CONTINUES ON PAGE EP4
360o viewExamining all angles to pinpoint opportunities PG2
Home ideasContemporising a charming classic PG6
Deal watchFreehold District 10 condo selling at 2010 prices PG7
Visit TheEdgeProperty.com to find properties, research market trends and read the latest news
A PULLOUT WITH
M A K E B E T T E R D E C I S I O N SMCI (P) 046/03/2015 PPS 1519/09/2012 (022805)
THE WEEK OF APRIL 11, 2016 723
Getting creative tomove unsold units
| BY FEILY SOFIAN |
One developer has got
crea tive to clear its un-
sold units. According to
market sources, OUE Ltd
is offering two new pay-
ment schemes for OUE Twin Peaks,
a 462-unit condominium develop-
ment on Leonie Hill Road.
The schemes are considered a
private arrangement between the
buyer and seller as the project has
obtained the Certificate of Statutory
Completion (CSC).
Under the first scheme, also
referred to as the delayed pay-
ment scheme, buyers can make
a 20% upfront payment and ex-
ercise the option to purchase by
Dec 30. Buyers who are liable to
pay additional buyer’s stamp duty
today would stand to gain if the
government tweaks the ABSD re-
quirement.
On the second day of the Budget
debate on April 5, Member of Par-
liament Christopher de Souza urged
the government to remove the ABSD
for Singaporeans.
The second scheme allows buy-
ers to pay a 20% upfront payment
for the issuance of the options to
purchase and to pay the balance
two or three years later. It is similar
to the deferred payment scheme,
which the government withdrew
in 2007 for properties that have
not obtained CSC.
Buyers have to exercise the
option within two weeks and
pay the normal stamp duty plus
ABSD where applicable. They
can collect the keys to their units
and occupy or rent them out im-
mediately.
Both schemes are considered
private treaties between buyer and
seller. Under the second scheme,
the title deed is understood to be
held by the developer until the buy-
er pays the balance of 80%.
One advantage of the second
scheme is a two- to three-year sav-
ings in interest payment. At the
same time, buyers can continue
earning interest on their CPF and
receive rental income. Buyers who
are currently constrained by the to-
tal debt servicing ratio or loan to
value requirements can also take
advantage of this scheme. This gives
them more time to dispose of oth-
er properties and secure a higher
loan quantum when the 80% pay-
ment is due.
The second scheme has one
drawback. According to market
sources, units offered under this
scheme will be pricier than in the
first scheme.
Under the Qualifying Certificate
rules, OUE is liable to pay exten-
sion fees for OUE Twin Peaks if the
project fails to sell out within two
years of receiving its Temporary
Occupation Permit (TOP). The fees
are computed based on 8%, 12%,
16% and 24% of the land cost, for
the first, second, third and subse-
quent years respectively after the
deadline, pro-rated on the percent-
age of unsold units.
OUE paid $625 million, or $1,810
psf per plot ratio, in 2007 for the
site, the location of the former
Grange ford Apartment. The pro-
ject received its TOP in February
2015. Based on this, the developer
has until February 2017 to finish
selling all the units to avoid pay-
ing extension fees.
As at September 2015, there
were still 392 unsold units in the
development. No record was avail-
able after September, presumably
because the project had obtained
its CSC. Upon obtaining CSC, de-
velopers are no longer required to
OUE is offering two new payment schemes at OUE Twin Peaks
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
EP2 • THEEDGE SINGAPORE | APRIL 11, 2016
EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY
HEAD OF RESEARCH | Feily Sofi an SENIOR ANALYST | Esther HoonANALYSTS | Lin Zhiqin, Tan Chee Yuen
COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Choy Wai FongPHOTO EDITOR | Samuel Isaac ChuaEDITORIAL COORDINATOR | Rahayu MohamadDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry,Tun Mohd Zafi an Mohd Za’abah
ADVERTISING + MARKETING THE EDGE SINGAPORE
ADVERTISING SALES
CHIEF MARKETING OFFICER | Cecilia KaySENIOR MANAGERS | Windy Tan, Kevin SimMANAGERS | Danna Pusta, Elaine Tan, Junda LinEVENTS
SENIOR MANAGER | Sivam KumarMARKETING
SENIOR MANAGER | Duanyi AngEXECUTIVES | Tim Jacobs, Sam Ridzam
THE EDGE PROPERTY
ADVERTISING SALES
DIRECTOR, ADVERTISING & SALES | Cowie TanSENIOR MANAGER | Diana LimACCOUNT MANAGERS | Ken Tan, Priscilla Wong, Jon Tan
COORDINATOR | Nor Aisah Bte Asmain
CIRCULATIONMANAGER |Cesar Banzuela De Jesus, Jr EXECUTIVES | Keith Lee, Malliga Muthusamy,Sandrine Gerber
CORPORATE CHIEF EXECUTIVE OFFICER | Ben PaulDIRECTOR | Anne Tong CORPORATE AFFAIRS DIRECTOR | Ng Say Guan
PUBLISHERThe Edge Publishing Pte Ltd150 Cecil Street #08-01Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620
PRINTERKHL Printing Co Pte Ltd57 Loyang DriveSingapore 508968Tel: (65) 6543 2222Fax: (65) 6545 3333
We welcome your commentsand criticism: [email protected]
Pseudonyms are allowed but please state your full name, address and contact number for us to verify.
Examine all angles to pinpoint opportunities
THEEDGE PROPERTY EVENT
| BY LIN ZHIQIN |
At the inaugural The Edge Property 360°
event held on April 2, a panel of speakers
gave pointers on how to examine all an-
gles of the property market to uncover
opportunities. The event was held in part-
nership with CapitaLand, Far East Organization,
MCC Land, JForte Holdings and Teambuild Land.
CIMB Private Banking director and economist
Song Seng Wun kicked off the session with a
snapshot of the global economy, which showed
that “global trade volume has fallen below the
long-term trendline, reflecting the soft consum-
er sentiment”. The Markit’s Global PMI, which
is based on a survey of businesses in the servic-
es and manufacturing sectors, shows that these
sectors are slowing down.
“The US economy is still in a lukewarm state
and whether people want to spend depends on
whether they feel that they have money in their
pocket and food on the table. Then, they will look
at whether they need to change their TV or buy
a new phone,” said Song.
“The US labour market is recovering, but there
is still plenty of slack. This leads to central banks
around the world keeping the cost of funding low
to try to get people to spend.
“There is uneven wage growth across job sec-
tors, including those in the resources sector, such
as oil and gas, where employees have been laid
off. So, it is not a broad-based recovery.
“In China, there is fiscal boost from govern-
ment spending, which is what countries should
do — complement monetary policy with spending.
If they cut rates, whether businesses will want to
spend will be helped if the government steps in.”
‘Cooling measures have created opportunities to buy’On the property cooling measures, Song said the
finance minister does not have to wait for the next
budget to tweak the measures if there is a need
to do so, based on the underlying market condi-
tions (see Chart 1).
“The debt servicing ratio or the leveraging
level of the household sector has gone up and
not come down yet. The chances of the govern-
ment relaxing measures anytime soon in an or-
derly market correction is unlikely. As the cost
of funding is still very cheap, the risk of relax-
ing is that leveraging will rise. This is one of the
considerations,” Song said. “In terms of price,
analysts are predicting a 15% decline from the
peak of the index.”
Ooi Yi Tung, director of The Edge Property,
said, “The cooling measures have not had the
same impact on all the segments of the property
market. It makes sense to look at segments that
have been affected more.
“Prices of some sites sold post-total debt ser-
vicing ratio were 10% to 20% lower than those
sold pre-TDSR, meaning the developer has the
option to sell at a lower price. These develop-
ments could be comparable, such as being next
to each other or with similar characteristics and
proximity to MRT.”
Based on his study, there are only two such new
developments in the Central Region — Principal
Garden and The Poiz Residences, which is a mixed-
use development.
Principal Garden is located between the Red-
hill and Tiong Bahru MRT stations. There are four
other new launches in the area with prices above
$1,700 psf for two-bedroom units, while similar
units are priced below $1,700 psf at Principal Gar-
den. According to Ooi, this is good for investors
as “you have room to price your rent lower and
not be hurt that much”.
The Poiz Residences is located beside the Po-
tong Pasir MRT station. It has a retail component
that will be managed by the developer, which is
advantageous. “Developers can get the tenant mix
right from day one, compared with some strata
malls that don’t work and are empty because they
are not well managed,” Ooi explained.
Other plus points for The Poiz Residences in-
clude rental resilience, owing to proximity to retail
and the MRT station. “For the same budget, ten-
ants will move towards convenience, closer to the
mall and MRT. In difficult times, rent might come
down, but at least it will be occupied,” he said.
One- and two-bedroom units at The Poiz Resi-
dences are priced at $1,400 to $1,500 psf. In com-
parison, completed mixed-use developments in
the Outside Central Region, such as Watertown in
Punggol, have asking prices of $1,300 to $1,400
psf for such units.
Resale opportunitiesOoi cited Vida in the Cairnhill area and Jardin along
Bukit Timah Road as examples of developments that
have seen rock-bottom prices in recent transactions.
Based on past resale transactions, a buyer who
pays $2,020 psf for a one- or two-bedroom unit at
Vida today would be paying a price that is lower
than that paid by 80% of his neighbours. “If you
can negotiate the price down to $1,900 psf, you
will enjoy a price that is lower than that paid by
85% of your neighbours,” said Ooi.
At Jardin, a price of $1,675 psf for a two-bed-
room unit is the target to negotiate for. “At $1,650
psf, the price is cheaper than what 95% of your
neighbours paid,” he added. A unit was recently
transacted at $1,400 psf.
In identifying resale opportunities for rent-
al investors, Ooi said the rental yield should
be above 3.5%. “Yield is very important. If
you have good cash flow, you have nothing to
worry about.”
His list of freehold developments in the Cen-
tral Region include Alexis in Queenstown, Parc
Imperial in Pasir Panjang, Prestige Heights in Bal-
estier, and La Fleur, Melosa and Treasures @ G20
in Geylang. These developments were selected
based on their rental yield of between 3.5% and
4.2% for one-bedroom units.
Leasehold developments that meet the crite-
rion are Icon, One Shenton, Skysuites @ Anson
and The Sail @ Marina Bay, all of which are lo-
cated in the CBD. Other developments in the Cen-
tral Region with rental yield of above 3.5% are
Waterbank at Dakota and Citylights in Lavender.
“If you are buying for rental, the best is to buy
it tenanted. Ideally, the lease only expires in 2018,
so you won’t have to worry about finding tenants
for two years,” Ooi said.
Upcoming developments worth waiting forIn addition to the opportunities that are already
in the market, Ooi also identified some upcom-
ing launches that investors might want to consid-
er. They include a residential site in East Coast
with superb seaview owing to the location, and
a mixed-use development beside the Redhill MRT
station that will have a supermarket that is inte-
grated with the station. The white site in Paya
Lebar that is slated to have office, retail and resi-
PICT
URES
: SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
THEEDGE PROPERTY EVENT
THEEDGE SINGAPORE | APRIL 11, 2016 • EP3
dential components is another development
that investors can anticipate.
Lastly, there is an upcoming Government
Land Sale in April for a site at Martin Place,
which is in the Core Central Region. According
to Ooi, it is rare for sites in the CCR to be put
up for sale. “If the developer can buy at a good
price, this will potentially be a good bargain.”
Should you buy, sell or hold?For those looking to buy, ERA key execu-
tive officer Eugene Lim said, “Now is the
best time. Sellers are more realistic and you
would probably be able to get a good deal
with some market research. With the loan
curbs here to stay, it would be a good idea
to get the necessary financing approvals be-
fore going house-hunting.
“If your house serves your needs and you
are not pressured to sell, then hold. Don’t be
pressured into thinking that the price will drop.
The measures are not designed to crash the
market but to stabilise prices that have risen
too fast for too long. Prices will be flat.”
He added, “Over the longer term, the growth
in population towards 2030 is expected to in-
crease the demand for housing and would
therefore provide the headroom for a meas-
ured capital appreciation.
“Prices have basically stabilised and the
trend is flat now. Today’s market price is very
realistic. In order to sell your house, the pric-
ing will have to be very realistic.”
According to Lim, ERA projects a total price
decline of less than 1% in 2016 for HDB resale.
HDB resale transactions rebounded 11.5% from
the historical low of 17,318 in 2014 to 19,306
in 2015. “ERA expects transactions in 2016 to
cross 20,000, probably closer to 21,000.”
To those who are committed to sell, Lim said,
“Realistic pricing is the way to go. Buyers are
very price-sensitive and if you go to the market
with a high asking price, no buyer would be
interested to make an offer for your flat. This
will increase the length of time your unit stays
on the market and this would probably work
against you in the end. Remember, based on
today’s resale prices, which have gained 75%
over the past 10 years, nobody is really mak-
ing a loss if you sell at market value”.
Lim’s advice to potential upgraders was:
“If you are buying today, you are buying at
2011 prices, as prices have come down. Pric-
es will go down further, but it is very difficult
to catch the bottom. If you look at the tail end
of the curve, it is quite stable.”
‘Invest in smaller commercial units’Knight Frank director and head of consultan-
cy and research Alice Tan said, “Office prices
came down in the global financial crisis and
it took over three years to recover. Last year,
we started to see prices coming down, main-
ly owing to the moderation in rentals. We are
seeing a softening in rentals because of the
economic outlook. Banks are consolidating
their office spaces, with some of them mov-
ing their back office to the city fringe or even
suburbs.” (See Charts 2 and 3.)
“The retail picture doesn’t look so rosy. Rent-
als are coming down steeply because the occu-
pancy rates are coming off quickly. In 1H2015,
rentals were still fine, but in 2H2015, we start-
ed to see steeper decline owing to the weak-
ening consumer sentiment and lower tourist
receipts,” she added.
Tan also pointed out that more Singapore-
ans are doing online shopping, which nega-
tively impact retailers. The labour crunch is
another factor impacting retailers. “This is not
an easy time for retailers,” she said.
“[Despite the challenges in the office and
retail sectors, there are still opportunities.]
Many investors think commercial property is
out of reach, but you can either invest in small-
er commercial units or commercial real estate
investment trusts.”
Strata offi ces may have niche appealAccording to Tan, sale prices for new freehold
strata offices have held firm at about $3,500 psf
mainly owing to transactions at Crown at Rob-
inson in the Tanjong Pagar area. “All the trans-
actions in 1Q2016 were for resale freehold offic-
es and prices are still holding up, although they
have come off from a high of $2,500 psf in the
heyday.” (See Chart 4 on Page EP4.)
For new leasehold strata offices, sale prices
have trended up. According to Tan, this was
due to two new sale caveats in 1Q2016, name-
ly a large-ticket transaction at SBF Center for
27,000 sq ft of space at $85 million and anoth-
er transaction for a smaller unit at GSH Plaza.
“In terms of resale, prices have started fall-
ing, but are still quite stable. The transactions
that contributed to this were at developments
such as The Central, where prices are stable at
$2,400 to $2,500 psf, and Suntec City, which
is a very resilient development,” noted Tan.
She also emphasised the importance of the
balance lease tenure for commercial property
as “prices can come off quite a fair bit to be-
low $2,000 psf if the balance lease is very low,
such as below 70 years”.
In terms of price quantum, “$1 million to
$2 million is the sweet spot price range for en-
try-level investors. The size range can be as
small as 300 to 400 sq ft or up to 1,000 sq ft,
depending on the location”, she said.
Retail is about people coming to shopThe sale prices of new freehold strata retail
have declined along with the prices for resale
units. According to Tan, this is a reflection of
the challenging retail market. “Prices for free-
hold resale transactions remained fairly stable,
such as those for old units at Coronation Plaza
and Queensway Shopping Centre,” she said.
Tan identified F&B and education and enrich-
ment as retail trades that are resilient against
the online shopping threat. “One potential
source of tenants is trendy start-up cafés that
are very budget-conscious. You might be able
to negotiate better with them, to compete with
big landlords for these retailers.”
A possible source of opportunities is the
Downtown Line, which cuts down the travel-
ling time to the city. “The MRT effect is very
powerful, not just on commercial but also on
residential property. The Downtown Line acti-
vates a lot of shops that are near the exit points
of the stations,” she added.
Tan said that one of the key findings of the
Knight Frank Wealth Report released last month
was that many ultra-high-net-worth clients were
Singapore policy planners watching the property market
DEPA
RTM
ENT
OF
STAT
ISTI
CS, C
IMB
PRIV
ATE
BAN
KIN
GFrom left: CapitaLand senior manager, marketing (residential), Ng Jing Tian; Far East Organization director, property sales, Quek Ai Ling; Far East Organization chief operating officer, property sales, Shaw Lay See; The Edge Property managing director Bernard Tong; The Edge Singapore managing director Anne Tong; MCC Land deputy marketing director Eunice Lau; JForte Holdings group CFO Darren Wang; and The Edge Property director, advertising and sales, Cowie Tan
Offi ce prices have generally held fi rm
Rentals softening because of the economic outlook
CHAR
TS: R
EALI
S, K
NIG
HT F
RAN
K RE
SEAR
CH
CONTINUES NEXT PAGE
Chart 1 Chart 2
Chart 3
EP4 • THEEDGE SINGAPORE | APRIL 11, 2016
THEEDGE PROPERTY EVENT
COVER STORY
Demand still consistent for resale freehold offi ces
REAL
IS (A
S AT
MAR
CH 3
0), K
NIG
HT F
RAN
K RE
SEAR
CH
Lim: If you are buying today, you are buying at 2011 prices, as prices have come down
Ooi cited The Poiz Residences and Principal Garden as examples of developers paying relatively lower price for the sites
Song: The debt servicing ratio or the leveraging level of the household sector has gone up
Tan: Despite the challenges in the office and retail sectors, there are still opportunities
F&B and education and enrichment are resilient retail trades
deterred from investing in commercial property.
These clients cited lack of knowledge about the
sector and insufficient market research.
According to her, it is important for investors
to gather more knowledge about retail, which is
“a very challenging sector”. She said that some
strata-titled retail malls are not very well-run com-
pared with developer-run malls. Naming Bukit
Timah Plaza and Thomson Plaza as two strata
retail malls that are well-managed, she suggest-
ed for investors to observe the trade mix and
“observe the crowd and traffic, and talk to peo-
ple and retailers to get a better feel before invest-
ing. Retail is all about people coming to shop”.
Shophouses, a very specialised sectorTan revealed that shophouses in District 2, on
Anson Road and in Tanjong Pagar, enjoy high
demand from companies. “Tanjong Pagar shop-
houses are very highly priced because it is an
established watering hole. The typical buyers
are companies and family offices. Shophouses
are like collectibles because there is no up-
coming supply. The downside to shophouses
is the difficulty in maintenance and conserva-
tion requirements,” she said.
“The number of shophouse transactions are
quite low compared with the past and prices
are at a more affordable level. In the active
years, a lot of foreign investors came to in-
vest in shophouses and it is not good for the
market when prices go too high,” she added.
“Companies continue to comprise a significant
proportion of buyers as the hefty price quan-
tum deters individual borrowing with TDSR.”
For investors interested in shophouses, Tan
suggested looking into those in the Down-
town Core, Marine Parade and Rochor plan-
ning areas.
All units to be sold by February 2017 to avoid extension feesreport their sale status by the Con-
troller of Housing.
Based on caveat records published
by URA, there have been four transac-
tions since October. Two were lodged
this year, both involving 570 sq ft units.
One of the units, on the 35th floor,
fetched $2,918 psf. The other, on the
14th floor, was sold for $2,629 psf. An-
ecdotal evidence shows these prices
are at a 5% discount to peak prices
in 2013. In May that year, a 570 sq ft
unit on the 16th floor changed hands
for $2,805 psf.
According to marketing agents,
some third-floor units in the project
are being offered as star buys with a
price tag of $2,300 psf net. How ever,
the star buys are not eligible for the
second payment scheme.
Units on the fourth floor and
above are eligible for the second
payment scheme. The cheapest
unit available under this scheme is
understood to be a one-bedroom,
549 sq ft unit on the fourth floor
that is going for $1.5 million, or
$2,728 psf, after discount. Going
by the latest comparable transac-
tion, the unit for the second pay-
ment scheme is priced at a premi-
um. Potential buyers should weigh
their potential interest rate savings
and net rental yield against this pre-
mium to estimate the net gain from
the second scheme.
The 462 units in the project are
housed in two 35-storey towers. All
are fully furnished by designers, in-
cluding Charles & Ray Eames, Gerrit
T Rietveld, Hans Wegner, Matthew
Hilton and Tom Dixon.
The developer could not be reached
for comment.
FROM PAGE EP1
E
FROM PREVIOUS PAGE
Chart 4
E
KIM
SY
EP6 • THEEDGE SINGAPORE | APRIL 11, 2016
THEEDGE PROPERTY HOME IDEAS
Contemporisinga charming classic| BY TAN CHER MING & STEPHANIE GAUTAMA |
Home is a place of memories, and some of us wish that our cherished place will never change. As with all
things however, houses age and become dilapidated over time: Waterproofing starts to fail; plumbing,
sanitary and electrical infrastructure needs to be replaced; and floor and wall finishes need to be periodically
refreshed to keep up with the times. For some, this is a good excuse to demolish the house and rebuild it
completely. But for other homeowners who feel attached to their abode, a light-handed approach might
be more appropriate. And they can integrate new design elements into their beloved home.
Ming Architects recently completed renovation works for a Good Class Bungalow (GCB) on Swettenham Road
that was built in the early 1990s. The success of the project lay in achieving a perfect balance between the classical
style of the original bungalow and the introduction of contemporary design elements.
Here are key considerations for homeowners looking for a similar upscale makeover for their homes:
DEFINE YOUR COLOUR
and material palette to
create a consistent look
throughout the house.
Materials such as black-
stained walnut, white
Italian Carrara marble
and polish ed gold accents
lend the spaces elegance
and class, and serve to
unify both the classical
and modern elements of
the design. Stainless steel
and low-emissive glass are
utilised to suit the owner’s
requirements.
CELEBRATE YOUR HERITAGE by reinvigorating the existing features
of your estate. Seize the chance to redo the electrical wiring and sanitary
plumbing, revamp floor and wall finishes, and use modern lighting tech-
niques such as concealed LED cove lights and light fittings to accentuate
your house’s classical architecture and highlight its best features.
CHERISH HEIRLOOMS and restore them as accents for your new home. The grand crystal chandelier as well
as all the existing pendant alabaster lamps in the GCB underwent a complete restoration with polishing of the
crystals and stones, and replating of the gold finish. Many of the timber doors were restored and reused as well.
INVEST IN A TECHNOLOGICAL upgrade by using energy-saving appliances
and embedding a smart automated system in everyday living. For a large
bungalow, consider using exclusively LED lights, a VRV [variable refrigerant
volume] air-conditioning system as well as a good home automation sys-
tem that can control your lighting, blinds/curtains and air conditioning
from anywhere within the house or even remotely via your smart phone.
Here, Ming Architects has integrated classy technological features to suit
the client’s lifestyle, including a custom temperature-controlled wine cellar,
glass lift shaft and home theatre room.
DREAM OF SPACES TO ENJOY! Home-
owners who relish being outdoors can
gather family and friends at a poolside pa-
vilion that comes fully equipped with air
condition ing, a bar fridge, digital TV and
state-of-the-art karaoke system. It’s the
ideal place to entertain.
Tan Cher Ming, principal of Ming Architects,
is passionate about the process of creating
well-designed homes that suit individual
homeowners. He can be reached at ming@
mingarchitects.com.
Stephanie Gautama is a freelance land-
scape architect and design writer. She
can be reached at stephaniegautama@
gmail.com.
E
THEEDGE SINGAPORE | APRIL 11, 2016 • EP7
THEEDGE PROPERTY DEAL WATCH
E
Recent rental contracts for 600 to 700 sq ft units at Spanish Village Historical transactions of 700 to 800 sq ft
units at Spanish Village
Table 1Table 2
TABL
ES: U
RA, T
HE E
DGE
PRO
PERT
Y
MONTHLY RENTLEASE DATE $ PRICE PSF ($)January 2016 2,500 3.80January 2016 2,550 3.90January 2016 2,400 3.70December 2015 2,500 3.80December 2015 2,250 3.50December 2015 2,600 4.00December 2015 2,550 3.90
CONTRACT DATE PRICE ($ MIL) PRICE PSF ($)March 25, 2014 1.22 1,553Nov 15, 2013 1.20 1,527Aug 19, 2013 1.00 1,429April 25, 2013 1.27 1,639Jan 23, 2013 1.10 1,572April 5, 2010 1.10 1,400
Freehold District 10 condo selling at 2010 prices| BY METTA LEE |
A 786 sq ft, one-bedroom
unit at Spanish Village on
Farrer Road has been list-
ed on TheEdgeProperty.
com at $1.1 million, or
$1,399 psf. The Edge Fair Value, a
valuation tool on The EdgeProper-
ty.com, puts the indicative value of
the property at $1,514 psf. The ask-
ing price is on a par with 2010 pric-
es. In April 2010, a comparable unit
was sold for $1,400 psf.
The property’s last transaction
for a similar-sized unit was in March
2014, when a unit on the same floor
was sold for $1.22 million, or $1,553
psf. This represents an 11% premium
above the subject property’s asking
price of $1,399 psf.
Spanish Village is a freehold pro-
ject in District 10 that was completed
in 1987. The 226-unit development
is located across the road from the
Farrer Road MRT station of the Cir-
cle Line and Empress Road Market
and Food Centre. More amenities
are found in Holland Village, which
is within 1km of the development.
Schools within a 1km radius of
Spanish Village include Nanyang Pri-
mary School, St Margaret’s Secon dary
School and Anglo-Chinese School
(International) Singapore.
There were seven rental contracts
for 600 to 700 sq ft units at Span-
ish Village from December 2015 to
January 2016. Monthly rents for
these contracts averaged $2,440,
or $3.74 psf. The subject proper-
ty is understood to be tenanted at
$2,700 a month.
For more information, call mar-
keting agent Danis E T Lim at 9222
8999.
Scan the QR code for value deals at Spanish Village and nearby pro-jects
As TheEdgeProperty.com is not party
to the contract between the client and
agent, it is unable to verify informa-
tion provided by the agent
E
Spanish Village is a freehold project that was completed in 1987
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
1 KM RADIUS
Most affordable listingsnear Bartley MRTon TheEdgeProperty.com
Bartley Residences clocked up the most rental transactions in February. The median rent for
the 49 contracts was
$3.50/psf per month.
CASA ROSA
Size: 1,130 sq ft
Asking price: $1,050,000
Marketed by: Michelle Goh
Contact no: 9088 2384 418 SERANGOON CENTRAL(Jumbo)
Size: 1,571 sq ft
Asking price: $890,000
Marketed by: Dorothy Chua
Contact no: 9144 8100
THE VUE
Size: 1,098 sq ft
Asking price: $995,000
Marketed by: Verooda Leong
Contact no: 9366 4622
EVANIA
Size: 980 sq ft
Asking price: $1,073,000
Marketed by: Louis Tey
Contact no: 9151 8899
13 JOO SENG ROAD(4-room)
Size: 1,022 sq ft
Asking price: $400,000
Marketed by: Parthiban
Contact no: 9853 6606
2 UPPER ALJUNIED LANE(3-room)
Size: 613 sq ft
Asking price: $280,000
Marketed by: Salihin
Contact no: 8247 4747
Condo
By: Metta LeeGraphics by: Lem Chern Jiang
BARTLEYRESIDENCES
Size: 797 sq ft
Asking price: $1,100,000
Marketed by: Ryan Lee
Contact no: 9792 3832
HDB
Scan the QR code for condo listings near Bartley MRT
51 8899
da Leong
22
Scan the QR code for HDB listings near Bartley MRT
10 JOO SENG ROAD(5-room)
Size: 1,281 sq ft
Asking price: $588,000
Marketed by: Sui San Ng
Contact no: 9827 1917
BARTLEY
SUITES@PAYA LEBAR
Size: 614 sq ft
Asking price: $880,000
Marketed by: Drake Woon
Contact no: 9150 7233Contact
EP8 • THEEDGE SINGAPORE | APRIL 11, 2016
New caveats uploaded on March 25 and 29
TABL
ES: U
RA, T
HE E
DGE
PRO
PERT
Y
Most profi table deals PROJECT DISTRICT AREA SOLD ON SALES PRICE BOUGHT ON PURCHASE PRICE PROFIT PROFIT ANNUALISED PROFIT HOLDING PERIOD (SQ FT) ($) ($) ($) (%) (%) (YEARS)
NON-LANDED
1 Holt Residences 10 2,067 21-Mar-16 2,850,000 19-Jul-05 1,446,900 1,403,100 97 7 10.7
2 Equatorial Apartments 15 2,411 22-Mar-16 2,750,000 22-May-06 1,350,000 1,400,000 104 7 9.8
3 Glentrees 10 1,711 10-Mar-16 2,280,000 21-Dec-05 1,350,900 929,100 69 5 10.2
4 Sky@Eleven 11 2,820 21-Mar-16 4,260,000 26-Mar-07 3,369,900 890,100 26 3 9.0
5 Citylights 8 1,421 17-Mar-16 1,830,000 11-Apr-07 988,200 841,800 85 7 8.9
6 Chapel Lodge 15 1,593 4-Feb-16 1,580,000 15-Mar-07 760,000 820,000 108 9 8.9
7 Jervois Jade Apartments 10 1,496 3-Mar-16 1,796,000 18-Apr-07 1,000,000 796,000 80 7 8.9
8 Avalon 10 1,582 17-Mar-16 2,230,000 15-Feb-05 1,447,530 782,470 54 4 11.1
9 The Sunny Spring 14 1,195 15-Mar-16 1,185,000 3-Oct-05 480,000 705,000 147 9 10.5
10 Hillington Green 23 2,594 18-Mar-16 2,018,000 3-Jul-00 1,407,600 610,400 43 2 15.7
LANDED
1 Detached/Gallop Road 10 15,888 21-Mar-16 27,000,000 10-Sep-09 14,500,000 12,500,000 86 10 6.5
2 Detached/Jalan Kakatua 21 8,288 4-Mar-16 8,600,000 1-Feb-00 3,200,000 5,400,000 169 6 16.1
3 Semi-detached/Bee San Avenue 21 2,594 16-Mar-16 4,600,000 2-May-06 2,180,000 2,420,000 111 8 9.9
4 Semi-detached/Meng Suan Road 26 4,510 18-Mar-16 3,300,000 5-Dec-06 1,100,000 2,200,000 200 13 9.3
5 Terrace/Pasir Panjang Hill 5 4,327* 18-Mar-16 3,220,000 3-Sep-96 1,950,000 1,270,000 65 3 19.6
Non-profi table deals
* Refers to strata area. Otherwise, area stated for landed homes refers to land area. Tables compiled by Tan Chee Yuen
PROJECT DISTRICT AREA SOLD ON SALES PRICE BOUGHT ON PURCHASE PRICE PROFIT PROFIT ANNUALISED PROFIT HOLDING PERIOD (SQ FT) ($) ($) ($) (%) (%) (YEARS)
1 The Ritz-carlton Residences
Singapore Cairnhill 9 2,831 18-Mar-16 7,100,000 10-Jun-13 10,800,000 3,700,000 34 14 2.8
2 Robertson Blue 9 1,432 18-Mar-16 1,800,000 22-Aug-12 2,778,080 978,080 35 11 3.6
3 Detached/Dunsfold Drive 13 4,564* 15-Mar-16 2,700,000 14-Dec-07 3,350,000 650,000 19 3 8.3
4 Residences @ Evelyn 11 2,250 21-Mar-16 3,600,000 17-Mar-10 3,825,000 225,000 6 1 6.0
5 The Bencoolen 7 1,044 3-Feb-16 1,200,000 28-Mar-11 1,380,000 180,000 13 3 4.9
6 Signature Residence 15 2,314 3-Mar-16 2,100,000 19-Apr-10 2,250,000 150,000 7 1 5.9
7 Aspen Heights 9 2,702 18-Mar-16 3,800,000 7-Apr-08 3,900,000 100,000 3 0.3 8.0
8 Caribbean At Keppel Bay 4 1,475 21-Mar-16 2,000,000 29-Jun-11 2,080,000 80,000 4 1 4.7
9 Cyan 10 657 14-Mar-16 1,200,000 24-Nov-09 1,258,660 58,660 5 1 6.3
10 The Bayshore 16 1,012 18-Mar-16 893,000 23-Jun-11 950,000 57,000 6 1 4.7
THEEDGE PROPERTY FACTS + FIGURES
Most-viewed listings on TheEdgeProperty.com (The week of March 21 to March 27)
TABL
ES: T
HE E
DGE
PRO
PERT
Y
PROJECT NAME ASKING PRICE ASKING PRICE PROPERTY TYPE AREA TENURE COMPLETION DATE DISTRICT PLANNING AREA MARKETED BY CONTACT NO. ($) ($PSF) (SQ FT)
NON-LANDED Core Central Region
1 The Equatorial 1,850,000 1,481 Condominium 1,249 99 Years 2001 10 Tanglin Hamilton Tang 8182 26682 6 Derbyshire 1,850,000 1,828 Condominium 1,012 Freehold Uncompleted 11 Novena Harry Chong 9773 18313 Botanika 6,280,000 1,907 Apartment 3,294 Freehold 2008 10 Tanglin Richard Jany 9007 83984 Leedon Residence 5,670,000 2,132 Condominium 2,659 Freehold 2015 10 Bukit Timah Jamie Yoeng 8180 77725 The Serenade @ Holland 1,788,888 1,162 Condominium 1,539 99 Years 2004 10 Bukit Timah Clarence Goh 9022 8286Rest of Central Region
1 Ava Towers 1,350,000 1,099 Apartment 1,228 Freehold 1993 12 Novena Alan Lim HM Lim 9763 32072 Sant Ritz 1,495,933 1,188 Condominium 1,259 99 Years Uncompleted 13 Toa Payoh Eddie Khoo 8138 23453 Floridian 4,100,000 1,740 Condominium 2,357 Freehold 2012 21 Bukit Timah James Sim 8363 82604 Chen Fang Mansions 850,000 908 Apartment 936 Freehold 1997 14 Geylang Jolyn Tan 9011 80285 Atrium Residences 1,100,000 1,043 Apartment 1,055 Freehold 2008 14 Geylang Jimmy Lee 9145 3108Outside Central Region
1 Lakeholmz 1,248,000 1,008 Condominium 1,238 99 Years 2005 22 Jurong West Xavier Aw 9828 89982 Riversails 1,160,000 1,047 Condominium 1,108 99 Years Uncompleted 19 Hougang Jasmine Chen 8282 73043 Livia 1,000,000 794 Condominium 1,259 99 Years 2011 18 Pasir Ris Vince Lee 8101 05554 The Topiary 1,059,440 820 Executive Condominium 1,292 99 Years Uncompleted 28 Sengkang Andy Chua Kiong 9785 8090 Meng Chua 5 Signature At Yishun 530,000 684 Executive Condominium 775 99 Years Uncompleted 15 Yishun Kai Chen 9430 8252LANDED
STREET NAME ASKING PRICE ASKING PRICE PROPERTY TYPE AREA NUMBER OF TENURE DISTRICT PLANNING MARKETED BY CONTACT NO ($) ($PSF) (SQ FT) BEDROOMS AREA1 Lorong H Telok Kurau 3,600,000 900 Semi-Detached 4,000 5 Freehold 15 Bedok Johnny Chua 8268 68172 Inggu Road 2,100,000 505 Terrace 4,160 6 99 Years 27 Sembawang Jeslyn Lim 9760 27113 Gardenia Road 2,500,000 1,604 Terrace 1,559 4 Freehold 20 Bishan Tina Shum 9191 78064 Dunbar Walk 6,480,000 1,976 Semi-Detached 5,558 5 Freehold 15 Bedok Johnny Chua 8268 68175 Upper Serangoon View 1,908,000 1,198 Semi-Detached 1,593 3 99 Years 19 Hougang Harry Chong 9773 1831HDB STREET NAME ASKING PRICE ASKING PRICE FLAT TYPE AREA TENURE COMPLETION DATE DISTRICT TOWN MARKETED BY CONTACT NO ($) ($PSF) (SQ FT)1 210C Compassvale Lane 390,000 533 3-Room 732 99 Years 2013 19 Sengkang Chin Yun Chai 9630 31372 503C Canberra Link 460,000 389 5-Room 1,184 99 Years 2001 27 Sembawang Lynn Chia 9327 55883 359 Admiralty Drive 580,000 405 Executive 1,431 99 Years 2001 27 Sembawang Hazel Lim 9878 34994 504C Canberra Link 420,000 355 5-Room 1,184 99 Years 2001 27 Sembawang Bob Leung KH 9068 29665 352 Hougang Avenue 7 350,000 357 4-Room 980 99 Years 1986 19 Hougang Chin Hin 8222 1842 (Stanley) Tan