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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Offi ce TrendsBrighter prospects
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View of Alexandra, Tanglin and Singapore’s prime districts from the rooftop pool of Alex Residence
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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
JLL
TEAK
HWA
REAL
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ATE
EDGEPROP | NOVEMBER 27, 2017 • EP3
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
SAM
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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
EP6 • EDGEPROP | NOVEMBER 27, 2017
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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EP8 • EDGEPROP | NOVEMBER 27, 2017
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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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 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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EDGEPROP | NOVEMBER 27, 2017 • EP9
COVER STORY
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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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EP10 • EDGEPROP | NOVEMBER 27, 2017
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
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 ($3,441 psf) on Nov 9E
THE
EDG
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NG
APO
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EDGEPROP | NOVEMBER 27, 2017 • EP11
Residential transactions with contracts dated Nov 7 to 14
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
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
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE 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
EP12 • EDGEPROP | NOVEMBER 27, 2017
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
EDGEPROP | NOVEMBER 27, 2017 • EP13
| 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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