En bloc wealth multiplier - cloudfront.net

En bloc wealth multiplierThe latest collective sale of Mayfair Gardens brings the total tally

for the year to $6.7 billion. Part of that money will return to the Singaporeproperty market, while some of it could eventually make its way abroad.

See our Cover Story on Pages 8 and 9.

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Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of November 27, 2017 | ISSUE 807-29

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Offi ce TrendsBrighter prospects

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Kismis View launched for collective sale at $102 milKismis View, a collective sale site on Lorong Kismis

in Upper Bukit Timah, has been launched for sale by

tender, announced sole marketing agent JLL.

About 90% of the owners have consented to the

collective sale at a minimum price of $102 million. At

the minimum price, along with an estimated differen-

tial premium of about $23 million (subject to confir-

mation on the development baseline), the land cost

translates into about $983 psf per plot ratio (ppr).

The 43-unit condo comprises two four-storey and

seven-storey apartment blocks. The property sits on

an elevated 99-year leasehold site with a balance lease

of about 64 years. The 90,863 sq ft site is zoned for

residential use under the 2014 Master Plan, with a

gross plot ratio of 1.4.

According to JLL, the site can be redeveloped

into a low-rise apartment development of up to five

storeys, with a total gross floor area (GFA) of about

139,929 sq ft, including a 10% bonus balcony area.

Based on the minimum average size of 70 sq m, the

maximum number of units is 168.

The tender will close on Jan 17, 2018.

Vista Park up for collective sale for $350 milPrivate condo Vista Park on South Buona Vista Road,

just off Pasir Panjang Road, has been put up for col-

lective sale by tender. The 209-unit project, which

includes 22 townhouses, sits on a 319,250 sq ft site

with a 99-year lease from 1979.

The property is expected to fetch $350 million or

$932 psf ppr, says Sieow Teak Hwa, managing direc-

tor of Teakhwa Real Estate, the marketing agent for

Vista Park. The $350 million includes the estimated

lease top-up premium of about $66 million. If a 10%

bonus GFA for balconies is included, the land rate

will be reduced to $903 psf ppr.

The site is zoned for residential use under the 2014

Master Plan, with a plot ratio of 1.4 and maximum height

of five storeys. With a potential GFA of around 446,951

sq ft, the site can be redeveloped into a new project of

about 530 units, assuming an average size of 800 sq ft.

Based on the asking price, the owners could get an-

ywhere between $1.16 million and $3.5 million, which

is 60% above the current resale value in the open mar-

ket if they were to sell the units individually, says Sieow.

The tender for the site will close on Dec 13.

Gaw Capital pays $342 mil for PoMoA special-purpose vehicle of a fund managed by Hong

Kong-based private equity group Gaw Capital Part-

ners is purchasing PoMo, a nine-storey office and re-

tail development on Selegie Road, for $342 million.

The sale of PoMo is based on a sale of shares

by Enviro-Hub Holdings and BS Capital in a 51:49

joint-venture (JV) company F2S1, which owns the

asset. BS Capital is a private real estate company

founded in 2003 by Raymond Ng Ah Hua, who is

also the controlling shareholder and executive chair-

man of Enviro-Hub. The sale was brokered by CBRE.

Located at No 1 Selegie Road near the Bencoolen

and Dhoby Ghaut MRT stations, PoMo sits on a land

area of 43,027 sq ft. It has a 99-year lease starting

from March 17, 1983.

The development has a GFA of about 235,000 sq

ft. Of the net lettable area of about 180,000 sq ft,

110,000 sq ft are made up of offices, while the re-

maining 70,000 sq ft comprise retail space. The of-

fices are fully leased, while the retail space is said to

be about 85% leased.

Enviro-Hub expects to receive net proceeds of

$335 million from the sale. Enviro-Hub and BS Cap-

ital purchased the building in 2013 for $336 million

from CLSA Capital Partners, which had completed a

$10 million refurbishment of the building.

UOL gains majority stake in UICUOL Group announced on Nov 21 the mandatory uncon-

ditional cash offer for all the shares in Singapore Land

(SingLand) that it does not currently own, at $11.85 each.

The offer for SingLand, which is 99.7%-owned

by United Industrial Corp (UIC), was triggered un-

der the chain rule of Singapore’s takeover code after

UOL raised its stake in UIC to more than 50%, gain-

ing statutory control over the latter.

UOL says it intends to carry on the existing busi-

ness of SingLand and presently has no intention to

introduce any major changes to its business.

In a filing on Nov 21, UOL announced it had,

through its subsidiary UOL Equity Investments,

bought 730,978 UIC shares in a series of on-market

and off-market transactions on Nov 21 at an average

price of about $3.31. This brought UOL’s stake in UIC

to 716.4 million shares, or 50.03% of the total num-

ber of UIC shares.

TEE International and Advancer Global acquire Chiang Kiong Group for $18.5 milTEE International and Advancer Global announced

on Nov 20 that they had entered into a JV agreement

with an independent third-party financial investor to

acquire Chiang Kiong Group (CK Group) and its sub-

sidiaries, which provide waste management services.

The acquisition will cost $18.5 million and is

expected to be completed by Dec 29. TEE’s whol-

ly-owned subsidiary TEE Infrastructure, Advancer

Global’s wholly-owned subsidiary Advancer Glob-

al Facility and the investor will respectively own

50.1%, 20.1% and 29.8% of the shares of CK Group,

on completion of the acquisition. The consideration

of $18.5 million will be paid in proportion to their

shareholding. The acquisition is expected to be com-

pleted by Dec 29.

New property consultancy RHT Chestertons seeks Asian expansionReal estate firm Chestertons and professional services

company RHT Wealth Holdings have launched a new

property consultancy firm in Singapore called RHT

Chestertons.

The new company will provide services in acqui-

sitions, disposals, leasing and sales, and valuation.

It will cover commercial, industrial, retail and resi-

dential asset classes, the company says. It will serve

both local and global property owners, investors, in-

stitutions and corporate occupiers.

“By combining our resources and expertise, we

will be able to access real estate opportunities glob-

ally, with RHT Chestertons acting as the gateway to

Asia-Pacific and Chestertons offering its vast network

in Europe, the Middle East and North Africa,” says

Salah Mussa, chairman of Chestertons.

RHT Chestertons says it is actively exploring op-

portunities to set up offices in Indonesia and Vietnam.

Refurbished Century Square mall to feature virtual libraryAsiaMalls Management signed a memorandum of un-

derstanding with the National Library Board (NLB) on

Nov 22 to provide a virtual library of e-books through

a digital wall in Century Square.

This first-of-its-kind virtual library will enhance

the shopper experience by offering them a conven-

ient way to borrow e-books, says Tan Kee Yong, man-

aging director of AsiaMalls Management. NLB will

also hold children’s activities and events at Century

Square to promote reading.

The virtual library will be available when the

mall, which is being refurbished, reopens in 2Q2018.

OFFSHOREYanlord sells out Phase 3 of Nanjing project Singapore-listed developer Yanlord Land Group sold

all of the 636 units launched in Phase 3 of Oasis New

Island Gardens in Nanjing during the first day of sales

on Nov 19. The units were sold at an average price

of about RMB36,000 psm ($684 psf).

Situated in the Sino-Singapore Nanjing Eco Hi-tech

Island, Oasis New Island Gardens is a mixed-use devel-

opment with a GFA of 390,000 sq m that will house ser-

viced apartments, offices and retail amenities. The first

phase of the project was launched in November 2014.

Hatten Land acquires land parcels in Melaka for $35.3 milHatten Land has acquired two land parcels in Melaka for

RM108.6 million ($35.3 million) and intends to develop

them into separate integrated projects. The two parcels

in Klebang comprise a 6.1-acre freehold land and a 6.7-

acre 99-year leasehold land, which expires in May 2018.

Hatten Land will acquire an 85% stake in Rico De-

velopment, which owns the 6.1-acre land parcel, for

RM46.75 million and a 75% stake in Rico Ventures,

which owns the 6.7-acre land parcel, for RM61.88 million.

Demand for mixed-use developments in the area

will be robust, says Hatten Land, owing to new town-

ship developments and regional initiatives such as

China’s Belt and Road Initiative.

Keppel Land divests stake in West Bali sitePT Purimas Straits Resort, which is 24.5%-owned by

Keppel Land, has entered into an agreement to divest

a 20.5ha site in West Bali’s Tanah Lot district to PT Bali

Sudamala Development. Keppel Land will concurrently

divest its entire shareholding interest in PT Purimas Straits

Resort through capital reductions and sales of shares.

Keppel Land expects a net divestment gain of about

$17.6 million from the transaction by end-December,

the company says. Goh York Lin, president for Indo-

nesia at Keppel Land, says the divestment will allow

Keppel Land to redeploy capital and scale up in the

Greater Jakarta area, where it is focused.

Keppel Land had earlier announced the acquisition

of a prime site in Jakarta’s Sudirman CBD, where it

plans to develop a premium high-rise tower that could

yield about 400 luxury apartments. Its other projects

in Jakarta include West Vista and The Riviera at Puri,

as well as the International Financial Centre Jakarta.

Millennium & Copthorne opens secondM Social hotelAfter its debut in Singapore last year, home-grown ho-

tel brand M Social has opened its second hotel in New

Zealand. The 190-room M Social Auckland opened last

month and has views of Auckland Harbour. It features

self-check-in kiosks, smart TVs in each room, and a media

wall displaying information such as transportation time-

tables, weather forecasts and details of local activities.

M Social was conceived by property-hotel veteran

Kwek Leng Beng as a hip and fashionable new brand for

Millennium & Copthorne Hotels (M&C), a London-list-

ed subsidiary of City Developments Limited. The first

M Social, designed by French designer Phillipe Starck,

opened in May 2016 on Rodyk Road in Robinson Quay.

M Social Auckland will officially open in 1Q2018,

and there are plans to open more hotels in Seoul, South

Korea, and the US, says M&C.

Ascendas-Singbridge acquires Gangnam office buildingOn Sept 28, Ascendas-Singbridge, via its subsidiary

Ascendas Asset Management Co, launched its fifth

office fund in South Korea, Ascendas Korea Office

Qualified Private Real Estate Investment Trust No 5.

The new fund is a 10-year closed private fund with

an equity of $39.6 million. It currently holds ICON

Yeoksam, a mid-sized office building in the Gangnam

Business District of Seoul. The 15-storey ICON Yeok-

sam has a GFA of 210,736 sq ft and comes with 74

car park lots. Completed in October, it was acquired

for $124.3 million on Nov 20.

The building has attracted numerous blue-chip com-

panies seeking to set up offices there, says William Tay,

CEO of Korea operations at Ascendas-Singbridge. With

this acquisition, the group has grown its assets under

management in South Korea to $800 million, with a

total lettable area of 1.3 million sq ft. — Compiled by

Timothy Tay E

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OFFICE TRENDS

Things looking up for Singapore office market| BY LIN ZHIQIN |

Singapore Grade A office rents rose 1.7%

q-o-q in 3Q2017, the first uptick fol-

lowing 10 quarters of decline between

1Q2015 and 2Q2017, which saw rents

falling 21% in total, according to CBRE

in its 3Q2017 Asia Pacific Office Trends report.

Market sentiment improved further amid signs

the office market is turning the corner.

Over the next six months, CBRE expects

rents to continue trending up as supply and

vacancy come down. “With fears around new

supply largely alleviated, landlords are increas-

ingly confident and turning more aggressive in

raising rents,” says the property consultancy.

As rents are set to increase over the next

few years, firms should make decisions quick-

ly, as availability in new projects is shrinking

and vacancy is expected to stay low for some

time, says CBRE.

According to CBRE, demand for office space

is being led by firms in the technology, media

and telecommunications sector, with IT and

internet-based companies being the most ac-

tive. Another source of demand comes from

co-working operators, which are aggressive-

ly expanding.

The impact of co-workingBased on CBRE’s estimates as at 4Q2016, the

amount of space taken up by co-working opera-

tors in Singapore increased 31% y-o-y to about

400,000 sq ft last year. This year, co-working

space will grow another 80% to 718,000 sq ft,

estimates CBRE. The proportion of co-working

space to Singapore’s office stock will more than

double from 0.3% in 2016 to 0.7% this year.

According to CBRE, co-working operators

offer several benefits to landlords. Firstly, they

tend to sign long leases, owing to the need

to amortise fit-out expenditure, which allows

landlords to lock in income for longer peri-

ods. Secondly, tenants that would not fit un-

der a traditional lease can be accommodated

in the co-working space through agreements

with the operators. Companies that outgrow

the co-working premises are also a potential

source of tenants for landlords.

Landlords have started to tap the growing

co-working market and several have formed

strategic partnerships with co-working op-

erators, notes CBRE. Last year, CapitaLand

launched the first premium co-working space

in a Grade A office tower in Singapore’s CBD

with the 22,000 sq ft Collective Works Capi-

tal Tower. It has since attracted tenants such

as global venture capital firm 500 Startups

and Nasdaq-listed B2B marketing consultan-

cy Black Marketing.

Through its venture fund C31 Ventures,

CapitaLand also recently invested in The Great

Room, a hospitality-inspired co-working space

provider that just expanded its operations at

One George Street. CapitaLand is also part-

nering China’s co-working unicorn UrWork

to provide co-working spaces in CapitaLand

properties in China and Singapore.

In January, City Developments acquired a

24% stake in Distrii, an operator of co-work-

ing spaces in China, for RMB72 million ($14.7

million). Distrii’s first international foray will

be at Republic Plaza. Slated to open in 2018,

the co-working facility will take up more than

60,000 sq ft of space.

Meanwhile, there are landlords that have

elected to launch their own co-working units.

In March, Keppel Land launched KLOUD,

billed as a new-generation serviced co-office

that leverages technology and caters for com-

panies seeking flexible space solutions. The

flagship facility spans 18,000 sq ft on the 13th

floor of Keppel Bay Tower and offers panoram-

ic sea views.

Being landlord and operator of KLOUD at

Keppel Bay Tower enables Keppel Land to of-

fer more options to building tenants and incu-

bate new businesses. The opening of KLOUD

at Saigon Centre Tower 2 in Ho Chi Minh City,

Vietnam, and Junction City Tower in Yangon,

Myanmar, by end-2017 will offer companies the

opportunity to scale their business networks.

There are plans to establish more KLOUD ser-

viced co-offices in markets where Keppel Land

already has a presence, such as China, Indo-

nesia and the Philippines.

The impact of technologyThe growth of third-party space such as co-work-

ing centres and serviced offices is driven by

technology, which enables employees to work

offsite while fostering a more creative and shar-

ing culture within companies, business units

and individual teams.

Technology is the primary catalyst that

will redefine Asia-Pacific’s workplace in the

coming years. This is the conclusion drawn

by CBRE, following its survey of 93 industry

leaders in Asia-Pacific between June and Au-

gust on the impact of technology on the work-

place and jobs. Sixty-nine per cent of the re-

spondents were employed by occupiers and

31% were employed by landlords.

The number of internet users in Asia-Pa-

cific has increased 74% to 1.7 billion over

the past five years, compared with 36% in

the rest of the world. At the same time, the

move towards a tech-enabled workplace has

resulted in a stronger emphasis on improv-

ing the user-experience. More than half of

the occupier-respondents in CBRE’s survey

want a workplace that adapts to the needs

of their people.

Traditionally, employees’ preferences were

rarely considered in corporate real estate de-

cision-making. However, this is set to change,

as employees are increasingly acting as work-

place influencers, leading to corporations in-

corporating connectivity and accessibility, as

well as talent attraction and retention, into

their decision-making. While location is ex-

pected to remain an important factor, build-

ings and work spaces will need to be far more

flexible and adaptable than before to meet the

changing needs.

CBRE’s survey found that occupiers are

willing to adopt technology as it can drive op-

erational efficiency and cost savings. Howev-

er, landlords are reluctant to invest heavily in

technology as they believe it could already be

obsolete by the time a new building is com-

pleted, owing to the typical development pe-

riod of three to five years.

Most new office buildings in Asia do not

have committed anchor tenants when con-

struction commences, which makes it chal-

lenging for developers to correctly anticipate

the technology that potential tenants require.

Nevertheless, landlords can implement ba-

sic features and build in greater flexibility for

occupiers to implement the technology they

need, advises CBRE.

As a result of better space utilisation and

improvement in productivity, half of the occu-

pier-respondents in CBRE’s survey expect to

require less office space in the future. How-

ever, they will demand higher-quality space

that supports collaboration, innovation and

employee well-being, says CBRE.

Meanwhile, landlords are more confident

about the outlook for demand, with only 32%

of them expecting to see a decline. This is be-

cause they anticipate stronger aggregate demand

from new start-ups and emerging industries.

Through its venture fund C31 Ventures, CapitaLand recently invested in The Great Room, a hospitality-inspired co-working space provider that just expanded its operations at One George Street

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MARKET TRENDS

Niche sectors in which investors are now active or plan to be active

%

Senior housing

16

Affordablehousing

16

Student housing

14

Shared/serviced offices14

Business parks14

Datacentres11

Resorts9

Self-storage6

1 Sydney

2 Melbourne

3 Singapore

4 Shanghai

5 Ho Chi Minh City

6 Shenzhen

7 Tokyo

8 Guangzhou

9 Auckland

10 Osaka

Cities’ investment prospects (2018) ranking

Source: Emerging Trends in Real Estate Asia Pacific 2018 survey

ULI,

PWC

| BY LIN ZHIQIN & ANGELA TEO |

Singapore’s ranking as an in-

vestment market has soared

from next-to-bottom last year

to third this year, according to

the Emerging Trends in Real

Estate Asia Pacific 2018 report jointly

published by Urban Land Institute

(ULI) and PwC.

Singapore’s position is reassur-

ing, given the major projects in the

pipeline that will transform the city,

such as the development of Jurong

Lake District as a second CBD and

the doubling of capacities at its air

and sea ports, says Khoo Teng Chye,

chairman of ULI Singapore.

Investors believe Singapore’s com-

mercial and residential markets are

near their bottom, says the report. Of-

fice rents have firmed earlier than ex-

pected. The residential sector is also

showing signs of recovery, with ris-

ing transaction volume and the first

uptick in prices in four years. Sales

of sites have also surged as develop-

ers seek to replenish their landbanks.

The recovery is likely to be sustaina-

ble, owing to several years’ worth of

pent-up consumer demand, accord-

ing to the report.

The investment prospect rankings

reflect the growing divergence be-

tween the growth- and yield-driven

strategies adopted by investors (see

table). Cities ranked highest are those

in which investors seek to maximise

returns through rental growth; look

for returns that are safe but still high-

er than yields on sovereign bonds;

or tap secular growth in emerging

markets.

“Sydney and Melbourne combine

the appeal of a stable investment en-

vironment with a combination of rel-

atively good current yields and the

prospect of strong rental growth,”

says Seek Ngee Huat, ULI Asia-Pacific

chairman and chairman of Global

Logistic Properties.

The report also identified excess

liquidity as the key influencer of the

Asia-Pacific investment market for

2018. Increasing capital flows into

the region mean more competition

Both foreign and domestic investors

are actively looking to establish such

operating platforms in China, most-

ly targeting a younger demographic

of single or double occupancy. “The

demand is huge because the rent-

al class in China is measured in the

hundreds of millions,” says a man-

ager of a foreign fund now active in

the sector.

Student and senior housingThe report identifies student hous-

ing as another niche area in which

Asia-Pacific investors have been ac-

tive for some time. The focus within

the region continues to be on Aus-

tralia, where international student

numbers are booming and inner-city

student housing has been an institu-

tional asset class for several years.

Senior housing is one of the sec-

tors that most pique investors’ inter-

est in the region. Regional markets,

however, are still fishing around for

a suitable business model for the

Asian context, says the report. Aus-

tralia, the most westernised market

in the region, has come the closest in

coming up with a useable formula.

“There is an opportunity in Aus-

tralia to build apartment-style upscale

ULI,

PWC

Source: Emerging Trends in Real Estate Asia Pacific 2018 survey

KEPP

EL L

AND

The five-storey Keppel DC Singapore 3 within Tampines Industrial Park. Data centres, considered too specialised in the past, are now becoming more attractive precisely because their specialised nature keeps out the competition.

accommodation for seniors who are

asset-rich but cash-poor, who can

downsize and live within their current

community with family and friends,”

says one Singapore-based fund man-

ager. He is looking into such oppor-

tunities, as there is an annual de-

mand in Australia of around 28,000

units in independent living facilities,

which is a far cry from the current

supply of 8,000 units. The fund he is

managing is also looking to partner

with established operators on aged-

care facilities.

for assets, higher prices and lower

yields. Fund managers and inves-

tors are therefore forced to turn from

past dependence on macro-led strat-

egies — which focus on total return

or capitalisation rate compression

— to asset management for returns.

Low base rates and slim yields on

sovereign bonds mean that the heat

is on for Asia’s capital reserves to

shift to higher-yielding assets such

as real estate.

In the long term, capital flows

from Asian markets are expected

to increase, given that they are un-

able to absorb the sheer volume of

funds institutions would like to de-

ploy, notes the report.

Alternative assetsAs a result of increased competi-

tion for assets, investors are mov-

ing into asset classes that did not re-

ceive much interest in the past, says

the report. In particular, fund man-

agers are looking at data centres,

affordable housing, build-to-rent or

co-living facilities, as well as student

and senior housing. Investors used

to avoid some of these asset class-

es because of the supposed greater

risk or the need for specialised op-

erational expertise.

Data centres, considered too spe-

cialised in the past, are now becom-

ing more attractive precisely because

their specialised nature keeps out the

competition. Investors typically take

on such assets in partnership with a

seasoned operator. The fragmented

nature of Asia’s data centre market

also creates scope for merger and

acquisition activity. Current under-

supply in the region, coupled with

the projected increase in future de-

mand, means investors are increas-

ingly looking to Hong Kong, China,

India and Singapore for data centre

assets, with projected internal rates

of return of 13% to 14%.

The affordable housing market is

seen as a low- to mid-income propo-

sition because low margins have no

appeal to investment funds, accord-

ing to the report. However, the scope

of opportunity is growing as prices

of conventional residential proper-

ties across Asia-Pacific move beyond

the reach of working-class incomes.

Government policy initiatives are also

beginning to open up the market for

large-scale construction.

Investors remain cautious about

affordable housing as an asset class

as the vast number of new homes

will require vast reserves of land,

which is seen as a resource that is

too hard to find, too expensive or

too far from city centres that people

would not want to live there.

The long-term rental housing sec-

tor has appeal for yield-oriented in-

stitutional investors, but “because

Asian markets (apart from Japan)

have no history of build-to-rent as an

asset class, investors are now casting

around for a viable business model”,

says the report. E

Singapore in third place for real estate investment prospects


OFFSHORE

MontAzure brings luxury branded residences and senior living to Phuket| BY TIMOTHY TAY |

MontAzure is extremely

well-located. Its 72ha

site — equivalent to 100

soccer playing fields —

includes the areas from

the mountainside to a 200m pri-

vate beachfront on Kamala Beach,

a secluded area on the west coast

of Phuket.

An exclusive mixed-use residen-

tial resort development, MontAzure

is a joint venture (JV) between three

property groups — the Hong Kong

and Shanghai-based ARCH Capital

Management, Thai-based develop-

er Narai Group Partners and Philean

Capital, an affiliate of the Kwee fam-

ily-controlled Pontiac Land Group.

The first phase of MontAzure, the

75-unit luxury apartments branded

Twinpalms Residences, was launched

last year and so far, about 60% have

been sold. One-bedroom units are

from 753 to 2,690 sq ft, while two-bed-

room units are from 1,657 to 4,304 sq

ft, with prices ranging from $380,000

to $4 million.

Construction of Twinpalms Res-

idences is well underway, and is

slated for completion by end-2018.

Apartment owners have the option

of putting their units in the rental

pool during months when they are

not in use, according to Setthaphol

Boottho, executive director at Mon-

tAzure and associate director of pro-

ject management at ARCH Capital.

Depending on the unit size, rent-

al yield could range from 5% to 7%,

says Henri Young, MontAzure director

of marketing and development. Inter-

est has been steady since the project

was launched about 1½ years ago.

While 40% of the units were snapped

up by wealthy Thais from Bangkok,

the remaining 60% were purchased

by international buyers and expatri-

ates working in Asia, namely China,

Hong Kong and Singapore. There

were also buyers from the UK and

Russia, notes Young.

In addition to Twinpalms Resi-

dences, MontAzure will also have

a collection of six ultra-luxury hill-

side villas called The Estates, which

will be priced from US$14 million

($18.9 million).

Last year, MontAzure opened HQ

Beach Lounge, which is located next to

Twinpalms Residences. It was joined

at the start of 2017 by the famous Café

del Mar. The first Café del Mar beach-

front bar was born in Ibiza in 1980,

while the record label was founded

a decade later. The Café del Mar in

Phuket is designed by award-win-

ning K-Studio, an architectural firm

founded in Athens, Greece, which is

famous for designing many upscale

residential and resort developments

in Greece, including the renowned

Scorpios Beach Club in Mykonos. The

Café del Mar Phuket at MontAzure

is expected to be fully completed by

end-February 2018.

Opening in 2019 is the InterCon-

tinental Phuket Resort, which will

have a mix of rooms, suites and vil-

las. This means that by 2019, all the

beachfront components will be com-

pleted, says Young.

In September, MontAzure un-

veiled its Kamala Senior Living, an

upscale residential village with high-

end residences in the secluded Kama-

la hillside. The Kamala Senior Liv-

ing is a JV between four real estate

companies — Nye Estate Co, Che-

wathai, L.P.N. Development and CH

Karnchang Real Estate. They will, in

turn, be advised by Audley, a UK-

based company that operates a net-

work of luxury retirement villages

throughout England. The UK-based

firm has even coined a new Asian

brand, Otium Living, for its luxury

retirement village in Kamala.

“As master planner and developer,

we can curate the components and

architectural direction at MontAzure,”

says Leland Kwee, a director of Pon-

tiac Land. This will ensure that they

complement the existing elements in

the development. “The senior living

resort will appeal to Singaporeans

who want to retire in an exclusive

resort environment just a two-hour

flight from Singapore.”

The 75-unit Twinpalms Residences is expected to be completed by end-2018

One of six luxury hillside Villas at The Estates

The new InterContinental Phuket Resort will open in 2019

MontAzure executive director Setthaphol (left) and Pontiac Land director Kwee

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OFFSHORE

Top Capital unveils latest Birmingham project| BY ANGELA TEO |

Hong Kong-based, private luxury residential

developer Top Capital Group launched its

third and latest Birmingham project in Hong

Kong and Singapore concurrently on Nov 4

and 5. The project, called The Axium, was

also launched in Japan on the weekend of Nov 18

and 19. It is “the first-ever Birmingham project to

be showcased to Japanese investors”, according to

Florian Loloum, Top Capital Group director of in-

ternational sales and marketing.

The 304-unit apartment project is 25% sold since

it was previewed in Birmingham on Oct 19.

The Axium is located in the southern part of the

core city centre, within walking distance of both the

Grand Central Station and the New Street rail station.

It is also within a 10-minute walk of the new HSBC

headquarters; historic financial institution Lloyds

Bank, set up in Birmingham more than 250 years

ago; upmarket shopping and office development The

Mailbox, which also houses a 45,000 sq ft Harvey

Nichols department store and two hotels — the Mal-

maison and AC Hotel; the Birmingham Museum and

Art Gallery; as well as trendy restaurants and bars.

Birmingham is the second-largest city in the UK af-

ter London. The city bears many of the landmarks of

its past as a manufacturing powerhouse during the In-

dustrial Revolution of the 18th century. It also boasts

more canals than Venice.

Builder-turned-developerTop Capital started out as a construction company 30

years ago. Founded by Hong Kong entrepreneur For-

est Tang, Top Builders Group, as it was called then,

became one of the leading construction companies

in Macau during the building boom more than a dec-

ade ago. Top Builders was involved in the construc-

tion of landmarks such as the Sands Macao, Wynn

Macau, Galaxy Macau, Venetian Macao and the Four

Seasons Hotel Macao. Besides casinos, it was also in-

volved in government infrastructural projects in Ma-

cau, including tunnels and roads. The construction

company subsequently diversified into building pub-

lic and private housing in Macau, Hong Kong and

even in Africa, Australia and the UK.

When it first ventured into residential develop-

ment, the group developed projects in Hong Kong,

Macau and Zhuhai, before venturing abroad to Bir-

mingham in the UK, Clark in the Philippines, and

Melbourne in Australia.

It was only early this year that the group con-

solidated its various businesses under Top Capi-

tal. The company chose Birmingham when it en-

tered the UK housing market in 2014 because the

city was carrying out urban renewal. The compa-

ny’s maiden development in Birmingham was The

Green, which comprised 11 three- to four-bedroom

houses located within the Acocks Green suburb.

The houses, priced from £235,000, were quickly

snapped up by local buyers. The development was

completed in April 2016.

More projects in BirminghamTop Capital’s second development in Birmingham

was The Franklin, a 79-unit apartment project in

Bournville, a picturesque village close to Birming-

ham University and the Queen Elizabeth Hospital.

The Franklin was also well received and was com-

pleted in May 2016.

For The Axium, which is Top Capital’s largest

development in the British city so far, the develop-

er engaged Birmingham boutique luxury developer

Court Collaboration as its local development part-

ner and Birmingham-based architectural firm Glancy

Nicholls Architects to design the project. “In terms

of property development, we are now the largest

Asian investor in the Birmingham residential mar-

ket,” says Loloum.

The £82 million ($146.7 million) The Axium com-

prises three linked seven-storey blocks that sit on a

2.3-acre, 250-year leasehold site on Windmill Street,

just a few minutes’ walk from Birmingham’s city cen-

tre. Units at the project comprise 187 one-bedroom

and 117 two-bedroom apartments of between 486

and 861 sq ft. One-bedroom units are priced from

£172,950 and two-bedroom units start from £231,950.

The Axium, which is slated for completion in

4Q2019, sits on one of three sites purchased by

Top Capital last year. The next project that will be

launched is the 230-unit Arden Gate, says Loloum.

While The Axium may be Top Capital’s maiden

launch in Singapore, it is not likely to be its last.

“We have seen a great pickup in interest in Singa-

pore,” says Loloum. “Investors here understand

what we envision, and understand the fundamen-

tals that are driving the future growth of the Bir-

mingham market.”

Top Capital’s 304-unit luxury project The Axium is located in the southern part of Birmingham’s core city centre

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The dining and living area of a one-bedroom apartment at The Axium

The 230-unit Arden Gate at William Street, Birmingham, is the next project in the city to be launched by Top Capital

Loloum: In terms of property development, we are now the largest Asian investor in the Birmingham residential market

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COVER STORY

| STORIES BY CECILIA CHOW |

Retiree Harry Lee has been a collective

sale beneficiary not once but twice. The

first was 20 years ago when the former

Pidemco Land (now part of Capita Land)

purchased the former Shelford Garden

for $37 million in January 1997, at the peak of

the first en bloc boom from 1994 to 1997. The

freehold site was subsequently amalgamat-

ed with several other bungalow sites nearby,

and redeveloped into the 215-unit The Shel-

ford, which was launched in 2002 at an aver-

age price of $783 psf and completed in 2005.

Following the collective sale of Shelford

Garden, Lee purchased a unit at Mayfair Gar-

dens on Rifle Range Road, just off Dunearn

Road. The main reason for this purchase 17

years ago was the convenience of the location:

It was near the top schools in the Bukit Timah

area. His two daughters were attending Nan-

yang Girls’ High School then, while his son

was at Chinese High (now Hwa Chong Insti-

tution). All three subsequently went to Hwa

Chong Junior College.

The purchase price for his Mayfair Gardens

unit was about $800,000. While Lee thought

it was high then relative to the $400,000 the

original owner paid for the unit, he has little

grounds for complaint today. Mayfair Gardens

was sold en bloc to listed property group Ox-

ley Holdings for $311 million, or $1,244 psf per

plot ratio, on Nov 17.

Based on the sale price, Lee will walk away

with around $2.5 million in cash upon the suc-

cessful conclusion of the collective sale, which

is more than triple his purchase price. Even

compared with the resale price of a similar

unit at close to $1.3 million last October, the

collective sale premium is 94%.

More en bloc millionairesThe latest collective sale of Mayfair Gardens

brings the total number of collective sale deals

transacted by Knight Frank this year to five,

with a sales value of $1.8 billion. JLL, mean-

while, has also transacted five collective sale

deals this year, with a sales value of about

$1.9 billion.

“The general pickup in market sentiment has

also helped the agency business and boosted

new project sales and resales,” says Ian Loh,

Knight Frank’s head of investments and cap-

ital markets (see sidebar).

So far this year, 19 en bloc deals worth $6.7

billion have been transacted. The number of

units that will be removed from the market is

about 3,000, with each beneficiary receiving

an average of $2 million in cash, estimates

Wilson Ng, Morgan Stanley vice-president and

Asean property analyst. “A huge amount of

cash is expected to be returned to the prop-

erty market when these en bloc beneficiaries

look for replacement units,” he says. Moreo-

ver, the $2 million per owner is unleveraged,

he points out. If leveraged, it could be four

times more.

Another 60 to 70 projects are believed to

be at various stages of attempting a collective

sale. Assuming that 40 are successful, with

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money will return to the Singapore property market, while some of it could eventually make its way abroad.

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Mayfair Gardens was sold to Oxley Holdings for $311 million, or $1,244 psf per plot ratio, on Nov 17

Harry Lee (in green) and his neighbours at their community garden at Mayfair Gardens

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The spate of collective sales has provided a tremendous boost to real estate agencies and their agents. “There’s an increase in new home sales and resales, providing a lot of opportunities for agents, especially at Knight Frank,” says Tan Tee Khoon, Knight Frank executive director and head of residential project marketing.

This is a far cry from the past year, when disruption in the real estate sector had led to a series of mergers among agencies. In June, PropNex and DWG merged to create the biggest real estate agency by sales force. At end-August, OrangeTee and ET&Co merged their agencies to create OrangeTee & Tie, with the third-largest team of agents. Meanwhile, ERA, the second-largest agency by number of associates, relisted on the Singapore Exchange as APAC Realty at end-September.

Knight Frank Property Network, which is now ranked fifth, has preferred to grow organically, says Tan. Over the past 1½ years, four group division heads from ET&Co have come on board, each bringing a team of 40 to 50 associates with them, or a total of about 200.

One of them, Anthony Chua, has been in the property industry for 23 years. He and his team of about 40 associates officially joined Knight Frank in mid-November. Chua was with ET&Co for 14 years, having joined the firm when it was still flying the DTZ flag. He joined Knight Frank mainly because it is “a globally recognised and respected brand”.

Chua felt that after 14 years with the same firm, it was time to move out of his comfort zone. And the best way to achieve a higher level of growth was a change in environment. After examining the work culture of various agencies, he opted for Knight Frank. “The openness of the management and their willingness to be flexible and responsive to suggestions makes it a very rewarding and fruitful environment for my associates,” says the Knight Frank associate group division director.

Another Knight Frank associate group division director, Jackson Poh, has also been in the property business for 23 years, with the last 11 in ET&Co. He and his team of 50 associates moved to Knight Frank in July. The team has since grown to 72 today. “The market outlook is certainly brighter,” says Poh. “We see a lot of opportunities, not just in the

residential and commercial sectors, but also in en bloc sales.”

While the associates are not directly involved in the en bloc deals at Knight Frank, they are welcome to refer their clients who are interested in pursuing a collective sale of their project, says Poh. The investment sales team is willing to advise these clients on matters such as how to form a sale committee even without the guarantee that they will be appointed the marketing agent for the project, he adds. “So far this year, Knight Frank has been the top scorer. For us, this means more opportunities as the en bloc beneficiaries look for replacement units.”

Apart from two years with ERA, Chand Mahtani spent 24 years at DTZ before moving to Knight Frank 1½ years ago as senior head of a business unit. She brought along 43 agents in her team, which has since grown to about 60. “I moved to Knight Frank to pursue my own career path,” says Chand. She and her team handle residential project sales, landed home sales and commercial property.

Evan Chung, Knight Frank’s associate senior division director, moved with his entire team of 53 associates to Knight Frank a year ago. Prior to that, he had spent nine years with ET&Co, which was the first company he had worked at.

As he has a mix of local and Caucasian agents in his team, Chung feels that the Knight Frank brand affiliation is “ideal”. For the past 12 months, he has been focusing on helping his team grow their business, as “the last few years had been tough”.

With the continued momentum of collective sales, the pipeline of new projects continues to grow. Chung therefore anticipates that he will need to start recruiting more agents.

According to Knight Frank executive director Tan, some of the projects that the firm is involved in marketing in 1Q2018 are the second tower of Marina One Residences, the second phase of Park Place Residences at Paya Lebar Quarter and the new 1,100-unit private condominium on the Serangoon Ville en bloc site.

With the property market showing “vibrant growth”, Poh says he is tempted to return to an active role in marketing and selling properties. “There are plenty of new opportunities to pursue,” he notes.

Knight Frank’s group division directors who were previously with ET&Co (from left): Chua, Poh, Chung and Chand, with Tan

En bloc boost for real estate agents at Knight Frank

each owner receiving an average payout of

$2 million, that would translate into anoth-

er $16 billion in en bloc deals, estimates Ng.

This would bring total en bloc transactions to

about $23 billion, which will surpass the $22

billion in the last en bloc boom of 2005 to 2007.

Potential capital flow re-entering the market is $30 bilIn a typical year, developers sell about $10 bil-

lion worth of new homes. Based on the poten-

tial capital flow from displaced owners in col-

lective sale deals closed so far, Ng estimates the

amount to be about $30 billion, or the equiva-

lent of three years’ worth of new home sales.

He reckons “demand is still substantial, giv-

en the amount of money chasing these sites,

based on the number of bids received per site”.

The effect of the new pre-application fea-

sibility study on traffic impact mandated for

new en bloc sites is likely to be limited in terms

of time to market, as developers can do the

study while applying for the approvals for the

new project, says Ng. However, it could mean

that not all developers will be able to launch

as many units as they had initially planned.

That in itself could curtail developers’ appe-

tite for en bloc sales, he adds.

The government has been vocal about the

effects that the potential new supply from the

recent spate of collective sales will have on

top of the sites sold under government land

sales. However, it is “unlikely” that additional

property cooling measures will be introduced

at this point, says Ng.

Over the past five years (2011 to 2016), the

median household income grew a cumulative

16.9%, while the private property price index

fell 6.9%, according to the Department of Sta-

tistics Singapore. “What we’re seeing now is

property prices trying to play catch-up with

wage growth,” says Ng. “It would be prema-

ture to introduce new property cooling meas-

ures, considering the ABSD [additional buyer’s

stamp duty], QC [qualifying certificate] and SSD

[seller’s stamp duty] are still in place.”

Morgan Stanley’s projection is that Singa-

pore private home prices will increase about

10% from now to end-2018. Based on the fore-

cast that Singapore’s nominal GDP growth

rate will be hovering around 5% over the long

term and assuming that house prices rise in

tandem with nominal GDP growth, proper-

ty prices should be double today’s levels by

2030, says Ng.

The current residential property vacancy rate

of 8.4% is not alarming, as it has been hover-

ing around the 8% level for almost two years,

Ng points out. “It’s unlikely to worsen further,

and rents have also bottomed. If anything, rents

should improve from the current levels.”

‘In the premier league of global cities’Beyond tempering the collective sale fever, the

government is seeking new ideas to keep Singa-

pore as a top global city. At the Real Estate De-

velopers’ Association of Singapore’s 58th anni-

versary dinner on Nov 14, Minister for National

Development Lawrence Wong said: “How do

we create a new and exciting second Central

Business District in Jurong, as well as region-

al centres in Woodlands and Tampines? How

can we create new concepts for infrastructure

which are smarter and more sustainable, that

will keep Singapore in the premier league of

global cities? How do we prepare for an age-

ing population and develop new models of in-

tegrated housing and elderly care?”

The government has started a nationwide

pilot scheme for Business Improvement Dis-

tricts. The idea behind this is to enable prop-

erty owners and developers to engage in place-

making, and create more attractive and vibrant

precincts. “We want to encourage more ground-

up ideas and innovation,” says Wong.

In his own way, 68-year-old Lee has been

doing just that at Mayfair Gardens. Since he

retired 10 years ago, he and some of the other

residents have been active in enhancing the

landscaping at Mayfair Gardens and creating a

community garden, where they grow different

types of plants and vegetables such as Chinese

red long beans and sugar cane.

Pursuit of ‘a quieter life’A Singapore permanent resident and former

managing director of an electrical and steel

company, Lee is now looking forward to mov-

ing back to Australia to pursue “a quieter life”.

He has even put down a deposit on a 50-acre

hobby farm in North Sydney, where he and

his wife envision themselves keeping 20 to 30

chickens and growing vegetables and fruit trees.

“For the same amount of money, you can buy

a reasonably small farm in Australia and still

have some money left,” he says.

However, if he were to stay on in Singapore,

Lee says, he would definitely buy a point-block

flat in Bukit Panjang, like the one owned by

his son. A point-block flat of about 1,300 sq

ft in Bukit Panjang costs less than $600,000.

“The price is still quite reasonable,” he says.

“You can walk to the LRT station, take a bus,

and there’s a wet market nearby. When you’re

retired, you don’t mind walking a little farther

as you have the luxury of time.” Another at-

traction for Lee is the many community gar-

dens in Bukit Panjang.

He says it is not feasible to maintain a farm

in Sydney and an HDB flat in Singapore. “You

have to choose one or the other. If we run the

farm, we can’t keep coming back to Singapore

once a month. And if we’re in Singapore, we

can’t do a lot of things at our farm, and it will

eventually become a white elephant.”

While the collective sale of Mayfair Gar-

dens may be successful, it could be another

year before the deal is completed. “It will de-

pend on whether there will be arbitration or

a High Court hearing,” says Lee.

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Ng says the potential capital flow re-entering the property market as a result of collective sales could amount to $30 billion

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

Residential transactions with contracts dated Nov 7 to 14

District 1 MARINA ONE RESIDENCES Apartment 99 years Nov 7, 2017 1,119 2,607,750 - 2,329 Uncompleted New SaleMARINA ONE RESIDENCES Apartment 99 years Nov 11, 2017 1,506 3,856,133 - 2,559 Uncompleted New SaleTHE SAIL @ MARINA BAY Apartment 99 years Nov 10, 2017 667 1,215,000 - 1,821 2008 ResaleDistrict 2 ICON Apartment 99 years Nov 7, 2017 904 1,465,000 - 1,620 2007 ResaleSPOTTISWOODE 18 Apartment Freehold Nov 8, 2017 387 850,000 - 2,194 2014 ResaleSPOTTISWOODE SUITES Apartment Freehold Nov 7, 2017 839 1,680,000 - 2,001 2017 New SaleDistrict 3 ALEXIS Apartment Freehold Nov 7, 2017 398 705,000 - 1,770 2012 ResaleARTRA Apartment 99 years Nov 9, 2017 785 1,477,700 - 1,881 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Nov 10, 2017 1,151 2,185,100 - 1,897 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Nov 10, 2017 1,151 2,070,000 - 1,797 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Nov 11, 2017 1,291 2,620,000 - 2,028 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Nov 7, 2017 484 941,000 936,000 1,932 Uncompleted New SaleQUEENS PEAK # Condominium 99 years Nov 12, 2017 8,597 14,809,970 - 1,723 Uncompleted New SaleRIVER PLACE Condominium 99 years Nov 7, 2017 807 1,095,000 - 1,356 2000 ResaleRIVER PLACE Condominium 99 years Nov 7, 2017 1,582 1,950,000 - 1,232 1999 ResaleDistrict 4 REFLECTIONS AT KEPPEL BAY Condominium 99 years Nov 9, 2017 7,984 12,779,200 - 1,600 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Nov 10, 2017 1,689 2,621,850 - 1,551 2011 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years Nov 10, 2017 3,475 5,020,000 - 1,444 2009 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years Nov 13, 2017 2,356 3,750,000 - 1,591 2009 ResaleDistrict 5 BIJOU Apartment Freehold Nov 7, 2017 570 1,056,687 - 1,852 Uncompleted New SaleDOVER PARKVIEW Condominium 99 years Nov 8, 2017 936 1,000,000 - 1,068 1997 ResaleHERITAGE VIEW Condominium 99 years Nov 9, 2017 1,162 1,380,000 - 1,187 2000 ResaleLANDRIDGE CONDOMINIUM Condominium Freehold Nov 10, 2017 1,775 2,200,000 - 1,239 1993 ResalePARC RIVIERA Condominium 99 years Nov 7, 2017 463 613,000 - 1,324 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 7, 2017 603 773,000 - 1,282 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 7, 2017 710 962,000 - 1,354 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 10, 2017 1,151 1,379,000 - 1,197 Uncompleted New SalePARC RIVIERA Condominium 99 years Nov 12, 2017 710 916,000 - 1,289 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years Nov 12, 2017 732 1,221,000 - 1,668 Uncompleted New SaleTHE INFINITI Condominium Freehold Nov 8, 2017 1,625 1,680,000 - 1,034 2008 ResaleTHE PEAK@BALMEG Condominium Freehold Nov 9, 2017 1,711 1,990,000 - 1,163 2011 ResaleTHE ROCHESTER Apartment 99 years Nov 7, 2017 861 1,200,000 - 1,394 2011 ResaleTHE VISION Condominium 99 years Nov 8, 2017 818 1,020,000 - 1,247 2014 ResaleTHE VISION Condominium 99 years Nov 14, 2017 1,302 1,540,000 - 1,182 2014 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years Nov 7, 2017 1,797 1,930,000 - 1,074 2008 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years Nov 8, 2017 1,291 1,415,000 - 1,095 2008 ResaleVIVA VISTA Apartment Freehold Nov 9, 2017 420 685,000 - 1,632 2014 Resale

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


Demand for luxury properties returns as prices rebound

DONE DEALS

District 7 SOUTHBANK Apartment 99 years Nov 10, 2017 958 1,435,000 - 1,498 2010 ResaleDistrict 8 FARRER PARK SUITES Apartment Freehold Nov 8, 2017 377 640,000 - 1,699 2011 ResaleKERRISDALE Condominium 99 years Nov 7, 2017 2,378 2,320,000 - 975 2005 ResaleKERRISDALE Condominium 99 years Nov 10, 2017 1,259 1,250,000 - 993 2005 ResaleSTURDEE RESIDENCES Condominium 99 years Nov 10, 2017 947 1,591,000 - 1,680 Uncompleted New SaleDistrict 9 BELLE VUE RESIDENCES Condominium Freehold Nov 13, 2017 2,303 4,560,000 - 1,980 2010 ResaleEURO-ASIA COURT Apartment Freehold Nov 13, 2017 1,065 1,580,000 - 1,483 1994 ResaleHELIOS RESIDENCES Apartment Freehold Nov 13, 2017 1,915 4,250,000 - 2,218 2011 ResaleMARTIN MODERN Condominium 99 years Nov 8, 2017 764 1,885,802 - 2,468 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8, 2017 764 1,880,753 - 2,461 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 11, 2017 882 2,178,228 - 2,468 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 11, 2017 882 2,173,922 - 2,463 Uncompleted New SaleROBERTSON 100 Apartment Freehold Nov 9, 2017 1,560 2,600,000 - 1,666 2004 ResaleROBERTSON 100 Apartment Freehold Nov 10, 2017 1,065 1,800,000 - 1,689 2004 ResaleSAM KIANG MANSIONS Apartment Freehold Nov 8, 2017 1,205 1,880,000 - 1,559 1999 ResaleSCOTTS SQUARE Apartment Freehold Nov 13, 2017 635 1,950,000 - 3,070 2011 ResaleSKYPARK Apartment Freehold Nov 13, 2017 3,346 6,000,000 - 1,792 Unknown ResaleSOPHIA HILLS Condominium 99 years Nov 9, 2017 613 1,286,000 - 2,096 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Nov 10, 2017 570 1,199,000 - 2,102 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Nov 11, 2017 1,065 2,089,000 - 1,960 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Nov 12, 2017 592 1,222,000 - 2,064 Uncompleted New SaleSUITES AT ORCHARD Apartment 99 years Nov 7, 2017 2,195 2,790,000 - 1,271 2014 ResaleTHE RITZ-CARLTON RESIDENCESSINGAPORE CAIRNHILL Apartment Freehold Nov 9, 2017 2,830 9,525,000 - 3,365 2011 ResaleTHE VERMONT ON CAIRNHILL Apartment Freehold Nov 10, 2017 3,465 7,500,000 - 2,164 2013 ResaleTOWNHOUSE APARTMENTS Apartment 99 years Nov 10, 2017 2,905 2,300,000 - 791 Unknown ResaleTRIBECA Condominium Freehold Nov 13, 2017 516 1,060,000 - 2,052 2010 ResaleURBANA Condominium Freehold Nov 10, 2017 1,011 1,818,000 - 1,797 2007 ResaleDistrict 10 ARDMORE PARK Condominium Freehold Nov 14, 2017 2,884 9,300,000 - 3,224 2001 ResaleD’LEEDON Condominium 99 years Nov 10, 2017 1,872 3,000,000 - 1,602 2014 ResaleHOLLAND PEAK Condominium Freehold Nov 9, 2017 1,463 2,000,000 - 1,366 1994 ResaleHOLLAND PEAK Condominium Freehold Nov 13, 2017 915 1,288,888 - 1,409 1994 ResaleJERVOIS LODGE Condominium Freehold Nov 13, 2017 1,216 1,800,000 - 1,480 1997 ResaleMADISON RESIDENCES Condominium Freehold Nov 8, 2017 1,463 2,800,000 - 1,913 2012 ResaleMUTIARA CREST Apartment Freehold Nov 13, 2017 1,334 2,050,000 - 1,536 2000 ResalePRINCESS OF WALES ROAD Semi-Detached Freehold Nov 7, 2017 3,206 5,950,000 - 1,854 2000 ResaleSWETTENHAM ROAD Detached Freehold Nov 9, 2017 15,193 19,280,000 - 1,268 1997 ResaleHOLLAND GROVE DRIVE Detached Freehold Nov 9, 2017 4,508 8,388,000 - 1,858 Unknown Resale9 HOLLAND HILL Apartment Freehold Nov 9, 2017 1,517 1,888,888 - 1,245 1997 ResaleJERVOIS ROAD Terrace Freehold Nov 10, 2017 2,001 4,600,000 - 2,304 1987 ResaleNATHAN RESIDENCES Apartment Freehold Nov 8, 2017 592 1,082,000 - 1,828 2013 ResaleONE TREE HILL RESIDENCE Apartment Freehold Nov 10, 2017 1,130 2,335,000 - 2,066 2008 ResalePROXIMO Apartment Freehold Nov 10, 2017 1,119 1,800,000 - 1,608 2005 ResaleREGENCY PARK Condominium Freehold Nov 10, 2017 3,648 6,150,000 - 1,685 1990 ResaleREGENCY PARK Condominium Freehold Nov 10, 2017 3,174 5,300,000 - 1,669 1990 ResaleRV RESIDENCES Condominium 999 years Nov 9, 2017 1,216 2,215,000 - 1,821 2015 ResaleSPANISH VILLAGE Condominium Freehold Nov 8, 2017 2,055 2,550,000 - 1,240 1987 ResaleTANGLIN PARK Condominium Freehold Nov 13, 2017 1,119 1,950,000 - 1,742 1989 ResaleTHE ASTON Apartment Freehold Nov 7, 2017 1,108 1,610,000 - 1,452 2002 ResaleTHE DRAYCOTT Apartment Freehold Nov 8, 2017 2,636 4,390,000 - 1,665 1980 ResaleTHE GRANGE Condominium Freehold Nov 10, 2017 2,292 5,315,000 - 2,318 2008 ResaleTHE LEGACY Apartment Freehold Nov 7, 2017 968 1,380,000 - 1,425 1999 ResaleTHE NASSIM Condominium Freehold Nov 9, 2017 2,905 10,000,000 - 3,441 2015 ResaleTHREE BALMORAL Apartment Freehold Nov 8, 2017 1,528 3,316,600 - 2,170 2016 ResaleTHREE BALMORAL Apartment Freehold Nov 10, 2017 1,528 3,302,300 - 2,161 2016 ResaleTHREE BALMORAL Apartment Freehold Nov 14, 2017 1,291 2,718,000 - 2,104 2016 ResaleVALLEY PARK Condominium 999 years Nov 13, 2017 1,700 2,728,000 - 1,604 1997 ResaleVERDURE Condominium Freehold Nov 10, 2017 1,420 2,580,000 - 1,816 2012 ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold Nov 7, 2017 473 1,361,644 - 2,875 2017 ResaleBARKER TERRACES Terrace Freehold Nov 8, 2017 2,755 3,225,000 - 1,170 2006 ResaleBUCKLEY CLASSIQUE Condominium Freehold Nov 10, 2017 1,474 2,750,000 - 1,865 2014 ResaleCASA CONTENDERE Condominium Freehold Nov 7, 2017 33,539 72,000,000 - 2,146 1985 ResaleGILSTEAD TWO Apartment Freehold Nov 9, 2017 775 1,500,000 - 1,935 2014 ResaleHILLCREST ARCADIA Condominium 99 years Nov 10, 2017 581 560,088 - 964 1980 ResaleL’VIV Apartment Freehold Nov 8, 2017 613 1,300,000 - 2,119 2013 ResaleMANDALE HEIGHTS Apartment Freehold Nov 10, 2017 818 1,170,000 - 1,430 2004 Resale10 SURREY ROAD Apartment Freehold Nov 7, 2017 1,237 2,500,000 - 2,020 1993 ResaleHARLYN ROAD Detached Freehold Nov 8, 2017 14,870 22,800,000 - 1,533 Unknown ResaleROCHELLE AT NEWTON Condominium 99 years Nov 13, 2017 1,011 1,560,000 - 1,542 2012 ResaleSOLEIL @ SINARAN Condominium 99 years Nov 9, 2017 1,722 3,100,000 - 1,800 2011 ResaleSOLEIL @ SINARAN Condominium 99 years Nov 13, 2017 581 1,030,000 - 1,772 2011 Resale

| BY TIMOTHY TAY |

Prices in the prime areas were the

most affected over the past three

years compared with other seg-

ments of the residential market,

says Tay Kah Poh, executive di-

rector and head of residential services at

Knight Frank. And buyers now feel that

prices for high-end properties in Singapore

are more affordable than in cities such as

London or Hong Kong, he adds. Tay points

out that an apartment in Hong Kong made

the news for selling at a record-breaking

price of $22,923 psf on Nov 21.

As a result, demand has returned to

Singapore’s luxury segment. Four luxury

condo units transacted at prices above $9

million in the week of Nov 7 to 14. The

priciest unit sold was a 7,984 sq ft, pent-

house villa unit at Reflections at Kep-

pel Bay. It was sold for $12.78 million

($1,600 psf) on Nov 9, the highest price

in terms of quantum for a unit at the pro-

ject, so far this year.

A 2,905 sq ft unit was sold for $10 mil-

lion ($3,441 psf) at The Nassim on Nov

9. It is one of 45 units purchased in Jan-

uary by Kheng Leong Co, which is con-

trolled by the family of Wee Cho Yaw,

chairman emeritus of United Overseas

Bank. Kheng Leong paid $411.6 million,

or about $2,300 psf on average, for the

units, which reflects an 18% discount over

the average transacted price at the time.

According to caveats lodged with URA

Realis, three out of the 45 units bought

by Kheng Leong have been sold so far, at

prices well above $2,300 psf. In Septem-

ber, another 2,905 sq ft unit was sold for

$9.88 million ($3,400 psf), while a 9,300

sq ft unit fetched $25.6 million ($2,750

psf) in May.

Over at Ardmore Park, prices have

been climbing since the start of the year.

On Nov 14, a 2,884 sq ft unit on the 19th

floor transacted for $9.3 million ($3,224

psf). This is the 16th unit sold at Ardmore

Park this year, which is more than double

the seven units sold last year.

The Ritz-Carlton Residences Sin-

gapore Cairnhill has also seen more

transactions this year. Seven units have

been sold so far compared with five last

year and just one in 2015. The most re-

cent sale, on Nov 9, was for a 2,830 sq

ft unit on the 21st floor, which sold for

$9.5 million ($3,365 psf). Prices achieved

this year are also higher, at an average

of $3,395 psf, compared with last year’s

$3,078 psf.

Prices in the luxury segment will con-

tinue to rise in 2018; however, the pace

will be gradual, says Tay, as property cool-

ing measures will restrain over-enthusias-

tic buyers and developers. “The govern-

ment has intervening measures in place

that ensure prices are not pulled ahead

too quickly,” he adds.

A 2,905 sq ft unit at The Nassim was sold for $10 million ($3,441 psf) on Nov 9E

THE

EDG

E SI

NG

APO

RE


Residential transactions with contracts dated Nov 7 to 14


SUITES @ NEWTON Apartment Freehold Nov 9, 2017 764 1,050,000 - 1,374 2016 ResaleSUITES @ NEWTON Apartment Freehold Nov 13, 2017 603 1,170,000 - 1,941 2016 ResaleTHE ARMADALE Apartment Freehold Nov 13, 2017 667 1,040,000 - 1,558 2001 ResaleTHE GREENWOOD Terrace Freehold Nov 14, 2017 2,281 4,350,000 - 1,906 2008 ResaleTHE SHELFORD Condominium Freehold Nov 13, 2017 2,174 4,010,000 - 1,844 2005 ResaleTREVOSE PARK Condominium Freehold Nov 9, 2017 1,646 2,510,000 - 1,524 1991 ResaleDistrict 12 BEACON HEIGHTS Condominium 999 years Nov 9, 2017 925 900,000 - 972 2012 ResaleRAJAH TOWERS Apartment Freehold Nov 9, 2017 2,206 1,950,000 - 884 1983 ResaleRITZ MANSIONS Apartment Freehold Nov 10, 2017 1,302 1,355,000 - 1,040 1995 ResaleSKYSUITES17 Apartment Freehold Nov 8, 2017 377 690,000 - 1,832 2014 ResaleTHE MARQUE @ IRRAWADDY Apartment Freehold Nov 7, 2017 882 1,110,000 - 1,258 2009 ResaleVA RESIDENCES Apartment Freehold Nov 9, 2017 516 776,000 - 1,502 2016 New SaleDistrict 13 8@WOODLEIGH Condominium 99 years Nov 9, 2017 829 1,060,000 - 1,279 2012 ResaleBARTLEY RIDGE Condominium 99 years Nov 7, 2017 463 735,000 - 1,588 2016 Sub SaleD’ ALMIRA Apartment Freehold Nov 14, 2017 1,216 1,330,000 - 1,093 2011 ResaleJALAN LATEH Semi-Detached Freehold Nov 13, 2017 3,583 5,200,000 - 1,449 2010 ResaleSKY GREEN Condominium Freehold Nov 9, 2017 1,496 2,080,000 - 1,390 2015 ResaleTHE POIZ RESIDENCES Apartment 99 years Nov 7, 2017 1,506 2,044,550 - 1,357 Uncompleted New SaleDistrict 14 D’OASIA Apartment Freehold Nov 8, 2017 538 700,000 - 1,301 2010 ResaleESCADA VIEW Condominium Freehold Nov 8, 2017 1,237 1,100,000 - 889 1997 ResaleGUILLEMARD EDGE Apartment Freehold Nov 13, 2017 560 725,000 - 1,295 2014 ResaleKIMNAN PARK Terrace Freehold Nov 8, 2017 2,184 2,184,000 - 1,000 1983 ResaleLE CRESCENDO Condominium Freehold Nov 13, 2017 1,539 1,800,000 - 1,169 2006 ResaleMELOSA Apartment Freehold Nov 9, 2017 430 560,000 - 1,301 2013 ResaleMELOSA Apartment Freehold Nov 13, 2017 430 535,000 - 1,243 2013 ResaleLORONG 33 GEYLANG Detached Freehold Nov 7, 2017 3,744 3,200,000 - 854 Unknown ResaleREZI 35 Apartment Freehold Nov 7, 2017 452 741,280 - 1,640 Uncompleted New SaleREZI 35 Apartment Freehold Nov 10, 2017 452 718,000 - 1,588 Uncompleted New SaleREZI 35 Apartment Freehold Nov 10, 2017 839 1,195,320 - 1,424 Uncompleted New SaleREZI 35 Apartment Freehold Nov 11, 2017 452 736,760 - 1,630 Uncompleted New SaleSIMS URBAN OASIS # Condominium 99 years Nov 11, 2017 7,952 11,790,800 - 1,483 2017 New SaleSINGA HILLS Apartment Freehold Nov 13, 2017 656 958,360 - 1,460 2016 ResaleTHE HELICONIA Condominium Freehold Nov 10, 2017 1,334 1,220,000 - 914 2003 ResaleTHE NAVIAN Apartment Freehold Nov 8, 2017 893 1,424,000 - 1,594 Uncompleted New SaleTHE NAVIAN Apartment Freehold Nov 12, 2017 667 1,006,000 - 1,507 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Nov 8, 2017 947 1,260,000 - 1,330 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Nov 9, 2017 764 1,121,000 - 1,467 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Nov 9, 2017 764 1,139,000 - 1,490 Uncompleted New SaleWING FONG MANSIONS Apartment Freehold Nov 10, 2017 947 755,000 - 797 1997 ResaleDistrict 15 AMBER SKYE Apartment Freehold Nov 11, 2017 1,119 2,249,430 - 2,009 2017 New SaleAMBER SKYE Apartment Freehold Nov 12, 2017 1,119 2,312,480 - 2,066 2017 New SaleCELESTIA Apartment Freehold Nov 8, 2017 1,216 1,070,000 - 880 2009 ResaleEBONY MANSIONS Apartment Freehold Nov 8, 2017 1,205 1,300,000 - 1,078 1995 ResaleFLAMINGO VALLEY Condominium Freehold Nov 13, 2017 1,205 1,638,000 - 1,359 2014 ResaleFRANKEL ESTATE Semi-Detached Freehold Nov 8, 2017 5,251 6,700,000 - 1,275 1985 ResaleGALAXY TOWERS Apartment Freehold Nov 8, 2017 1,065 1,113,000 - 1,044 1989 ResaleHERITAGE EAST Apartment Freehold Nov 9, 2017 377 555,000 - 1,473 2012 ResaleMARINE BLUE Condominium Freehold Nov 8, 2017 732 1,393,290 - 1,904 2016 ResaleMARINE BLUE Condominium Freehold Nov 13, 2017 1,270 1,654,220 - 1,302 2016 ResaleMARINE BLUE Condominium Freehold Nov 13, 2017 1,270 1,654,220 - 1,302 2016 ResaleMARINE BLUE Condominium Freehold Nov 13, 2017 968 1,381,650 - 1,426 2016 ResaleSANDY LANE Semi-Detached Freehold Nov 7, 2017 3,874 4,520,000 - 1,165 Unknown ResaleCARPMAEL ROAD Terrace Freehold Nov 9, 2017 1,829 2,880,000 - 1,579 1989 ResaleONAN ROAD Terrace Freehold Nov 13, 2017 1,646 2,180,000 - 1,328 Unknown ResaleNEPTUNE COURT Apartment 99 years Nov 9, 2017 1,270 1,010,000 - 795 1975 ResaleNEPTUNE COURT Apartment 99 years Nov 14, 2017 1,636 900,000 - 550 1975 ResaleONE FORT Condominium Freehold Nov 7, 2017 1,227 1,631,910 - 1,330 2005 ResalePARK EAST Condominium Freehold Nov 10, 2017 1,657 1,950,000 - 1,176 1994 ResaleSANCTUARY GREEN Condominium 99 years Nov 8, 2017 1,592 1,580,000 - 992 2004 ResaleSEASIDE RESIDENCES Apartment 99 years Nov 9, 2017 785 1,270,000 - 1,616 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Nov 11, 2017 1,022 1,550,000 - 1,516 Uncompleted New SaleSIGLAP V Apartment Freehold Nov 14, 2017 775 910,000 - 1,174 2013 ResaleTEMBELING COURT Apartment Freehold Nov 10, 2017 818 888,000 - 1,085 2010 ResaleTHE ESTA Condominium Freehold Nov 7, 2017 1,345 2,168,000 - 1,611 2008 ResaleTHE LINE @ TANJONG RHU Condominium Freehold Nov 9, 2017 420 1,060,000 - 2,525 2016 ResaleTHE NCLAVE Apartment Freehold Nov 13, 2017 861 965,000 - 1,121 2007 ResaleTHE SERENNO Apartment Freehold Nov 9, 2017 775 1,110,000 - 1,432 2016 ResaleTHE SERENNO Apartment Freehold Nov 10, 2017 1,270 1,570,000 - 1,236 2016 ResaleTHE SERENNO Apartment Freehold Nov 10, 2017 775 1,058,000 - 1,365 2016 ResaleVERSILIA ON HAIG Condominium Freehold Nov 13, 2017 1,130 1,600,000 - 1,416 2010 ResaleVILLA MARINA Condominium 99 years Nov 10, 2017 1,506 1,330,000 - 883 1999 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years Nov 7, 2017 893 805,000 - 901 2000 ResaleBAYSHORE PARK Condominium 99 years Nov 13, 2017 936 788,888 - 842 1986 ResaleBAYWATER Condominium 99 years Nov 8, 2017 1,033 935,000 - 905 2006 ResaleBEDOK COURT Condominium 99 years Nov 7, 2017 2,270 1,625,000 - 715 1985 ResaleCASA FLORA Condominium Freehold Nov 10, 2017 1,560 1,270,000 - 814 1987 ResaleCASA MERAH Apartment 99 years Nov 8, 2017 1,227 1,350,000 - 1,100 2009 ResaleCHANGI COURT Condominium Freehold Nov 9, 2017 1,162 1,090,000 - 938 1997 ResaleCOSTA DEL SOL Condominium 99 years Nov 10, 2017 1,227 1,680,000 - 1,369 2003 ResaleEAST MEADOWS Condominium 99 years Nov 9, 2017 1,205 1,150,000 - 954 2002 ResaleEVERGREEN GARDEN Semi-Detached Freehold Nov 13, 2017 3,206 3,690,000 - 1,150 Unknown ResaleGRANDEUR PARK RESIDENCES Condominium 99 years Nov 8, 2017 893 1,259,000 - 1,409 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years Nov 10, 2017 882 1,210,000 - 1,371 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years Nov 10, 2017 882 1,147,000 - 1,299 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years Nov 12, 2017 882 1,193,000 - 1,352 Uncompleted New SaleUPPER CHANGI ROAD Terrace Freehold Nov 8, 2017 1,711 1,200,000 - 703 1984 ResaleBEDOK ROAD Terrace Freehold Nov 9, 2017 1,657 2,188,000 - 1,318 1993 ResaleSUNBIRD ROAD Terrace Freehold Nov 9, 2017 1,614 2,275,000 - 1,407 1992 ResaleTANAMERA CREST Condominium 99 years Nov 8, 2017 1,184 930,000 - 785 2004 ResaleTANAMERA CREST Condominium 99 years Nov 13, 2017 1,162 900,000 - 774 2004 ResaleWATERFRONT WAVES Condominium 99 years Nov 9, 2017 968 1,010,000 - 1,043 2011 ResaleDistrict 17 HEDGES PARK CONDOMINIUM Condominium 99 years Nov 10, 2017 764 718,000 - 939 2015 ResaleLOYANG GARDENS Condominium 999 years Nov 14, 2017 1,711 1,200,000 - 701 1994 ResaleLOYANG VALLEY Condominium 99 years Nov 8, 2017 1,420 888,000 - 625 1985 ResaleDistrict 18 EASTVALE EC 99 years Nov 9, 2017 1,216 852,800 - 701 1999 ResaleLIVIA Condominium 99 years Nov 13, 2017 1,539 1,300,000 - 845 2011 ResaleMELVILLE PARK Condominium 99 years Nov 8, 2017 1,420 825,000 - 581 1996 ResaleNV RESIDENCES Condominium 99 years Nov 10, 2017 1,453 1,200,000 - 826 2013 ResaleNV RESIDENCES Condominium 99 years Nov 13, 2017 2,507 1,835,000 - 732 2013 ResaleSEA ESTA Condominium 99 years Nov 8, 2017 904 890,000 - 984 2015 ResaleSEA ESTA Condominium 99 years Nov 14, 2017 646 720,000 - 1,115 2015 ResaleSIMEI GREEN CONDOMINIUM EC 99 years Nov 14, 2017 1,248 902,000 - 722 1999 ResaleTHE ALPS RESIDENCES Condominium 99 years Nov 10, 2017 1,065 1,145,000 - 1,074 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 11, 2017 936 1,063,000 - 1,135 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 11, 2017 1,087 1,191,000 - 1,096 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Nov 11, 2017 1,087 1,241,000 - 1,142 Uncompleted New SaleTHE SANTORINI Condominium 99 years Nov 8, 2017 1,259 1,318,050 - 1,047 2017 New SaleDistrict 19 BOATHOUSE RESIDENCES Condominium 99 years Nov 13, 2017 893 938,000 - 1,050 2015 ResaleCHARLTON 18 Terrace Freehold Nov 14, 2017 3,389 2,770,900 - 817 2016 ResaleCHILTERN PARK Condominium 99 years Nov 7, 2017 1,571 1,428,888 - 909 1995 ResaleFONTAINE PARRY Condominium 999 years Nov 10, 2017 915 1,000,000 - 1,093 2010 ResaleKINGSFORD WATERBAY # Apartment 99 years Nov 12, 2017 8,253 11,019,924 - 1,335 Uncompleted New SaleHILLSIDE DRIVE Semi-Detached 999 years Nov 10, 2017 2,260 2,980,000 - 1,318 1996 ResalePARC CENTROS Condominium 99 years Nov 10, 2017 990 1,100,000 - 1,111 2016 Sub Sale


PARC VERA Condominium 99 years Nov 9, 2017 1,141 1,150,000 - 1,008 2014 ResalePLACE-8 Terrace Freehold Nov 9, 2017 3,250 2,600,000 - 800 Uncompleted New SalePLACE-8 Terrace Freehold Nov 9, 2017 3,260 2,600,000 - 797 Uncompleted New SaleRIVER ISLES Condominium 99 years Nov 13, 2017 947 933,000 - 985 2015 ResaleSTARS OF KOVAN Apartment 99 years Nov 9, 2017 742 1,092,200 - 1,471 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Nov 10, 2017 796 1,191,960 - 1,496 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Nov 10, 2017 1,022 1,568,000 - 1,533 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Nov 10, 2017 764 1,168,740 - 1,529 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Nov 11, 2017 753 1,123,760 - 1,491 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Nov 11, 2017 742 1,138,640 - 1,533 Uncompleted New SaleTAI HWAN GARDEN Terrace Freehold Nov 9, 2017 1,851 2,760,000 - 1,491 1979 ResaleTHE QUARTZ Condominium 99 years Nov 10, 2017 1,022 980,000 - 958 2009 ResaleTHE RIVERVALE EC 99 years Nov 7, 2017 1,291 880,000 - 681 2000 ResaleTHE SCALA Apartment 99 years Nov 9, 2017 829 1,080,000 - 1,303 2013 ResaleTHE SCALA Apartment 99 years Nov 13, 2017 893 1,260,000 - 1,410 2013 ResaleTRILIVE Condominium Freehold Nov 10, 2017 904 1,353,000 - 1,496 Uncompleted New SaleDistrict 20 MAYFLOWER WAY Terrace Freehold Nov 9, 2017 2,023 2,300,000 - 1,137 Unknown ResaleSEMBAWANG HILLS ESTATE Terrace Freehold Nov 9, 2017 1,431 1,700,000 - 1,189 Unknown ResaleSKY HABITAT Condominium 99 years Nov 7, 2017 1,162 1,561,230 - 1,343 2015 ResaleSKY HABITAT Condominium 99 years Nov 8, 2017 1,388 1,951,015 - 1,405 2015 ResaleSKY VUE Condominium 99 years Nov 7, 2017 829 1,288,000 - 1,554 2016 ResaleSKY VUE Condominium 99 years Nov 10, 2017 678 980,000 - 1,445 2016 ResaleTHOMSON GARDEN ESTATE Terrace Freehold Nov 10, 2017 1,130 1,800,000 - 1,599 Unknown ResaleDistrict 21 CAVENDISH PARK Condominium 99 years Nov 8, 2017 1,313 1,450,000 - 1,104 1996 ResaleCAVENDISH PARK Condominium 99 years Nov 13, 2017 958 1,050,000 - 1,096 1996 ResaleCLEMENTI PARK Condominium Freehold Nov 8, 2017 1,722 1,700,000 - 987 1983 ResaleCLEMENTI PARK Condominium Freehold Nov 13, 2017 3,077 2,925,000 - 950 1985 ResaleGRAND REGENCY Apartment Freehold Nov 13, 2017 818 908,000 - 1,110 1999 ResaleHILLVIEW GREEN Condominium 999 years Nov 14, 2017 958 960,000 - 1,002 1998 ResaleKISMIS COURT Condominium 99 years Nov 13, 2017 1,948 1,180,000 - 606 1985 ResaleSELANTING GREEN Apartment Freehold Nov 7, 2017 1,001 1,030,000 - 1,029 1998 ResaleSIGNATURE PARK Condominium Freehold Nov 13, 2017 1,700 1,970,000 - 1,158 1998 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years Nov 8, 2017 1,345 1,390,000 - 1,033 1998 ResaleSUITES AT BUKIT TIMAH Apartment Freehold Nov 8, 2017 430 675,000 - 1,568 2014 ResaleSUMMERHILL Condominium Freehold Nov 9, 2017 1,205 1,266,000 - 1,050 2002 ResaleSYMPHONY HEIGHTS Condominium Freehold Nov 7, 2017 1,216 1,300,000 - 1,069 1998 ResaleTHE CASCADIA Condominium Freehold Nov 14, 2017 882 1,420,000 - 1,609 2010 ResaleTHE CREEK @ BUKIT Condominium Freehold Nov 11, 2017 1,614 2,455,166 - 1,521 2017 New SaleTHE CREEK @ BUKIT Condominium Freehold Nov 12, 2017 1,216 1,728,000 - 1,421 2017 New SaleTHE RAINTREE Condominium 99 years Nov 8, 2017 1,377 1,250,000 - 907 2008 ResaleDistrict 22 LAKE GRANDE Condominium 99 years Nov 10, 2017 818 1,060,000 - 1,296 Uncompleted New SaleLAKE GRANDE Condominium 99 years Nov 10, 2017 1,173 1,621,000 - 1,382 Uncompleted New SaleLAKE GRANDE Condominium 99 years Nov 10, 2017 818 1,066,000 - 1,303 Uncompleted New SaleLAKE GRANDE Condominium 99 years Nov 12, 2017 818 1,114,000 - 1,362 Uncompleted New SalePARC VISTA Condominium 99 years Nov 7, 2017 1,151 985,000 - 855 1998 ResaleSUMMERDALE EC 99 years Nov 8, 2017 1,399 900,000 - 643 2000 ResaleSUMMERDALE EC 99 years Nov 10, 2017 1,399 920,500 - 658 2000 ResaleTHE FLORAVALE EC 99 years Nov 14, 2017 1,323 822,000 - 621 2000 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years Nov 14, 2017 721 955,000 - 1,324 2014 ResaleTHE MAYFAIR Condominium 99 years Nov 13, 2017 1,227 1,050,000 - 856 2000 ResaleDistrict 23 CASHEW VILLAS Terrace 999 years Nov 8, 2017 1,614 2,280,000 - 1,410 1993 ResaleFORESQUE RESIDENCES Condominium 99 years Nov 13, 2017 463 620,000 - 1,340 2014 ResaleHILLBROOKS Condominium Freehold Nov 10, 2017 1,237 1,180,000 - 953 1999 ResaleHILLINGTON GREEN Condominium 999 years Nov 13, 2017 1,356 1,430,000 - 1,054 2002 ResaleHILLINGTON GREEN Condominium 999 years Nov 13, 2017 1,356 1,390,000 - 1,025 2002 ResaleHILLION RESIDENCES Apartment 99 years Nov 10, 2017 473 777,000 - 1,641 2017 New SaleHILLVIEW GARDEN ESTATE Apartment 998 years Nov 8, 2017 1,076 980,000 - 910 Unknown ResaleHILLVISTA Condominium Freehold Nov 8, 2017 947 1,138,000 - 1,201 2010 ResaleINZ RESIDENCE EC 99 years Nov 7, 2017 990 802,000 - 810 Uncompleted New SaleINZ RESIDENCE EC 99 years Nov 10, 2017 990 804,000 - 812 Uncompleted New SaleINZ RESIDENCE EC 99 years Nov 10, 2017 1,108 890,000 - 803 Uncompleted New SaleINZ RESIDENCE EC 99 years Nov 11, 2017 1,011 838,000 - 828 Uncompleted New SaleMAYSPRINGS Apartment 99 years Nov 10, 2017 807 720,000 - 892 1998 ResaleJALAN EMAS URAI Semi-Detached 999 years Nov 7, 2017 6,779 5,518,000 - 813 1967 ResaleJALAN REMAJA Semi-Detached 999 years Nov 10, 2017 3,303 3,300,000 - 1,000 Unknown ResaleNATURA@HILLVIEW Apartment Freehold Nov 13, 2017 527 700,000 - 1,327 2015 Sub SaleNORTHVALE Apartment 99 years Nov 7, 2017 1,270 850,000 - 669 1998 ResalePALM GARDENS Condominium 99 years Nov 10, 2017 1,205 850,000 - 705 2000 ResalePARKVIEW APARTMENTS Apartment 99 years Nov 7, 2017 990 755,000 - 762 1998 ResalePARKVIEW APARTMENTS Apartment 99 years Nov 9, 2017 1,119 765,000 - 683 1998 ResaleTHE QUINTET EC 99 years Nov 9, 2017 3,196 1,690,888 - 529 2006 ResaleYEW MEI GREEN EC 99 years Nov 7, 2017 1,334 905,000 - 678 2000 ResaleDistrict 25 NORTHOAKS EC 99 years Nov 7, 2017 1,237 775,000 - 626 2000 ResaleNORTHWAVE # EC 99 years Nov 12, 2017 11,104 8,550,650 - 770 Uncompleted New SaleROSEWOOD Condominium 99 years Nov 8, 2017 1,463 1,020,000 - 697 2003 ResaleDistrict 27 EIGHT COURTYARDS Condominium 99 years Nov 7, 2017 990 920,000 - 929 2014 ResaleEUPHONY GARDENS Condominium 99 years Nov 7, 2017 1,894 1,035,000 - 546 2001 ResaleNORTH PARK RESIDENCES Apartment 99 years Nov 8, 2017 1,259 1,524,440 - 1,210 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Nov 8, 2017 1,248 1,587,000 - 1,271 Uncompleted New SalePARC LIFE EC 99 years Nov 7, 2017 1,054 868,230 - 823 Uncompleted New SalePARC LIFE EC 99 years Nov 8, 2017 753 608,850 - 808 Uncompleted New SalePARC LIFE EC 99 years Nov 8, 2017 1,001 753,390 - 753 Uncompleted New SalePARC LIFE EC 99 years Nov 10, 2017 1,065 893,970 - 839 Uncompleted New SalePARC LIFE EC 99 years Nov 12, 2017 1,054 813,780 - 771 Uncompleted New SalePARC LIFE EC 99 years Nov 12, 2017 1,001 753,390 - 753 Uncompleted New SaleSIGNATURE AT YISHUN # EC 99 years Nov 11, 2017 12,051 9,419,000 - 782 2017 New SaleSYMPHONY SUITES Condominium 99 years Nov 7, 2017 893 937,000 - 1,049 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 7, 2017 893 986,000 - 1,104 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 7, 2017 893 1,004,000 - 1,124 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Nov 8, 2017 785 880,000 - 1,120 Uncompleted New SaleTHE BROWNSTONE EC 99 years Nov 7, 2017 882 735,200 - 833 2017 New SaleTHE BROWNSTONE EC 99 years Nov 11, 2017 925 809,600 - 875 2017 New SaleTHE CRITERION EC 99 years Nov 7, 2017 1,119 848,800 - 758 Uncompleted New SaleTHE CRITERION EC 99 years Nov 10, 2017 1,076 844,000 - 784 Uncompleted New SaleTHE CRITERION EC 99 years Nov 10, 2017 915 743,200 - 812 Uncompleted New SaleTHE CRITERION EC 99 years Nov 12, 2017 915 737,600 - 806 Uncompleted New SaleTHE ESTUARY Condominium 99 years Nov 10, 2017 592 630,000 - 1,064 2013 ResaleTHE VISIONAIRE EC 99 years Nov 9, 2017 979 823,000 - 840 Uncompleted New SaleWATERCOVE Terrace Freehold Nov 12, 2017 3,465 2,508,000 - 724 Uncompleted New SaleDistrict 28 H2O RESIDENCES Condominium 99 years Nov 7, 2017 1,130 1,160,000 - 1,026 2015 ResaleKELULUT HILL Terrace 999 years Nov 7, 2017 3,163 2,860,000 - 905 1997 ResaleLUXUS HILLS Terrace 999 years Nov 7, 2017 2,163 2,850,000 - 1,317 2012 ResalePARC BOTANNIA # Condominium 99 years Nov 12, 2017 156,838 199,169,000 - 1,270 Uncompleted New SaleSELETAR HILLS ESTATE Semi-Detached 999 years Nov 9, 2017 4,960 4,200,000 - 846 Unknown ResaleSELETAR HILLS ESTATE Semi-Detached 999 years Nov 9, 2017 4,239 3,600,000 - 848 Unknown ResaleSELETAR HILLS ESTATE Semi-Detached 999 years Nov 13, 2017 4,186 4,638,888 - 1,108 Unknown ResaleSELETAR SPRINGS CONDOMINIUM Condominium 99 years Nov 10, 2017 1,334 898,000 - 673 2000 ResaleSERENITY PARK Condominium Freehold Nov 10, 2017 1,431 1,330,000 - 929 1995 Resale

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated Nov 21, 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 # Not all caveats are reflected owing to the high volume of transactions

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GAINS AND LOSSES


Average profit of $2.66 mil for 16 units sold at Ardmore Park this year

Top 10 gains and losses from Nov 7 to 14

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

1 Ardmore Park 10 2,885 Nov 14 3,224 March 5, 2006 1,674 4,470,000 93 6 11.7

2 Regency Park 10 3,649 Nov 10 1,685 Nov 3, 2000 822 3,150,000 105 4 17.0

3 The Shelford 11 2,174 Nov 13 1,844 Aug 29, 2005 732 2,418,000 152 8 12.2

4 Regency Park 10 3,175 Nov 10 1,669 Nov 19, 2008 1,039 2,000,000 61 5 9.0

5 Clementi Park 21 3,079 Nov 13 950 July 11, 2005 328 1,915,000 190 9 12.4

6 Robertson 100 9 1,561 Nov 9 1,666 June 19, 2002 705 1,500,100 136 6 15.4

7 Trevose Park 11 1,647 Nov 9 1,524 June 22, 1998 759 1,260,000 101 4 19.4

8 Varsity Park Condominium 5 1,798 Nov 7 1,074 Aug 18, 2005 441 1,137,334 143 8 12.2

9 Tanglin Park 10 1,119 Nov 13 1,742 Dec 14, 2005 766 1,092,000 127 7 11.9

10 Sam Kiang Mansions 9 1,206 Nov 8 1,559 Dec 30, 1998 670 1,071,980 133 5 18.9

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

1 Reflections at Keppel Bay 4 7,987 Nov 9 1,600 Aug 27, 2007 2,092 3,929,800 24 3 10.2

2 Belle Vue Residences 9 2,303 Nov 13 1,980 Nov 10, 2011 2,772 1,825,000 29 5 6.0

3 Helios Residences 9 1,916 Nov 13 2,218 July 31, 2007 3,037 1,569,620 27 3 10.3

4 The Coast at Sentosa Cove 4 3,477 Nov 10 1,444 Jan 27, 2007 1,630 647,510 11 1 10.8

5 Townhouse Apartments 9 2,906 Nov 10 791 Oct 31, 2011 963 500,000 18 3 6.0

6 The Grange 10 2,293 Nov 10 2,318 Nov 12, 2012 2,503 423,888 7 2 5.0

7 One Tree Hill Residence 10 1,130 Nov 10 2,066 May 5, 2007 2,400 377,000 14 1 10.5

8 Suites @ Newton 11 764 Nov 9 1,374 Nov 16, 2012 1,810 333,000 24 5 5.0

9 Buckley Classique 11 1,475 Nov 10 1,865 Dec 22, 2011 2,089 330,700 11 2 5.9

10 Siglap V 15 775 Nov 14 1,174 Feb 9, 2010 1,399 174,535 16 2 7.8

Note: Computed based on URA caveat data as at Nov 21 for private non-landed houses transacted between Nov 7 and 14. The profit-and-loss computation excludes transaction costs such as stamp duties.

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

Non-profi table deals

| BY LIN ZHIQIN |

The most recent transaction

at Ardmore Park, a luxu-

ry freehold condominium

in prime District 10, was

the sale of a 2,885 sq ft,

four-bedroom unit on Nov 14. It

was sold for $9.3 million ($3,224

psf). The previous owner, who

paid $4.83 million ($1,674 psf) for

it in 2006, made a $4.47 million,

or 93%, profit.

This brings the number of trans-

actions at Ardmore Park to 16 so far

this year, which is double the vol-

ume seen between 2012 and 2016

when seven to nine units were sold

each year. Prices, which dipped from

the peak of $3,372 psf in 2013 to

$2,742 psf in 2014, have also recov-

ered. The 16 units were sold at an

average price $3,130 psf.

Based on the matching of URA

caveat data, just two of the 16 units

were sold at a loss. The average

profit is $2.66 million, or 50%, for

the 16 units sold this year. Com-

pleted in 2001, Ardmore Park is a

330-unit development by Wheelock

Properties. The project comprises

three 30-storey towers sitting on an

eight-acre freehold site.

At Regency Park, another free-

hold condo in District 10, a 3,649

sq ft unit on the 13th floor was sold

for the second-highest profit in the

week of Nov 7 to 14. The previ-

ous owner bought it for $3 million

($822 psf) in 2000. The sale on Nov

10, at $6.15 million ($1,685 psf),

translates into a $3.15 million, or

105%, gain. This is also the most

profitable transaction at Regency

Park this year.

Also on Nov 10, another 3,175

sq ft unit on the 14th floor of Re-

gency Park fetched a $2 million, or

61%, profit. Based on the match-

ing of URA caveat data, the unit

has changed hands thrice, and al-

ways at a profit. The earliest cave-

at indicates that it was bought for

$2.38 million ($750 psf) in Septem-

ber 2004. It fetched a $140,000, or

6%, profit when it changed hands

for the first time at $794 psf in

April 2005. In November 2008, it

changed hands for the second time

at $1,039 psf, resulting in a profit

of $780,000, or 31%.

Based on the matching of URA

caveat data, there have been nine

profitable transactions at Regen-

cy Park this year, with an average

profit of $1.72 million, or 66%.

The sole unprofitable transaction

this year occurred in September,

when the owner of a 3,647 sq ft

unit on the 15th floor incurred a

loss of $530,000. The unit was pur-

chased in 2012 for $6.88 million

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

million ($1,740 psf).

The same unit changed hands

for a $2.83 million, or 70%, prof-

it in 2012. It was bought at $4.05

million ($1,110 psf) in 2006 before

being sold for $1,885 psf in 2012.

Regency Park is a 292-unit con-

do located on Nathan Road, off Riv-

er Valley Road. It was completed

in 1990 and comprises three- and

four-bedroom units and penthous-

es. Three-bedroom units are 2,227

to 3,281 sq ft, four-bedroom units

are 3,454 to 3,647 sq ft and pent-

houses are 6,047 to 6,412 sq ft. E

Prices at Ardmore Park, which dipped to $2,742 psf in 2014, have recovered to $3,130 psf this year. Find the most affordable listings in the project at edgepr.link/ArdmorePark.

Two units at Regency Park fetched profits of $3.15 million and $2 million on Nov 10. Find the most affordable listings in the project at edgepr.link/RegencyPark.

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DEAL WATCH


| BY ANGELA TEO |

At the 612-unit luxury condominium

Cote D’Azur, a two-bedroom, 1,108

sq ft unit on the seventh floor has

been put up for sale at $1.39 million,

or $1,255 psf. According to market-

ing agent Vincent Choo from ERA Realty, the

owner, who has been staying at the unit for

more than five years, is looking to move to an-

other property.

“The buyer can rent out the Cote D’Azur

unit at an estimated monthly rate of $3,500 to

$4,000,” says Choo. Based on the asking price,

this works out to a potential gross rental yield of

up to 3.4%. This is comparable with October’s

URA figures, where four two-bedroom units at

Cote D’Azur of 1,100 sq ft to 1,200 sq ft secured

rents of between $3,300 and $4,200 a month.

Located opposite East Coast Park, Cote

D’Azur was completed by Singapore-listed in-

ternational property developer Frasers Centre-

point in 2004. The 99-year leasehold condo is

also next to suburban shopping mall Parkway

Parade, whose major tenants are Cold Storage,

Giant Hypermarket and Marks & Spencer. Tan-

jong Katong Primary School and Tao Nan School

are within 1km of the project.

Cote D’Azur will become more accessible when

the Marine Parade MRT station on the future

Thomson-East Coast Line is completed in 2023.

Designed to mirror the resort-like ambience

of the French Riviera, units at Cote D’Azur have

uninterrupted sea views, with living rooms that

Cote D’Azur unit for sale at $1.39 mil

ERA Realty’s Choo estimates the Cote D’Azur unit could fetch a monthly rent of $3,500 to $4,000

feature floor-to-ceiling windows. Amenities in

Cote D’Azur include a main swimming pool at

the heart of the project, an adjacent Jacuzzi and

a children’s pool with interactive play features.

When the Cote D’Azur was previewed in

April 2002, units were sold at an average of

$597 psf. So far this year, however, units at

the condo have fetched an average of $1,218

psf, according to caveats lodged with URA Re-

alis as at Nov 21.

For about 15 years, the Cote D’Azur site was

the sole East Coast Parkway land parcel to be

released under the Government Land Sales pro-

gramme, according to Frasers Centrepoint. This

changed in January 2016 when Frasers Centre-

point — with Japanese homebuilder Sekisui

House and Singapore-listed construction and

property investment and development firm Keong

Hong Holdings — bought a GLS site on Siglap

Road for $624.18 million ($858 psf per plot ra-

tio) and launched the project in April 2017 as

the 843-unit Seaside Residences.

The Katong-East Coast district, where Cote

D’Azur is situated, has been transformed over

the past decade with the redevelopment of sev-

eral collective sale sites. For instance, the 383-

unit Silversea, which is next to Cote D’Azur, is

a redevelopment of the former HUDC Amber-

ville, which Far East Organization purchased

in 2006. Adjacent to Silversea is the 546-unit

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Recent rental contracts for 1,100 to 1,200 sq ft units at Cote D’Azur

LEASE DATE (2017) MONTHLY RENT $ $ PSF

October 3,500 3.00October 3,300 2.90October 4,150 3.60

3,500 3.003,300 2.904,150 3.60

Recent transactions at Cote D’Azur

CONTRACT DATE (2017) AREA (SQ FT) PRICE ($) PRICE ($ PSF)

Oct 9 1,141 1,350,000 1,183Oct 3 2,896 2,800,000 967Sept 26 2,045 2,250,000 1,100

LEASE DATE (2017) MONTHLY RENT $ $ PSF

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The Sea View, which sits on the historic site

of the former The Sea View Hotel. It was de-

veloped by Wheelock Properties and complet-

ed in 2008.

The area will see more changes when City

Developments and Hong Realty launch their

upcoming project at the Amber Park collec-

tive sale site, which the two firms purchased

through a joint-venture partnership for $906.7

million ($1,515 psf ppr).

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