE

($ PSF) SALE DATE PROPERTY

TYPETENURE

Jalan Tenang 3,444 5.8 1,685 Jun 20, 2018 Semi-detached house

999 years

Jalan Jelita 6,297 12.6 2,001 May 11, 2018 Detached house 999 years

Jalan Istimewa 3,466 5.7 1,645 Dec 15, 2017 Semi-detached house

999 years

Jalan Istimewa 3,746 5.65 1,510 Mar 7, 2017 Semi-detached house

999 years

Jalan Jelita 3,821 7.55 1,976 Sep 23, 2015 Semi-detached house

999 years

URA REALIS

ET&CO

This 999-year leasehold, semi-detached house on Jalan Jelita will be auctioned for the third time on March 27


SPOTLIGHT

| BY CECILIA CHOW |

PropNex Realty has retained its position for the second year running as the big-gest real estate agency in Singapore, with a sales force of 7,513 as at Feb 24. “It’s nice to be Number 1,” says Ismail Gafoor,

executive chairman and CEO of PropNex, at a press briefing on Feb 25, where it announced its FY2018 results. “We don’t just sit on our laurels and think we are the biggest. We keep trying to add value to our various stakeholders by capturing a greater market share.”

Its sales force grew by 12.4% in 2018, with most of it attributed to “organic growth” – agents and leaders with their teams moving over to PropNex.

“Organic growth will continue to be ‘a strong engine’,” says Gafoor. Of the agents who joined PropNex in 2018, about 70% were experienced real estate agents while the rest were new agents.

PropNex’s agent figure does not include the strategic collaboration with China Real Es-tate Group, where sales agents from the lat-ter’s wholly-owned indirect subsidiary Global Alliance Property (GAP) will be transferred to PropNex. GAP operates under the Century 21 franchise. Following the collaboration, China Real Estate Group will discontinue its real es-tate agency business and focus on real estate development in China.

GAP has about 400 agents today. “We don’t expect all the agents to come over [to PropNex],” says Gafoor. Of interest to him are the “active agents from GAP” and it will be another two to three weeks before they decide whether they want to move over to PropNex. “To me, it doesn’t matter if 100 or 200 agents cross over,” he says. “At the rate we are growing, I won’t be surprised if our sales force exceeds 8,000 by the end of the year.”

The sales force is key to PropNex’s contin-ued growth across all segments: new project launches, private resales, HDB resales, landed property deals and leasing.

Record financial year despite property cooling measuresEven though 4Q2018 registered a 16.4% drop

in revenue and a 57.7% fall in earnings, the full year saw a 30% increase in revenue to $431.54 million and earnings increase of 19.3% to $19.41 million. “It was indeed a re-cord year, despite the property cooling meas-ures,” says Gafoor.

Implemented on July 6, the property cool-ing measures slowed the pace of new project launches in 3Q2018, with developers rolling out their projects in 4Q2018 such as Oxley Holdings’ 215-unit Mayfair Gardens, City De-velopments’ 861-unit Whistler Grand and MCL Land’s 1,399-unit Parc Esta.

According to PropNex, transactions for the three segments of rental, HDB resales and landed housing contributed to 43% of revenue in FY2017. The three segments con-tributed 41% of revenue in FY2018. “This is because the three segments are relatively un-affected by the property cooling measures,” says Gafoor.

He expects the HDB resale market to per-form better this year compared to last year. Likewise, the landed housing market – from Good Class Bungalows to terraced houses – is likely to remain active.

Private resales and new launchesThis year, the private resale market is also ex-pected to be buoyed by en bloc beneficiaries shopping for a replacement home. “Most will be looking at the resale market,” says Gafoor. “If they buy a unit at a new launch, they will have to rent an apartment for two to three years until the completion of the new development.”

Some of the en bloc beneficiaries may con-sider downsizing and buying an HDB resale flat, while others may want to upgrade to a landed property.

About 69 projects are in the pipeline for launch, with an aggregate supply of 25,307 units, estimates Gafoor. However, the actual number of projects that will launch in 2019 is likely to be closer to 50. So far, PropNex has been appointed marketing agency for 37 of these projects with a total of 16,188 units earmarked for launch. More are under nego-tiation, he adds.

Last year, PropNex was appointed market-

ing agency for 31 projects with a total of 12,893 units. Out of the 31 projects, 26 saw PropNex appointed as joint marketing agency from the start. For the remaining projects, PropNex was appointed subsequent to the launch. For 21 of the 31 projects, PropNex sold the highest number of units out of the appointed market-ing agencies, notes Gafoor.

He is therefore confident that new home sales this year could exceed last year’s. In 2018, PropNex’s market share of the private residen-tial resale market was 38.6%, while its share of the new launches segment was 45.6%. Mean-while, in the HDB resale market, PropNex held 50.3% market share of transactions in FY2018, up from 45.3% in FY2017.

Pioneering the auction of HDB flatsHaving brokered about half of the 23,099 HDB resale transactions in 2018, PropNex is launch-ing a new mode of sale for HDB flat owners, namely by auction.

Auction is already a familiar mode of sale among property owners as it offers greater transparency for both buyers and sellers. At most public auctions, properties listed range from houses, apartments, development or re-development land, shophouses to strata com-mercial or strata industrial units.

However, auction has never been available for HDB sellers in the past. Even HDB flats that are in mortgagee sales are not put up for auc-tion, but are only available for sale by private treaty. “Public housing is protected,” says Ga-foor. “Banks can’t do a forced sale.”

In April, PropNex will open the auction market to HDB resale flat owners – those who have cleared the minimum occupation period (MOP) of five years. According to PropNex research, a total of 30,000 HDB flats would have fulfilled their MOP in 2019, compared to an annual average of 10,000 units over the past decade.

The greater transparency offered by an auc-tion sale will help in facilitating HDB resale transactions that generally take a long time to conclude, for instance, those embroiled in con-flicts as in the case of divorce, estate or trus-tee sales; or if there’s an ethnic quota, which

limits the number of eligible buyers. “The auction platform will not guarantee a sale for these properties, but at least sellers can be as-sured of getting the best price,” says Gafoor.

Compliance with HDB rules & regulationsBuyers and sellers of HDB flats in an auction will have to comply with HDB rules and reg-ulations. Prior to the auction, the seller will have to register with HDB the intent to sell the flat. Likewise, the potential buyer will have to register with HDB the intent to buy.

At most auctions of private properties, the successful bidder will have to pay a 10% de-posit on the day of the auction and complete the sale within eight weeks.

For the auction of an HDB flat, the suc-cessful bidder will adhere to HDB’s payment schedule: $1,000 deposit on the day of the auction, with 21 days to exercise the option to purchase. Upon exercising the option to pur-chase, the buyer has to pay another $4,000.

The successful bidder for an HDB flat is also able to back out of the purchase during the 21-day option period. This is unlike in the auction of a private property, where once a property is sold under the hammer, the buyer cannot pull out of the deal without forfeiting the 10% deposit and other transaction costs incurred, for instance stamp duty.

“Auction is not intended to replace the HDB resale market,” says Gafoor. “It’s just a new sales avenue for HDB owners to consider.”

Generally, most owners who list their prop-erty for auction have to pay the auction house an $800 listing fee. For a start, PropNex will waive the listing fee for HDB flat owners. HDB sellers will still have to pay the stand-ard agent’s commission of 2%, which will be evenly split between the agent and PropNex’s auction house.

PropNex will conduct the first auction of HDB flats on April 5 at its office at Level 10 HDB Hub East Wing. “This is something new,” says Gafoor. “What gives us the confidence is the fact that we now have a 50.3% share of the public housing market.” E

PropNex aims to have more than 8,000 agents by end-2019

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Gafoor: We don’t just sit on our laurels and think we are the biggest. We keep trying to add value to our various stakeholders by capturing a greater market share


in the resale market after reaching MOP this year. Further, another 50,000 flats will reach MOP in 2020 to 2021.

“The increased supply of new flats may at-tract more buyers as some of these resale flats are well-located in mature estates or are built with new design concepts in the non-mature estates,” notes OrangeTee.

Some segments of the HDB market may continue to see price weakness. OrangeTee believes that this is especially so for smaller and older flats that are adversely affected by the increased supply of newer flats reaching MOP, lease decay issue and increased com-petition from HDB offering unsold new flats on a “rolling basis” – as announced by Na-tional Development Minister Lawrence Wong on Feb 7, that unsold balance flats will be made available for booking at any time in-stead of just twice a year. This will take ef-fect from the middle of this year.

Resale prices may thus slide further by 1% to 2% this year. Rents may correspondingly decline by 1% to 3%.

MARKET TRENDS

PROP HUNT CLASSIFIEDS

E

FROM PAGE EP4

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