beach roads’ changing skyline · 2019. 5. 3. · unit at skies miltonia going for $1.14 mil ep11...

PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of May 6, 2019 | ISSUE 880-102

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

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

Beach Road’s changing skylineFrom Guoco Midtown and Shaw Towers to the new residential developments at Tan Quee

Lan Street and Middle Road, the Beach Road-Rochor Road area is set for a massive renewal.

Turn to our Cover Story on Pages 6 & 7.

HighlightOxley sells Chevron House

for $1.03 bilep2

Market Trends Private residential pricesfall by 0.7% in 1Q2019

ep4

Under the HammerUnit at Skies Miltonia

going for $1.14 milep11

SAM

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ISAA

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The new Shaw Towers and Guoco Midtown will be linked to each otherand to their neighbouring developments as well as MRT stations

EP2 • EDGEPROP | MAY 6, 2019

PROPERTY BRIEFS

EDITORIALeditor | Cecilia Chowdeputy editor | Amy Tansenior writer | Timothy Taywriters | Bong Xin Ying, Charlene Chinhead, copy editing | Pek Tiong Geecopy editor | Rachel Hengphoto editor | Samuel Isaac Chuaphotographer | Albert Chuaeditorial coordinator | Yen Tandesigner | Kim Sy

ADVERTISING + MARKETING ADVERTISING SALES

vice-president, sales & operations | Diana Lim deputy account director |Janice Zhusenior account manager |James Chuaaccount manager |Pang Kai Xinregional business development manager | Cole Tanhead of marketing & branding |Rachel Lim Shuling

CIRCULATION managers | Ashikin Kader, Bryan Kekexecutive | Malliga Muthusamy

CORPORATE chief executive officer | Bernard Tong

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Oxley sells Chevron House for $1.03 bil Oxley Holdings has signed a deal to sell Chevron House for $1.03 billion, after acquiring the prime office space for $660 million in December 2017.

Located at 30 Raffles Place, Chevron House is a 32-storey commercial devel-opment with 27 levels of office space and a five-storey retail podium with a net lettable floor area of 261,274 sq ft.

In a filing to the Singapore Exchange on April 29, Oxley said it has entered into a sale and purchase agreement with Golden Compass (BVI). The lat-ter is a subsidiary of US-based real es-tate fund AEW.

AEW will buy the entire interest in Oxley’s wholly-owned subsidiary, Ox-ley Beryl, and take over the existing bank loans for an aggregate value of up to $1.025 billion. Oxley Beryl owns Chevron House.

The proposed sale is expected to have a positive impact on Oxley’s net tangible assets per share and earnings per share for the current financial year ending June 30. Oxley will complete the alterations, additions and asset enhancement works on the property, which started on March 1, before the final completion of the proposed sale.

Public tender for industrial site at Gul Circle launched An industrial site along Gul Circle in the Pioneer industrial estate has been launched for sale via public tender, JTC Corp announced on April 30. The plot is the fourth of five industrial sites to be launched for sale under the Confirmed List of the 1H2019 Industrial Govern-ment Land Sales programme.

The 89,766 sq ft site is zoned for B2 industrial use under the 2014 Mas-ter Plan, with a permissible gross plot ratio of 1.4 and a 20-year tenure. It is served by the Ayer Rajah Expressway and the Pan-Island Expressway, as well as the Tuas Second Link. Other trans-port connections include the Gul Circle and Joo Koon MRT Stations.

It is close to the Tuas Amenity Centre and other industrial canteens, as well as recreational facilities like the SCAL Recreation Centre.

The tender closes on June 25.

CDL acquires 12.4% of IREIT Global and 50% of trust’s manager for $77.8 mil City Developments Limited (CDL) has acquired a 12.4% stake in IREIT Glob-al for $59.4 million and a 50% stake in the trust manager IREIT Global Group (IGG) for $18.4 million.

Listed on the Singapore Exchange, IREIT Global focuses on investing in of-fice, retail and industrial properties in

Europe. It currently has five freehold office properties valued at $800 million in its portfolio.

The properties, located in Berlin, Bonn, Darmstadt, Munich and Mun-ster in Germany, have a total net letta-ble area of 2.16 million sq ft and com-prise about 3,400 carpark lots.

The properties have an overall oc-cupancy rate of 98.6%. As at end-De-cember, the weighted average lease expiry is around four years with more than 90% of leases due for renew-al only in 2022 and beyond. Tenants include blue-chip companies such as Allianz Handwerker Services GmbH, Deutsche Rentenversicherung Bund, Deutsche Telekom subsidiary GMG and ST Microelectronics.

“This investment in a Reit is in line with our aim to achieve assets under management (AUM) of US$5 billion [$6.8 billion] by 2023,” says Frank Khoo, CDL’s group chief investment officer.

He adds that this deal will also en-hance the group’s diversification and increase its presence in European econ-omies such as Germany.

Transactions of completed properties in Asia expected to fall 5% in 2019 Transactions of completed properties in Asia are expected to drop 5% to US$122 billion ($166 billion) this year, compared to the record US$128.4 bil-lion last year, according to a report by Colliers International. Hong Kong is expected to see a 15% decline in prop-

erty investment activity as previously strong interest from mainland Chinese buyers has abated.

Singapore has overtaken China as the major source of Asian investments in global property markets, as capital outflows from China have slowed fur-ther due to regulatory restrictions. As a result, total investment by Asian inves-tors into the real estate sector outside Asia fell 31% last year to US$50.5 billion.

An expected rebound of 21% in Asia-to-global investments this year, to US$61 billion, hinges on the success of the on-going Brexit negotiations, says Terence Tang, managing director of capital mar-kets & investment services Asia at Col-liers International.

Intra-Asian property investment continued to grow strongly, climbing 10% last year to reach US$98.2 billion. This direction of capital flow is nearly double that of Asia-to-global property flows, thanks to strong investment ac-tivity from Hong Kong, Singapore, and South Korea. This trend is expected to continue, and Colliers forecasts another 10% increase to US$108 billion this year.

Investment into Asian real estate from outside the region has grown to its highest level since the 2007-2008 glob-al financial crisis, and climbed 38% last year to reach US$24 billion. This trend indicates renewed confidence in the prospects for the property markets in the region. The amount this year is expected to grow 25% to reach US$30 billion, with investments from the US leading the way, says Colliers.

Colliers appoints Bastiaan van Beijsterveldt as director of occupier services Colliers International has appointed Bastiaan van Beijsterveldt as director of occupier services to drive business development in this segment for the real estate firm.

Based in Singapore, he will be re-sponsible for identifying and pursuing new business opportunities, as well as driving collaboration between the var-ious real estate business lines within the company.

Prior to joining Colliers, he was based in Seoul where he led the tenant representation business in South Korea for another global real estate consultan-cy. He brings with him 11 years of ex-perience in commercial real estate, in-

cluding tenant representation, corporate solutions and capital markets and in-vestment, across key gateway cities in the Asia-Pacific.

“This strategic appointment under-scores our intent to continue to grow our share of business and influence in the market, both in Singapore and inter-nationally,” says Tang Wei Leng, man-aging director at Colliers International.

In 1Q2019, the firm’s occupier ser-vices team closed real estate transac-tions amounting to more than 330,000 sq ft. These included deals involving blue-chip clients and prime Grade-A buildings in the CBD.

IWG appoints Samit Chopra as executive vice president for enterprise and sales Flexible workspace provider IWG has appointed Samit Chopra as its executive vice president for enterprise and sales. Based in Singapore, he leads the com-pany’s enterprise business function and is responsible for aligning IWG’s mul-ti-brand flexible solutions with the port-folio needs of clients across the Middle East and Asia-Pacific regions.

He also oversees its sales platforms in Australia, New Zealand, China, Sin-gapore and Hong Kong, and drives over-all sales strategy.

Prior to joining IWG, Chopra was based in London and served as JLL’s in-ternational director and head of integrat-ed portfolio services for Europe, Mid-dle East and Africa (EMEA). His career at the global real estate firm spanned over 20 years.

“We’re pleased to welcome Samit to IWG, as he brings with him exten-sive experience in integrated portfolio services, with a proven track record of successfully expanding the growth of international businesses across re-gions, and planning of flexible work-space products,” says Christos Misa-ilidis, CEO, Asia Pacific and Middle East, IWG. — Compiled by Amy Tan and TimothyTay

CITY DEVELOPMENTS

IWG

COLLIERS

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

Chevron House is a 32-storey commercial development with 27 levels of office space and a five-storey retail podium

Darmstadt Campus, part of IREIT Global’s portfolio, is located in the prime TZ Rhein Main Business Park of Darmstadt, south of Frankfurt

Chopra of IWG has extensive experience in integrated portfolio services

Van Beijsterveldt will drive business development in occupier services for Colliers

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EDGEPROP | MAY 6, 2019 • EP3


| BY TIMOTHY TAY |

Private home prices declined by 0.7% in 1Q2019, according to the latest statis-tics from the URA. This compared to the 0.6% decline shown in its flash estimate.

This is the second consecutive quar-ter that private residential prices have fall-en; they declined by 0.1% in 4Q2018. Private home prices are now 0.7% below the most recent price peak in 3Q2018, and 3.9% be-low the record high in 3Q2013, says Tricia Song, head of research for Singapore at Col-liers International.

New salesNew home sales for the first three months of this year were at 1,838 units, little changed from 1,836 units sold in 4Q2018. This was 16% higher y-o-y due to more attractive new project launches. “About 70% of new private home sales comprise projects that have been previously launched. Developments that are priced sensitively have continued to garner interest among buyers and investors,” says Is-

mail Gafoor, CEO of PropNex Realty.Meanwhile, private resale transactions fell

by 5.7% q-o-q, and 49.3% y-o-y, to 1,858. “Sellers might be pulling the brakes, and buy-ers are potentially holding off the decision of buying,” says Gafoor. But a revitalised show-ing is expected for the coming three quarters, as en-bloc beneficiaries look for replacement homes with their sales proceeds, he adds.

The latest decline was led by a 3.0% price drop in the city centre, or Core Central Region (CCR), as well as a 0.7% decline in city-fringe areas, or Rest of Central Region (RCR). Pric-es in the suburbs grew moderately at 0.2% compared to their 0.7% gain in 4Q2018, says Leong Boon Hoe, COO of List Sotheby’s Inter-national Realty Singapore.

There is strong demand for properties priced below $2 million as well as healthy in-terest for properties priced above $5 million, which are luxury homes by industry stand-ards, he says. These projects include 3 Or-chard-By-The-Park, South Beach Residences, and Boulevard 88. “This shows that there are buyers who are keen to enter the market for

good developments, despite the higher ABSD (additional buyer’s stamp duty),” says Leong.

Core Central RegionThe 1Q2019 price decline in the CCR is the sharpest recorded for the segment since the 5.2% fall in 2Q2009 during the Great Finan-cial Crisis of 2009, says Song. This is also the second consecutive quarterly price decline in the CCR; prices there are now 4.0% below their most recent peak in 3Q2018.

This quarterly showing is “much steeper than our expectation”, says Song, and could have resulted from the decline in median prices at certain projects, as developers look to clear outstanding inventory in completed develop-ments. These include Lloyd Sixtyfive, New Fu-tura, and TwentyOne Anguilla Park.

Notably, three units at Lloyd Sixtyfive were sold last quarter at a median price of $2,852 psf, which is 13.6% lower than the median price of $3,301 psf for two units sold in 4Q2018. New Futura also sold three units over the same period at a median price of $3,471 psf, down 4.5% compared to the $3,520 psf median price set by three units sold in 4Q2018. Lastly, the median price for four units sold at TwentyOne Angullia Park fell by 4.5% to $3,362 psf, com-pared to $3,520 psf for three other units sold in the previous quarter.

Benchmark pricingAt the same time, several new projects in the CCR that were launched in 1Q2019 have set benchmark pricing, such as Fourth Avenue Residences, RV Altitude, and Boulevard 88.

The highest psf price for a 99-year leasehold project along Bukit Timah was set by Fourth Avenue Residences which sold 77 units at a median price of $2,411 psf, according to URA caveats. RV Altitude sold 19 units at a medi-an price of $2,834 psf, which is the highest psf price in the River Valley Grove area. Last-ly, Boulevard 88 sold 26 units at $3,613 psf, which is one of the highest psf prices for large- format projects in Orchard Boulevard.

Rest of Central RegionPrices in the RCR were lower than their flash estimates, falling by 0.7% instead of 0.2% last quarter, and overturning the 1.8% increase re-corded in 4Q2018.

Earlier launched projects like Margaret Ville, Mayfair Gardens, and The Tre Ver moved more units compared to the previous quarter, while maintaining their prices. The 820-unit Park Colonial is now 72% sold and the develop-er has begun raising prices. The development achieved a median price of $1,791 psf in 1Q2019, from $1,750 psf in 4Q2018.

At the former Normanton Park, the devel-oper has been issued a no-sale licence. This could create “some overhang and price pres-sure” when the new 1,862-unit project is even-tually launched for sale, says Song. Other at-tractive new launches in the next few quarters include the former Pearl Bank Apartments, Av-enue South Residence, Coastline Residences, Amber Park and Mayfair Modern, she says.

Outside Central RegionIn the suburbs, or Outside Central Region (OCR), non-landed home prices climbed 0.2% in 1Q2019 compared to the earlier flash estimate, and this came on the heels of a 0.7% increase in the previous period. The announcement of the Cross Island Line helped developers hold on to prices, for projects like Affinity at Seran-goon, Gardens Residences and Riverfront Res-idences.

However, with the launch of two “mega- projects” – the 2,203-unit Treasure at Tamp-ines and 1,410-unit The Florence Residences – in the last quarter, prices in the OCR are ex-pected to soften for the rest of the year, says Song. The two projects have respectively sold 13% and 5% of their total units.

Pipeline supplyTo date, the total volume of unsold new units in the market is about 37,000 units. Assum-ing an annual take-up of 9,000 homes based on the annual average over the past six years, this would take four years to be absorbed, says Lee Sze Teck, head of research at Huttons Asia. This is well within the five-year time frame be-fore the ABSD kicks in, he adds.

In addition to unsold stock, there is a “for-midable” pipeline of 53,284 uncompleted pri-vate residential units that have been granted planning approvals, says Desmond Sim, head of research at CBRE. “With a five-year aver-age demand of between 8,000 and 8,500 units, and in view of the current weaker sentiments, this supply might take more than five years to clear,” he says.

This does not include a potential supply of 5,200 units from awarded government land sales (about 4,700) and en-bloc sites (about 500), which have not been granted planning approval. Thus, while developers are unlikely to reduce prices in the near term, “more buy-ers are likely to stay by the sidelines as they are spoilt for choice, and as they wait for develop-ers to buckle under the pressure and competi-tion to clear their inventory”, Sim says.

MARKET TRENDS

SEE URA 1Q STATS ON OFFICE AND RETAIL SEGMENTS, PAGE EP10

There is strong demand for properties priced below $2 million as well as healthy interest in properties priced above $5 million like South Beach Residences (pictured)

Private residential prices fall again in1Q2019, by 0.7%

E


NEW SALES RESALES SUB-SALES TOTAL

3Q2018 123 444 8 575

4Q2018 102 364 7 473

1Q2019 186 374 6 566

TOTAL 411 1,182 21 1,614

<$2 MIL $2 MIL TO $4 MIL $4 MIL TO $5 MIL >$5 MIL

3Q2018 223 247 43 62

4Q2018 147 212 37 77

1Q2019 259 211 28 68

No. of non-landed transactions

No. of non-landed transactions (by prices)

TABLES: URA REALIS AT APRIL 26, 2019; LIST LSIR

Non-landed transactions in Core Central Region


COVER STORY

| BY CECILIA CHOW |

For the past four decades, those driving along Nicoll Highway from Singapore’s East Coast to the CBD have been treated to the landmarks defining Beach Road’s skyline: first, the Golden Mile Complex

and Tower, a relic of the 1970s; followed by the 1990s modernist architecture of The Con-

course, designed by the late American archi-tect, Paul Rudolph, and the knife-edged trian-gular towers of The Gateway by the legendary American-Chinese architect I M Pei who turns 102 this year.

In recent years, the skyline has been en-hanced by the addition of two multi-billion-dol-lar integrated developments designed by star architectural firms of the current era, namely

DUO by Buro Ole Scheeren, and South Beach by Foster and Partners.

“The stretch of Beach Road from Ophir Road and Rochor Road onwards has changed a lot,” says Cheng Hsing Yao, group managing direc-tor of listed property group GuocoLand Singa-pore. “But the eastern stretch of Beach Road is still quite old.”

GuocoLand is developing Guoco Midtown, a new integrated development at the junction of Beach Road and Bras Basah Road. Adjacent to Guoco Midtown is Shaw Tower, which will be redeveloped. A commercial tower built on a site sold in the government land sales (GLS) programme in 1970, Shaw Tower is a redevelopment of the former Alhambra and Marlboro theatres, and also where the orig-inal Satay Club at Hoi How Road was locat-ed. The 34-storey tower contains offices from the 11th to the top floor, carpark lots from the second to 10th floors and a retail podium with two cinemas. Shaw Tower is owned by Shaw Foundation, which was established in Singa-pore in 1957.

‘NEW ADDITIONS’The new commercial development that will replace the existing Shaw Tower will be pre-dominantly office with a total net lettable area of 222,700 sq ft. “The redevelopment of Shaw Tower is overdue,” says Christine Li, head of research for Singapore and Southeast Asia at Cushman & Wakefield (C&W).

The new Shaw Tower and Guoco Midtown will be linked to each other and to their neigh-bouring developments on the second level, and

by underground pedestrian links to the MRT stations. For instance, there will be an under-ground link from Guoco Midtown to Bugis MRT Interchange Station for the Downtown and East-West Lines. From South Beach, they will have direct access to Esplanade MRT Station on the Circle Line. South Beach is also linked directly to Suntec City via an overhead bridge that brings pedestrians to City Hall MRT Interchange Sta-tion for the North-South and East-West Lines.

“Guoco Midtown and the redevelopment of Shaw Tower will be new additions that will complement South Beach and DUO,” says Chris Archibold, JLL head of leasing. “They will bring a critical mass of Grade-A office space to the area, which GuocoLand has apt-ly branded ‘Midtown’.”

There will be very little new office supply in the next two years until Guoco Midtown is completed. South Beach Tower, which contains about 500,000 sq ft of premium office space, and was completed in 2015, is full today, says Archibold. Likewise, DUO Tower, which has 568,000 sq ft of office space, and was completed in 2017, is also almost full. The average rent in these two towers is said to be around $11 psf.

Guoco Midtown is expected to trade at “dou-ble-digit rents”. However, the office tower in the development will only be put up for lease two years from now. “Our view of the market is very positive,” he adds. “The supply pipe-line is fairly low, and demand seems fairly ro-bust across many different sectors.”

JLL’s basket of premium, Grade-A office buildings are made up of those that are under 16 years old and have floor plates of at least DUO, an integrated development with hotel, residences, office and F&B outlets

From Guoco Midtown and Shaw Towers to the new residential developments at Tan Quee Lan Street and Middle Road, the Beach Road-Rochor Road area is set for a massive renewal

Beach Road’s changing skyline The Guoco Midtown site where construction has started


M+S


COVER STORY

15,000 sq ft. “Location is less relevant today,” says Archibold. “Whether they are in Marina Bay, Raffles Place or Tanjong Pagar, they are all trading at around $11 psf per month.”

MIXED-USE APPEAL Beach Road appeals to a wide spectrum of occupiers, notes Moray Armstrong, CBRE Singapore managing director. Potential ten-ants could include fintech, technology, en-ergy sector, co-working operators and MNCs that appreciate the accessibility within the CBD, he adds. “We anticipate the new de-velopments will attract tenants keen to up-grade and flight-to-quality will be a feature of tenants’ relocation drivers.”

Planned as a mixed-use district with offic-es, hotels and residences, “the Beach Road/Ophir-Rochor corridor primarily serves as an extension of the central business district due to its proximity to Raffles Place and Marina Bay,” adds Armstrong. “The area is also unique due to its heritage and cultural vibe from the Kam-pong Glam conservation area. It has ‘the cool factor’. The existing commercial building ar-chitecture in this micro-market is particular-ly distinctive.”

When South Beach Tower first entered the market five years ago, 80% of prospective office occupiers were already drawn to the location. “The Beach Road area has a very nice mixed-use feel,” says JLL’s Archibold. “There’s a fair amount of retail and F&B in the area, and you’re also near a very large retail mall of over a million sq ft at Suntec City. From an immediacy point of view, it works very well.”

Construction has already started at Guo-co Midtown, located on a 2.1ha GLS site pur-chased by GuocoLand in October 2017 for $1.622 billion.

Designed by acclaimed Australian architec-tural practice, Denton Corker Marshall, Guoco Midtown is scheduled to be completed in 2023. The property, which has a gross development value of $2.4 billion, will contain a 30-storey Grade-A office tower linked to a five-storey Network Hub. Office space will account for 770,000 sq ft (81%) of the total gross floor area (GFA) of 950,000 sq ft within the development.

Landscaped public spaces comprise a total of 170,000 sq ft spread across multiple floors. There will also be a 32-storey residential tower with more than 200 units, called Midtown Bay. Within the site is a three-storey, conserved co-lonial-era building that once housed the Beach Road Police Station.

‘BUILT-IN FLEX COMPONENT’ TO CHANGE LEASING MODELGuocoLand has announced that it will be offer-ing a “core and flex” leasing concept at Guoco Midtown. The floor plates of the office tower are rectangular in shape and measure 27,000 to 30,000 sq ft. There are also four different ac-

cess points in each floor, which makes it very efficient for sub-division, says JLL’s Archibold.

CBRE’s Armstrong agrees: “Where Guoco Midtown stands out is that it specifically incor-porated agile areas and facilities into the de-velopment’s design concept,” he says. “We are likely to see changes in lease contracts where-by end-users’ core occupied space is leased for conventional, longer periods, while a pro-portion of the space is held under shorter and more fluid terms.”

This in turn will change leasing models, says Armstrong, where core leased space will be offered at a lower cost base, with a premium payable for flexibility. “This is akin to an air-line ticket whereby the customer pays a high-er price for a ticket that can be changed ver-sus one that is more rigid,” he adds.

‘ENLARGED RESIDENTIAL CATCHMENT’Located directly across the road from the up-coming Guoco Midtown is an empty green plot of 124,119 sq ft, flanked on one side by the con-servation shophouses along Tan Quee Lan Street. The GLS site has been earmarked by URA for a residential development of about 580 units, with a maximum height of 30 storeys, and a low-rise block of six storeys. The first level will be allocated to commercial space. The site will be launched for sale in May, with the tender to close in September.

Meanwhile, just one block away on Middle Road, another GLS site was sold in early April to listed property developer Wing Tai Holdings. The group had emerged at the top of 10 bids re-ceived at the close of the tender on March 29. Wing Tai’s bid price was $492 million ($1,458 psf per plot ratio).

The site, which covers 80,000 sq ft, will be

developed into two high-rise, 20-storey resi-dential towers with a low-rise block contain-ing commercial units on the first level and res-idential units on the upper levels.

“As it is within the Central Area, we are ex-cited by the excellent opportunity to create a fresh, exciting living space that caters to urbanites who desire to live in the city and experience its vibrant, cosmopolitan culture,” says Tan Hwee Bin, executive director of Wing Tai Holdings.

C&W’s Li expects the future projects to “en-large the residential catchment in the area” and further boost the attractiveness of the sub-mar-ket. “On the one hand, you have more residen-tial developments which cater to the expatriate community in town,” she says. “On the other hand, you have more top-notch corporate cli-ents coming over from older CBD buildings to take up office space in this up-and-coming submarket.”

DIFFERENTIATED OFFERINGSShe reckons the new 99-year leasehold residen-tial developments in the area are likely to have selling prices in the $2,550 psf to $2,800 psf range, depending on the unit sizes. “The prod-ucts will be differentiated to suit the spectrum of buyers and tenants at Beach Road,” adds Li.

For instance, at South Beach Residences, which was launched last September to coincide with the Singapore Grand Prix, prices of units sold started from $2,795 psf for the lowest floor on the 23rd level to a high of $3,950 psf in the first month of sales. The super penthouse, a triplex, was sold for $26 million ($3,865 psf) last October. Units in the 190-unit luxury res-idence occupy the 23rd to 45th floors of the 45-storey tower, with luxury hotel JW Marri-ott Singapore occupying the lower half. Units

at South Beach Residences have still been sold at prices from $3,207 to $3,551 psf over the two months from March to April, according to data from URA REALIS.

“Sales at South Beach Residences have been pretty encouraging despite the property cool-ing measures,” notes C&W’s Li.

GuocoLand could well position the residenc-es at Midtown Bay as a luxury project similar to its 181-unit Wallich Residence, which sits on top of Guoco Tower at its $3.4 billion in-tegrated development, Tanjong Pagar Centre.

According to GuocoLand’s Cheng, the resi-dences at Midtown Bay will have “spectacular views” of Marina Bay, Kallang Basin and Or-chard Road. “We will take advantage of these views,” he says.

“We hope that Guoco Midtown will be a game-changer,” adds Cheng. “We want to re-design street life, city living and Grade-A office space in the Beach Road district.”

Meanwhile, Golden Mile Complex, designed in the 1960s and completed in 1973, was re-launched for collective sale with a price tag of $800 million at the end of March with Edmund Tie & Co as the marketing agent. The tender closed on April 25 with no bids.

While the main 16-storey tower with its stepped façade is to be retained, URA has in-dicated that intensification of the existing de-velopment to a total GFA of 925,677 sq ft with a plot ratio of 6.387 can be considered.

In the long term, it is likely to be redevel-oped into another landmark integrated de-velopment with office, retail, hotel, serviced apartments and residences. For now, as an industry veteran remarks, Golden Mile Com-plex will remain “a golden opportunity that’s a mile too complex”.

Golden Mile Complex and Tower was relaunched for sale at $800 million, and the tender closed on April 25

Concourse Skyline residential towers (left) were completed in 2014 while The Concourse office tower designed by Paul Rudolph was completed in 1994

The residential development site on Middle Road sold to Wing Tai for $492 million at the end of March The residential development site on Tan Queen Lan Street that will be launched for sale in May

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SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE EDMUND TIE & CO

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE


DONE DEALS

Residential transactions with contracts dated April 16 to 23Singapore — by postal district LOCALITIES DISTRICTS

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

PROJECT PROPERTY TYPE TENURE SALE DATE

LAND AREA/FLOOR AREA

(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE

($ PSF) COMPLETION DATETYPE OF

SALE



(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALE

District 1 MARINA ONE RESIDENCES Apartment 99 years Apr 16 1,141 2,576,970 2,259 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years Apr 16 2,250 5,850,000 2,600 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years Apr 18 1,163 2,788,000 2,398 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years Apr 18 1,141 2,568,000 2,251 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years Apr 18 2,034 5,389,560 2,649 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years Apr 19 1,582 3,539,250 2,237 2017 New SaleDistrict 2 76 SHENTON Apartment 99 years Apr 17 980 1,680,000 1,715 2014 ResaleALTEZ Apartment 99 years Apr 22 527 1,250,000 2,370 2014 ResaleDistrict 3 ALESSANDREA Apartment Freehold Apr 18 1,249 1,500,000 1,201 2003 ResaleARTRA Apartment 99 years Apr 16 829 1,760,600 2,124 Uncompleted New SaleARTRA Apartment 99 years Apr 21 786 1,665,200 2,119 Uncompleted New SaleASCENTIA SKY Condominium 99 years Apr 17 1,475 2,280,000 1,546 2013 ResaleASCENTIA SKY Condominium 99 years Apr 18 1,012 1,510,000 1,492 2013 ResaleCENTRAL GREEN CONDOMINIUM Condominium 99 years Apr 17 764 1,180,000 1,544 1995 ResaleMARGARET VILLE Apartment 99 years Apr 16 915 1,551,438 1,696 Uncompleted New SaleMARGARET VILLE Apartment 99 years Apr 19 829 1,401,596 1,691 Uncompleted New SaleMARGARET VILLE Apartment 99 years Apr 19 829 1,406,496 1,697 Uncompleted New SaleMARGARET VILLE Apartment 99 years Apr 20 829 1,411,396 1,703 Uncompleted New SaleREGENCY SUITES Apartment Freehold Apr 18 1,421 2,290,000 1,612 2008 ResaleSTIRLING RESIDENCES Apartment 99 years Apr 17 764 1,335,000 1,747 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Apr 19 657 1,188,000 1,809 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Apr 19 657 1,128,000 1,718 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Apr 19 657 1,108,000 1,687 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Apr 20 657 1,168,000 1,779 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Apr 20 764 1,327,000 1,736 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Apr 21 624 1,115,000 1,786 Uncompleted New SaleDistrict 4 CORALS AT KEPPEL BAY Condominium 99 years Apr 17 7,395 19,000,000 2,569 2016 ResaleDistrict 5 BOTANNIA Condominium 956 years Apr 16 1,259 1,580,000 1,255 2009 ResaleDOVER PARKVIEW Condominium 99 years Apr 18 1,249 1,430,000 1,145 1997 ResaleDOVER PARKVIEW Condominium 99 years Apr 23 936 1,035,000 1,105 1997 ResaleFLYNN PARK Condominium Freehold Apr 22 2,196 2,730,888 1,244 1986 ResaleHARBOUR VIEW GARDENS Apartment Freehold Apr 18 980 1,500,000 1,531 Uncompleted New SaleHERITAGE VIEW Condominium 99 years Apr 18 1,163 1,400,000 1,204 2000 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years Apr 16 474 847,000 1,788 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Apr 19 1,884 3,015,000 1,601 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Apr 20 474 800,000 1,689 Uncompleted New SaleSEAHILL Condominium 99 years Apr 18 624 900,000 1,442 2016 ResaleWHISTLER GRAND Apartment 99 years Apr 16 1,066 1,451,520 1,362 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Apr 18 990 1,337,310 1,350 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Apr 18 990 1,267,650 1,280 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Apr 19 1,066 1,393,200 1,307 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Apr 20 990 1,287,900 1,301 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Apr 20 1,066 1,482,300 1,391 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Apr 21 1,281 1,598,130 1,248 Uncompleted New SaleDistrict 7 SOUTH BEACH RESIDENCES Apartment 99 years Apr 16 1,421 5,045,527 3,551 2016 ResaleSOUTH BEACH RESIDENCES Apartment 99 years Apr 22 1,076 3,603,600 3,348 2016 ResaleDistrict 8 CITY LOFT Apartment Freehold Apr 16 377 600,000 1,593 2012 ResaleCITY SQUARE RESIDENCES Condominium Freehold Apr 22 840 1,365,000 1,626 2009 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold Apr 16 807 2,685,200 3,326 2018 ResaleASPEN HEIGHTS Condominium 999 years Apr 17 1,572 2,750,000 1,750 1998 ResaleCAVENAGH COURT Apartment Freehold Apr 22 1,862 3,080,000 1,654 Unknown ResaleESPADA Apartment Freehold Apr 18 646 1,300,000 2,013 2013 ResaleEURO-ASIA COURT Apartment Freehold Apr 18 1,658 2,400,000 1,448 1994 ResaleMACKENZIE REGENCY Apartment Freehold Apr 16 1,259 1,500,000 1,191 2007 ResaleMARTIN MODERN Condominium 99 years Apr 18 764 2,001,700 2,619 Uncompleted New SaleMARTIN MODERN Condominium 99 years Apr 21 764 1,992,200 2,607 Uncompleted New SaleMARTIN NO 38 Apartment Freehold Apr 22 1,130 3,056,000 2,704 2011 ResaleOUE TWIN PEAKS Condominium 99 years Apr 16 549 1,471,400 2,680 2015 ResaleRV ALTITUDE Apartment Freehold Apr 18 603 1,717,000 2,848 Uncompleted New SaleTHE BOTANIC ON LLOYD Condominium Freehold Apr 17 3,531 6,150,000 1,742 2006 ResaleTIARA Condominium Freehold Apr 22 1,346 2,480,000 1,843 1995 ResaleTWENTYONE ANGULLIA PARK Condominium Freehold Apr 22 3,154 9,980,000 3,164 2014 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Apr 22 1,066 2,080,000 1,952 2008 ResaleWATERSCAPE AT CAVENAGH Apartment Freehold Apr 17 1,378 2,400,000 1,742 2014 ResaleDistrict 10 3 CUSCADEN Apartment Freehold Apr 16 764 2,650,545 3,468 Uncompleted New Sale3 CUSCADEN Apartment Freehold Apr 17 452 1,627,886 3,601 Uncompleted New Sale3 CUSCADEN Apartment Freehold Apr 20 452 1,648,000 3,645 Uncompleted New Sale3 CUSCADEN Apartment Freehold Apr 21 474 1,601,350 3,381 Uncompleted New SaleBALMORAL PLAZA Apartment Freehold Apr 18 2,357 3,100,000 1,315 1994 ResaleBOULEVARD 88 Apartment Freehold Apr 18 2,777 9,760,000 3,514 Uncompleted New SaleBOULEVARD 88 Apartment Freehold Apr 19 1,776 6,152,000 3,464 Uncompleted New SaleBOULEVARD 88 Apartment Freehold Apr 20 1,776 6,632,000 3,734 Uncompleted New SaleBOULEVARD 88 Apartment Freehold Apr 20 2,777 10,416,000 3,751 Uncompleted New SaleBOULEVARD 88 Apartment Freehold Apr 21 1,313 4,472,000 3,405 Uncompleted New SaleORION Apartment Freehold Apr 22 1,776 3,550,000 1,999 2008 ResalePARVIS Condominium Freehold Apr 18 990 2,100,000 2,121 2012 ResaleTHE DRAYCOTT Apartment Freehold Apr 17 2,637 4,680,000 1,775 1980 Resale

THE GRANGE Condominium Freehold Apr 18 2,293 5,400,000 2,355 2008 ResaleWATERFALL GARDENS Condominium Freehold Apr 22 1,830 3,100,000 1,694 2010 ResaleWILSHIRE RESIDENCES Apartment Freehold Apr 17 840 2,241,260 2,669 Uncompleted New SaleDistrict 11 DYSON RITZ Semi-Detached Freehold Apr 16 2,357 4,900,000 2,075 2017 ResaleFYVE DERBYSHIRE Apartment Freehold Apr 20 936 2,181,000 2,329 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold Apr 21 657 1,589,000 2,420 Uncompleted New SaleL’VIV Apartment Freehold Apr 22 990 2,050,000 2,070 2013 ResalePARK INFINIA AT WEE NAM Condominium Freehold Apr 18 1,690 3,320,000 1,965 2008 ResaleTHE ARCADIA Condominium 99 years Apr 22 3,714 3,650,000 983 1983 ResaleDistrict 12 1953 Apartment Freehold Apr 18 969 1,837,000 1,896 Uncompleted New Sale1953 Apartment Freehold Apr 19 614 1,138,000 1,855 Uncompleted New Sale1953 Apartment Freehold Apr 19 614 1,138,000 1,855 Uncompleted New Sale1953 Apartment Freehold Apr 20 614 1,147,000 1,869 Uncompleted New SaleEIGHT RIVERSUITES Condominium 99 years Apr 17 1,033 1,550,000 1,500 2016 ResaleTHE ABERDEEN Condominium Freehold Apr 22 1,109 1,235,000 1,114 1997 ResaleTHE VERVE Apartment Freehold Apr 22 441 615,000 1,394 2012 ResaleDistrict 13 DAISY AVENUE Terrace Freehold Apr 16 1,798 2,120,000 1,178 1974 ResalePARK COLONIAL Condominium 99 years Apr 20 732 1,063,000 1,452 Uncompleted New SaleTHE ADDITION Apartment Freehold Apr 17 797 1,438,000 1,805 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Apr 18 1,184 1,626,000 1,373 2018 New SaleTHE TRE VER Condominium 99 years Apr 16 495 821,000 1,658 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 18 646 1,063,000 1,646 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 18 1,109 1,708,000 1,541 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 18 700 1,157,000 1,654 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 18 743 1,240,000 1,670 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 18 495 817,000 1,650 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 19 1,098 1,731,000 1,577 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 20 689 1,167,000 1,694 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 21 700 1,085,000 1,551 Uncompleted New SaleTHE TRE VER Condominium 99 years Apr 21 495 796,000 1,608 Uncompleted New SaleDistrict 14 ARENA RESIDENCES Apartment Freehold Apr 19 1,238 1,670,000 1,349 Uncompleted New SaleCANNE LODGE Apartment Freehold Apr 18 818 880,000 1,076 1995 ResaleGEYLANG HERITAGE Apartment Freehold Apr 16 1,173 1,010,000 861 2001 ResalePARC ESTA Apartment 99 years Apr 16 1,033 1,676,000 1,622 Uncompleted New SalePARC ESTA Apartment 99 years Apr 19 452 807,000 1,785 Uncompleted New SalePARC ESTA Apartment 99 years Apr 20 915 1,518,000 1,659 Uncompleted New SalePARC ESTA Apartment 99 years Apr 20 527 931,000 1,765 Uncompleted New SalePARC ESTA Apartment 99 years Apr 20 700 1,165,000 1,665 Uncompleted New SalePARC ESTA Apartment 99 years Apr 20 1,001 1,613,000 1,611 Uncompleted New SalePARC ESTA Apartment 99 years Apr 21 635 1,047,000 1,649 Uncompleted New SalePARC ESTA Apartment 99 years Apr 21 635 1,059,000 1,668 Uncompleted New SalePARC ESTA Apartment 99 years Apr 21 743 1,243,000 1,674 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years Apr 18 1,076 1,893,000 1,759 Uncompleted New SaleREZI 24 Apartment Freehold Apr 16 549 813,700 1,482 Uncompleted New SaleSUITES @ EUNOS Apartment Freehold Apr 18 1,109 1,220,000 1,100 2012 ResaleTHE SUNNY SPRING Apartment Freehold Apr 22 1,109 1,235,000 1,114 1998 ResaleWINDY HEIGHTS Condominium Freehold Apr 18 2,476 2,430,000 982 1983 ResaleDistrict 15 AALTO Condominium Freehold Apr 18 1,528 3,200,000 2,094 2010 ResaleAMBER RESIDENCES Condominium Freehold Apr 18 5,113 5,220,000 1,021 2011 ResaleCHAPEL LODGE Condominium Freehold Apr 16 1,528 1,751,000 1,146 1994 ResaleDUNMAN VIEW Condominium 99 years Apr 23 1,238 1,340,000 1,083 2004 ResaleEAST COAST PARK Terrace Freehold Apr 22 2,583 3,700,000 1,433 Unknown ResaleEMERY POINT Apartment Freehold Apr 22 1,302 1,550,000 1,190 2003 ResaleEMERY POINT Apartment Freehold Apr 23 1,302 1,600,000 1,228 2003 ResaleGIDEON’S LODGE Apartment Freehold Apr 18 1,313 1,318,000 1,004 1992 ResaleMARINE BLUE Condominium Freehold Apr 17 635 1,330,000 2,094 2016 ResaleMEYER RESIDENCE Apartment Freehold Apr 18 1,066 1,838,000 1,725 2009 ResaleGOODMAN ROAD Detached Freehold Apr 16 6,222 9,330,000 1,499 2002 ResaleONE MEYER Apartment Freehold Apr 19 614 1,685,000 2,746 Uncompleted New SaleOVADA 8 Apartment Freehold Apr 16 1,346 1,300,000 966 2001 ResalePARC ELEGANCE Apartment Freehold Apr 23 420 590,000 1,405 2013 ResalePARKSHORE Condominium Freehold Apr 17 1,636 2,510,000 1,534 1995 ResaleSEASIDE RESIDENCES Apartment 99 years Apr 16 1,679 3,579,300 2,132 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Apr 17 1,733 3,662,400 2,113 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Apr 17 1,087 2,103,360 1,935 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Apr 20 678 1,278,530 1,885 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Apr 21 1,259 2,472,000 1,963 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Apr 21 560 1,164,000 2,080 Uncompleted New SaleSUNSHINE MANSIONS Apartment Freehold Apr 16 1,701 1,655,000 973 2006 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years Apr 22 1,292 1,050,000 813 1986 ResaleBEDOKVILLE Semi-Detached Freehold Apr 22 3,477 3,500,000 1,008 Unknown ResaleEAST VILLAGE Apartment Freehold Apr 18 409 590,000 1,442 2014 ResaleECO Condominium 99 years Apr 16 1,012 1,450,000 1,433 2017 ResaleFAIRMOUNT CONDOMINIUM Condominium 99 years Apr 22 1,227 1,100,000 896 2000 ResaleLUCKY GARDENS Terrace Freehold Apr 18 1,711 2,200,000 1,285 Unknown ResaleDistrict 17 ESTELLA GARDENS Condominium Freehold Apr 22 657 645,000 982 1999 ResaleTHE JOVELL Condominium 99 years Apr 18 721 943,000 1,308 Uncompleted New SaleTHE JOVELL Condominium 99 years Apr 19 527 726,000 1,376 Uncompleted New SaleDistrict 18 EASTVALE EC 99 years Apr 17 1,184 828,000 699 1999 ResaleLIVIA Condominium 99 years Apr 17 1,346 1,210,000 899 2011 ResaleSAVANNAH CONDOPARK Condominium 99 years Apr 23 990 830,000 838 2005 ResaleTHE PALETTE Condominium 99 years Apr 23 1,163 1,180,000 1,015 2015 ResaleTREASURE AT TAMPINES Condominium 99 years Apr 16 1,335 1,753,000 1,313 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Apr 17 484 623,000 1,286 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Apr 18 1,722 2,077,000 1,206 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Apr 18 581 781,000 1,344 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Apr 19 678 978,000 1,442 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Apr 19 463 654,000 1,413 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Apr 20 581 817,000 1,406 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Apr 21 614 896,000 1,460 Uncompleted New SaleWHITEWATER EC 99 years Apr 16 1,130 837,000 741 2005 ResaleDistrict 19 A TREASURE TROVE Condominium 99 years Apr 16 1,044 1,205,000 1,154 2015 ResaleAFFINITY AT SERANGOON Apartment 99 years Apr 16 1,076 1,624,000 1,509 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Apr 17 474 711,000 1,501 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Apr 17 538 799,000 1,485 Uncompleted New SaleAFFINITY AT SERANGOON Terrace 99 years Apr 17 2,067 2,341,000 1,133 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Apr 19 732 1,129,000 1,542 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Apr 19 624 1,002,000 1,605 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Apr 20 538 772,000 1,434 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Apr 20 1,076 1,606,000 1,492 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Apr 21 904 1,380,000 1,526 Uncompleted New SaleBOTANIQUE AT BARTLEY Condominium 99 years Apr 17 495 700,000 1,414 Uncompleted Sub SaleESPARINA RESIDENCES EC 99 years Apr 23 1,066 1,180,000 1,107 2013 ResaleFLO RESIDENCE Condominium 99 years Apr 17 786 818,000 1,041 2016 ResaleMARLENE VILLE Terrace Freehold Apr 22 2,476 2,100,000 848 2008 ResalePIN MANSIONS Apartment Freehold Apr 22 1,249 1,420,000 1,137 1992 Resale


GAINS AND LOSSES

Residential transactions with contracts dated April 16 to 23



(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALEPROJECT PROPERTY TYPE TENURE SALE DATE


(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALE

PARC PALAIS Condominium Freehold Apr 16 958 1,060,000 1,106 1999 ResalePARC PALAIS Condominium Freehold Apr 23 1,238 1,490,000 1,204 1999 ResaleTERRENE AT BUKIT TIMAH Condominium 999 years Apr 17 1,001 1,480,000 1,478 2013 ResaleDistrict 22 IVORY HEIGHTS Condominium 100 years Apr 18 1,701 1,600,000 941 Unknown ResalePARC OASIS Condominium 99 years Apr 17 1,399 1,310,000 936 1994 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years Apr 16 764 1,080,000 1,413 2014 ResaleDistrict 23 HILLBROOKS Condominium Freehold Apr 22 1,227 1,227,000 1,000 1999 ResaleHILLVIEW HEIGHTS Condominium Freehold Apr 18 1,647 1,938,000 1,177 1996 ResaleHILLVIEW REGENCY Condominium 99 years Apr 17 1,119 1,030,000 920 2005 ResaleHILLVIEW REGENCY Condominium 99 years Apr 18 1,130 1,060,000 938 2005 ResaleNORTHVALE Apartment 99 years Apr 18 1,324 1,038,000 784 1998 ResalePAVILION PARK Terrace Freehold Apr 17 2,153 3,060,000 1,421 2011 ResaleTHE DAIRY FARM Condominium Freehold Apr 18 1,281 1,500,000 1,171 1989 ResaleTREE HOUSE Condominium 99 years Apr 16 1,012 965,000 954 2013 ResaleWINDERMERE EC 99 years Apr 17 1,281 875,000 683 1999 ResaleDistrict 25 NORTHOAKS EC 99 years Apr 16 2,347 1,090,000 465 2000 ResaleWOODGROVE ESTATE Terrace 99 years Apr 18 1,938 1,820,000 939 1995 ResaleDistrict 26 THE ESSENCE Apartment 99 years Apr 18 1,001 1,115,000 1,114 Uncompleted New SaleTHE ESSENCE Apartment 99 years Apr 21 732 1,013,950 1,385 Uncompleted New SaleDistrict 27 EIGHT COURTYARDS Condominium 99 years Apr 22 1,152 1,150,000 998 2014 ResaleEUPHONY GARDENS Condominium 99 years Apr 22 1,421 860,000 605 2001 ResaleNORTHWOOD Condominium Freehold Apr 17 1,313 1,120,000 853 2009 ResaleSPRINGHILL Terrace 99 years Apr 23 2,960 1,338,000 452 2005 ResaleTHE CANOPY EC 99 years Apr 22 1,302 1,135,000 871 2014 ResaleDistrict 28 NIM COLLECTION Terrace 99 years Apr 21 1,615 2,802,000 1,735 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 16 969 1,307,112 1,349 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 16 786 1,050,112 1,336 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 16 872 1,100,000 1,262 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 16 1,281 1,627,660 1,271 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 16 861 1,073,790 1,247 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 16 872 1,094,112 1,255 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 17 667 874,112 1,310 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 17 872 1,140,720 1,308 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 18 667 883,000 1,323 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 19 969 1,246,000 1,286 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 20 1,281 1,642,210 1,282 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 20 872 1,181,000 1,355 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 20 667 896,280 1,343 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 20 667 903,070 1,353 Uncompleted New SalePARC BOTANNIA Condominium 99 years Apr 21 1,281 1,635,420 1,277 Uncompleted New Sale

DISCLAIMER:Source: URA Realis. Updated April 30, 2019. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium

PRIVE EC 99 years Apr 16 775 788,000 1,017 2013 ResaleRESIDENCES @ JANSEN Apartment 999 years Apr 16 1,216 1,138,000 936 2008 ResaleRIVERFRONT RESIDENCES Apartment 99 years Apr 16 872 1,137,720 1,305 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 16 1,109 1,416,000 1,277 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 16 517 726,000 1,405 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 17 463 623,000 1,346 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 19 915 1,200,000 1,312 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 19 872 1,127,000 1,293 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 20 1,066 1,346,000 1,263 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 20 872 1,101,000 1,263 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 20 872 1,112,000 1,275 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 20 463 638,000 1,378 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 21 721 917,000 1,272 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 21 517 676,000 1,308 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 21 517 695,000 1,345 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 21 517 682,000 1,320 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Apr 21 463 645,000 1,394 Uncompleted New SaleRIVERSOUND RESIDENCE Condominium 99 years Apr 16 753 838,000 1,112 2015 ResaleSERANGOON GARDEN ESTATE Detached 999 years Apr 18 4,962 5,900,000 1,190 1997 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 18 667 1,055,000 1,581 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 19 721 997,000 1,382 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 20 936 1,346,000 1,437 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 20 527 747,000 1,416 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 21 753 1,073,000 1,424 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 21 1,001 1,269,000 1,268 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 21 667 951,000 1,425 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 21 936 1,376,000 1,469 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 21 527 798,000 1,513 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Apr 21 1,098 1,383,000 1,260 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Apr 16 474 698,500 1,475 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Apr 19 452 707,700 1,565 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Apr 21 452 705,500 1,561 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Apr 21 614 937,100 1,527 Uncompleted New SaleTHE LUXURIE Condominium 99 years Apr 23 775 920,000 1,187 2015 ResaleTHE MINTON Condominium 99 years Apr 18 1,324 1,460,000 1,103 2013 ResaleDistrict 20 COUNTRY GRANDEUR Condominium Freehold Apr 18 1,442 1,800,000 1,248 1996 ResaleJADESCAPE Condominium 99 years Apr 16 904 1,525,900 1,688 Uncompleted New SaleJADESCAPE Condominium 99 years Apr 17 904 1,593,200 1,762 Uncompleted New SaleJADESCAPE Condominium 99 years Apr 19 904 1,487,100 1,645 Uncompleted New SaleJADESCAPE Condominium 99 years Apr 19 646 1,148,300 1,778 Uncompleted New SaleLAUW & SONS GARDEN Detached Freehold Apr 18 10,032 11,188,888 1,115 Unknown ResaleSKY HABITAT Condominium 99 years Apr 17 2,551 3,592,000 1,408 2015 ResaleTHE WINDSOR Condominium Freehold Apr 17 1,658 1,735,000 1,047 1988 ResaleTHOMSON GRAND Condominium 99 years Apr 16 1,378 1,750,000 1,270 2015 ResaleTHOMSON THREE Apartment 99 years Apr 22 732 1,160,000 1,585 2016 ResaleDistrict 21 DAINTREE RESIDENCE Condominium 99 years Apr 18 710 1,088,100 1,532 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Apr 19 560 1,050,700 1,877 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Apr 19 678 1,071,000 1,579 Uncompleted New SaleENG KONG PARK Semi-Detached Freehold Apr 18 3,315 5,150,000 1,554 Unknown ResaleGARDENVISTA Condominium 99 years Apr 18 1,141 1,550,000 1,358 2006 ResaleHILLVIEW GREEN Condominium 999 years Apr 17 1,033 955,000 924 1998 ResaleMAYFAIR GARDENS Condominium 99 years Apr 20 570 1,186,000 2,079 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years Apr 21 689 1,445,000 2,098 Uncompleted New SaleTOH TUCK DRIVE Terrace 999 years Apr 17 2,368 3,850,000 1,629 1991 ResalePANDAN VALLEY Condominium Freehold Apr 17 1,335 1,833,000 1,373 1978 Resale

DONE DEALS

Top gains and losses from April 16 to 23

Source: URA, EdgeProp Note: Computed based on URA caveat data as at April 30 for private non-landed houses transacted between April 16 and 23.The profit and loss computation excludes transaction costs such as stamp duties.

Most profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

($ PSF)PROFIT ($) PROFIT

(%)ANNUALISED PROFIT

(%)HOLDING PERIOD

(YEARS)

1 THE BOTANIC ON LLOYD 9 3,531 Apr 17 1,742 Sep 27, 2006 1,076 2,350,000 62 4 12.62 BALMORAL PLAZA 10 2,357 Apr 18 1,315 Aug 24, 2001 467 2,000,000 182 6 17.73 THE GRANGE 10 2,293 Apr 18 2,355 Nov 4, 2005 1,589 1,756,440 48 3 13.54 THE DRAYCOTT 10 2,637 Apr 17 1,775 Jul 1, 1996 1,232 1,430,000 44 2 22.85 THE ARCADIA 11 3,714 Apr 22 983 Jul 27, 2006 700 1,050,000 40 3 12.76 EMERY POINT 15 1,302 Apr 23 1,228 Jul 6, 2017 557 875,000 121 55 1.87 HILLVIEW HEIGHTS 23 1,647 Apr 18 1,177 Apr 20, 1996 698 788,000 69 2 23.08 PARK INFINIA AT WEE NAM 11 1,690 Apr 18 1,965 Oct 28, 2009 1,500 785,000 31 3 9.59 PARC PALAIS 21 1,238 Apr 23 1,204 Feb 26, 1999 578 775,000 108 4 20.210 EMERY POINT 15 1,302 Apr 22 1,190 Sep 19, 2003 607 760,000 96 4 15.611 THE WINDSOR 20 1,658 Apr 17 1,047 Dec 15, 2009 621 705,000 68 6 9.312 CAVENAGH COURT 9 1,862 Apr 22 1,654 Aug 15, 2014 1,289 680,000 28 5 4.713 PARKSHORE 15 1,636 Apr 17 1,534 Dec 22, 2016 1,131 660,000 36 14 2.314 PIN MANSIONS 19 1,249 Apr 22 1,137 Aug 12, 1996 633 630,000 80 3 22.715 COUNTRY GRANDEUR 20 1,442 Apr 18 1,248 Apr 4, 2011 832 600,000 50 5 8.0

Non-profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

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

(YEARS)

1 AALTO 15 1,528 Apr 18 2,094 Apr 13, 2011 2,303 319,700 9 1 8.02 ESPADA 9 646 Apr 18 2,013 Jul 30, 2010 2,327 203,113 14 2 8.73 EURO-ASIA COURT 9 1,658 Apr 18 1,448 Jul 1, 2007 1,508 100,000 4 0.3 11.84 LIVIA 18 1,345 Apr 17 899 May 17, 2012 974 100,000 8 1 6.95 THE VERVE 12 441 Apr 22 1,394 Oct 10, 2012 1,575 80,000 12 2 6.56 FAIRMOUNT CONDOMINIUM 16 1,227 Apr 22 896 Jan 7, 2013 962 80,000 7 1 6.37 WATERSCAPE AT CAVENAGH 9 1,378 Apr 17 1,742 Mar 15, 2010 1,799 78,000 3 0.4 9.18 ESTELLA GARDENS 17 657 Apr 22 982 Jun 4, 2012 1,081 65,000 9 1 6.99 L'VIV 11 990 Apr 22 2,070 Dec 22, 2010 2,133 62,100 3 0.4 8.310 THE LUXURIE 19 775 Apr 23 1,187 Jan 30, 2013 1,215 21,900 2 0.4 6.2


MARKET TRENDS

| BY BONG XIN YING |

While island-wide occupancy and sales continued to improve, the rental index (Central Region) saw its first decline in seven consec-utive quarters, according to fig-

ures released from the Urban Redevelopment Authority (URA) on April 26. Rentals of office space decreased by 0.6% in 1Q2019, compared with a 0.5% increase in 4Q2018. URA’s Office Rental Index for the Central Region in 1Q2019 is 8.6% below the most recent peak in 1Q2015.

Meanwhile, rent growth accelerated in 1Q2019 across almost all submarkets tracked, says Tay Huey Ying, head of research and consultancy at JLL Singapore. JLL’s research showed the aver-age monthly gross effective signing rents for a fixed basket of Grade-A office assets in the CBD rose 3.7% q-o-q to $10.63 psf in 1Q2019 from $10.25 psf in 4Q2018. This is faster than the 3.3% q-o-q rise in 4Q2018 and 2.3% q-o-q rise in 3Q2018. The relentless increase in the rents of the basket of office assets tracked by JLL was

underpinned by diminishing availability of good quality office space in the CBD for lease amid firm demand and limited new supply.

According to JLL’s Tay, the correction reflected in URA’s 1Q2019 office rental index could be due to the “occurrence of more leases taking place in Category 2 offices as the availability of Cat-egory 1 offices for lease diminishes amid firm demand”. She adds that a more active Catego-ry 2 office leasing market could have dragged down the overall rental index for the quarter.

“Category 1” refers to office space in build-ings located in core business areas in Down-town Core and Orchard Planning Area which are relatively modern or recently refurbished, command relatively high rentals and have large floor plate size and gross floor area (GFA), while “Category 2” refers to the remaining of-fice space in Singapore which are not includ-ed in Category 1.

Prices and rentalsPrices of office space increased by 3% q-o-q in 1Q2019, compared with a 2.4% increase q-o-q

in the previous quarter. In the Central Region, office prices were 8.9% above the recent low in 2Q2017.

Based on Colliers’ research, CBD Premium and Grade-A gross effective rents grew 2.3% q-o-q to $9.64 psf in 1Q2019. Increasing land-lord confidence underpinned lower incentives and rental uplift.

Colliers says the net absorption in 1Q2019 was driven by technology and flexible work-space sectors, as vacancy tightened to 3.9% as of end-March 2019 from 5.4% as of end-De-cember 2018.

It forecasts that with a higher base for com-parison in 2018, CBD prime office rents will likely grow at a slower pace – of about 8% – in 2019. Meanwhile, Grade-A and Premium CBD office vacancy is expected to continue to trend below 6% until 2022.

Office sales prices grew at an “accelerated pace, on the back of more en bloc transactions during the quarter”, says Tricia Song, head of research for Singapore at Colliers Internation-al. The transactions include the sale of Manu-life Centre which was jointly acquired by ARA Asset Management and British property group Chelsfield for $555.5 million; six levels at Sun-tec City which were reportedly sold to Alpha Investment Partners for $160 million, and an-other floor at the same property that was sold to an unnamed party for $8 million, adds Song.

Stocks and vacancyThe amount of net occupied office space increased by 19,000 sq m (204514 sq ft) in 1Q2019, com-pared with the increase of 39,000 sq m (nett) in the previous quarter. Meanwhile, the stock of office space decreased by a net 6,000 sq m in 1Q2019, compared with a net increase of 59,000 sq m in the previous quarter. Together, the is-

land-wide vacancy rate of office space declined to 11.8% at the end of 1Q2019, from 12.1% as at the end of the previous quarter.

As at the end of 1Q2019, there was a to-tal supply of about 733,000 sq m GFA of office space in the pipeline, compared with the 732,000 sq m GFA of office space in the pipeline in the previous quarter.

According to JLL’s Tay, JLL “remains upbeat” about the prospects for Singapore’s office leas-ing market. This is due to the steady demand for office space shown by the healthy pre-com-mitments for schemes scheduled for comple-tion in 2019, namely 9 Penang Road and Funan. “This is amid tight vacancy of 6% for Grade-A office space in the CBD as of end-1Q19 which we expect to tighten further to below the fric-tional rate of 5% by the end of 2019,” she adds.

The supply squeeze will also continue to give landlords the upper hand in lease negotia-tions. “Barring adverse external shocks, there is potential for 2019 to outperform 2018 in terms of rent growth for Grade A office space in the CBD,” says Tay.

Referencing the CBD Incentive Scheme and the Strategic Development Incentive (SDI) Scheme, which were proposed in the URA Draft Master Plan 2019, Colliers’ Song is optimistic that these schemes will reduce the availability of office space in the CBD and drive up rents. “Affected occupiers should explore options to move to newer space within the CBD, or move to city fringe offices or even to business parks, if applicable...investors could also look to add value with redevelopment premiums to old-er buildings,” adds Song. “Broadly, we expect reduced new CBD Grade-A office supply over 2019–2021, with annual expansion averaging 2% of stock, and the continued tightening of vacancy should support rental growth.” E

Rentals of office space decreased by 0.6% in 1Q2019, compared with a 0.5% increase in 4Q2018

Office rents decline 0.6% in 1Q2019


Prices of retail space decreased by 1.9% q-o-q in 1Q2019, compared to the in-crease of 1.5% q-o-q in the previous quarter, according to the latest URA statistics. Rentals of retail space fell

by 0.2% q-o-q, compared to the 1.2% q-o-q rise in 4Q2018.

Tay Huey Ying, head of research and con-sultancy, JLL Singapore, says that with both the rent and price indices of retail space in the Central Region returning to the “contraction-ary mode” following 4Q2018’s expansion, the statistics point to a retail property market that is “still trying to find its footing”.

She says that the marginal 0.2% q-o-q de-cline for rents in the Central Region in 1Q2019

is “likely due to a changing tenant profile such as the increasing take-up of prime retail space by rent-sensitive occupiers with large space requirement”.

In 4Q2018, SuperPark opened in Suntec City and Holey Moley opened in Clarke Quay. Tay notes that Nerf Action Xperience and kidzto-pia will be opening in Marina Square in the coming quarters.

Stocks and vacancyURA says the net amount of occupied retail space shrank by 14,000 sq m (150,690 sq ft) in 1Q2019. The previous quarter saw a net in-crease of 24,000 sq m. Overall vacancy rate of retail space rose to 8.7% at end-1Q2019, from 8.5% at end-4Q2018.

Desmond Sim, head of research, Southeast Asia, CBRE, notes that with new supply com-ing onto the market, vacancy rates have risen from 9.6% in 4Q2018 to 9.9% in 1Q2019. The Orchard Road area has seen a higher vacan-cy rate of 6.1%.

Tricia Song, head of research for Singapore at Colliers International, says recent retail mall Reits’ financial results saw some improvement in shopper traffic in their malls in 1Q2019, as well as positive rental reversions, “underscor-ing some success in their proactive asset and lease management”.

She expects retail space supply in the Central Region, city fringe and suburban areas in 2019 to rise by 2% of the current stock. Upcoming supply in 2019 includes Raffles Hotel Arcade,

Funan, and PLQ Mall, says Song. She says sup-ply “should taper off significantly from 2020”.

Sim expects overall vacancy rates to “com-press”. This takes into account the physical occupation of recent completions like Jewel Changi Airport and the asset enhancement of TripleOne Somerset. The supply pipeline is also expected to tighten over the next few years, he adds.

OutlookThis year, ground-floor retail rents in prime shopping centres along Orchard Road will rise marginally by 1-2% y-o-y, due to the lack of new stock, says Song, while prime floor rents for suburban regional centres should stabilise.

JLL’s Tay says the expansion plans of Ma-rina Bay Sands and Resorts World Sentosa should inject confidence in the medium-term prospects of Singapore’s tourism and retail in-dustries. This would in turn lend support to demand for retail space.

CBRE’s Sim sees the retail market remain-ing “a two-tier market with resilience in the prime spaces while secondary spaces and floors remain challenging”. He adds: “Land-lords for such secondary spaces would have to strike a fine balance between occupancy and rental values.”

Tay says ongoing restructuring in the retail space will likely see the URA retail rental in-dex “flip-flopping between marginal up- and down-ticks in the short term”.

Retail rents fall 0.2% in 1Q2019, prices down 1.9%CAPITALAND

Upcoming retail supply in 2019 includes Funan (pictured), Raffles Hotel and PLQ

E


UNDER THE HAMMER


A 1,130 sq ft unit at Skies Miltonia in District 27 was put up for its first auction on April 30, according to the auctioneer at Edmund Tie & Co (ET&-Co). This is a mortgagee sale, with

a guide price of $1.14 million ($1,008 psf). As there were no bids, the unit was withdrawn.

It will be put up for its second auction on May 22, and the guide price is likely to re-main the same.

The fifth-floor unit will be sold with va-cant possession, on an “as is where is” basis. The previous owner purchased it for $1.13 million ($1,000 psf) from the developer in October 2014, according to a caveat lodged with URA Realis.

Located at the junction of Miltonia Close and Yishun Avenue 1, Skies Miltonia is a 99-year leasehold condo by TG Development, and was completed in 2016. It has 92 years left on its lease. The development comprises 420 units in eight 13-storey blocks, and 10 townhouses. The units range from 484 sq ft one-bedders, to townhouses of 4,672 sq ft.

Tucked away from the main road at Yishun Avenue 1, the three-bedroom unit up for auc-tion has “quiet” surroundings, says Joy Tan, head of auction and sales at ET&Co. The mas-ter bedroom comes with an en suite bath-room, while the two other bedrooms share a common bathroom. The unit also comes with a closed-concept kitchen and a house-hold shelter.

Meanwhile, the living room and all the three

bedrooms offer partial swimming pool views. Tan adds that the unit is “still in a good, well-kept condition” as the development was com-pleted just three years ago.

Based on caveats, Skies Miltonia saw six resale transactions this year. The most recent transaction was for a 721 sq ft two-bedroom apartment on the 10th floor that changed hands on April 2 at $780,000 ($1,082 psf). Meanwhile, a 1,076 sq ft, three-bedroom unit on the 10th floor was transacted at $1.08 million ($1,003 psf) at end-March.

When it comes to similar-sized units as the one listed for auction, an apartment on the eighth floor was sold for $1.22 million ($1,079 psf) in August last year, according to caveats. “At $1,008 psf, we believe we have the lowest psf price for a typical three-bed-room unit (excluding penthouses) available for sale now,” says Tan.

She adds that while many other condos race to keep up with the current uptick in the property cycle, the new buyer would be able

to enjoy old prices today.Given the development’s proximity to GEMS

World Academy, Khoo Teck Puat Hospital and Seletar Airport, Tan highlights that Skies Mil-tonia could benefit from a ready tenant pool.

Furthermore, Orchid and Seletar Country Clubs are both less than a 10-minute drive away.

“With most buyers looking to buy for their own stay, interest levels have been fair-ly healthy,” says Tan.

Unit at Skies Miltonia going for $1.14 mil

ET&C

O

Recent transactions at Skies Miltonia

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

Apr 2, 2019 721 780,000 1,082

Mar 29, 2019 1,076 1,080,000 1,003

Feb 26, 2019 969 980,000 1,012

Feb 12, 2019 1,356 1,630,000 1,202

Feb 1, 2019 1,076 1,050,000 975

Jan 30, 2019 969 988,000 1,020

Recent rental contracts for 1,100 - 1,200 sq ft units at Skies Miltonia

LEASE DATE MONTHLY RENT ($)

March 2019 2,200

March 2019 2,100

January 2019 2,500

TABLES: URA, EDGEPROP SINGAPORE

E

The unit enjoys partial pool views


PROP HUNT CLASSIFIEDS

Scan QR code for more details

Properties for Sale To be featured, email [email protected] or call 8822-2997

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FREEHOLD Resort like Elevated Patio unit facing Pool. Selling with good Tenancy to 31 May 2020. High ceiling possible to create a Loft. Quiet no road noise. Breezy. Feels over 1000sqft.

Beautiful 3.5 storey corner terrace located in Pavilion Park. Nearest MRT station: Bukit Gombak MRT Station. 4 spacious bedrooms with ensuite bath, helper room, study room and a family & entertainment room. An outdoor water feature outside the dining room. Can park 2 cars. Serious seller!

Kent TanHOME GURU PTE LTDR023645H

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$15,580,000Bungalow HouseD11 HILLCREST ROAD | FreeholdBuilt-Up(sqft): 3,055 | Land(sqft): 10,219PSF: $1,525

Well-renovated modern 2-storey detached house with pool. Tranquil location and professional landscaping done for privacy. Park up to 5 cars. Close to RGPS and eateries. Spacious ensuite rooms. Motivated seller. View to appreciate. Call now!

Adrian ChayKF PROPERTY NETWORK PTE LTDR057187G

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Stylish tropical 2 storey Semi-D. Auspicious house number with wide frontage. Delightfully landscaped with koi pond. Extensive living & dining arenas, combine the elegance of formal indoor/outdoor entertaining with the comfort of easy, family living. 4 generously-sized bedrooms. Near Mayflower MRT & Lower Peirce Reservoir Park.

$5,900,000Semi-Detached HouseD10 LIM TAI SEE WALK | FreeholdBuilt-Up(sqft): 2,800 | Land(sqft): 2,382PSF: $2,477

Prime Land Ideal for A&A/Rebuild. Ample Parking, Quiet Cul-De-Sac. 5 mins walk to Sixth Ave. Short drive to Bukit Timah, Holland Village, Orchard & Prestigious Primary Schools. Genuine Seller, View To Offer.

$1,580,000The Central - Office for saleD1 EU TONG SE STREET | 99 yearsLand(sqft): 646 | PSF: $2,446

Best investment opportunity! Tenant since year 2015 (Oil & Gas Industry) renew tenancy till June 2021 @$4.1k/month. 23rd floor Office above Clarke Quay MRT. Asking: $1.58m - rental yield: 3.11%. Viewing strictly on weekdays. Call Nick @ 8588 8868.

Nick TanORANGETEE & TIE PTE LTDR052618I

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$4,900,000Semi Detached HouseD19 FLORENCE ROAD | 999 yearsBuilt-Up(sqft): 3,600 | Land(sqft): 4,333PSF: $1,131

Super Nice Cul-De-Sac Semi-D that parks 4 car. Renovate / A&A drawings and design done.Ready for you to customize and complete. Wide Width 12m, Good Depth 33m (est). Spacious living and valued price. Magnificent real estate. Motivated Seller!

Matt ChiangSAVILLS RESIDENTIAL PTE LTD R032242G

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Condo with full facilities on Grange road. Company Owned. Beautiful view of pool & greenery from bedrooms. Concierge services, Spacious & functional layout. Good choice for own stay or investment. Tenanted till Feb 2020.

Condo with big pool, Tennis court, BBQ, Concierge in heart of D10. Minutes walk to Newton Mrt. Company Owned. Close to Orchard, ACS & Clubs. Spacious unit with rear side garden. Suitable for own stay or investment. Tenanted till Nov 2019.

Sheela K SAVILLS RESIDENTIAL PTE LTD R051936J

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$4,300,000GlentreesD10 MOUNT SINAI LANE | 999 yearsSize(sqft): 3,671 | PSF: $1,171Bedroom: 4

999 LH 4 bedroom in District 10,3 storey award winning Townhouse by Capital Land with Full Condo Facilities. Call Ken Lam for viewing now!

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$10,800,000Detached HouseD4 SENTOSA COVE | 99 yearsBuilt-Up(sqft): 8,300 | Land(sqft): 7,043PSF: $1,533

2.5 storey corner Modern Bungalow, 5 ensuites with high quality fittings overlooking 100m unblocked waterway for a 50ft yacht. Also Starbuy brand new 4 storey homes 6 ensuites with lift & basement available at 19xxpsf. ID option available. Huge discount for limited period

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Rare Free Hold B1 Industrial Terrace Factory @ Prime D03. 3 storeys corner unit, BIA 8,482 sq ft and 8 car park lots. Strata land size 6,200 sq ft. En bloc target with URA 2014 plot ratio 2.5. UOB Bank valuation $7 million.

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beach roads’ changing skyline · 2019. 5. 3. · unit at skies miltonia going for $1.14 mil ep11...

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