hidden gem on cairnhill road · duty or seller’s stamp duty imposed on local or foreign buyers....

PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of June 17, 2019 | ISSUE 886-108

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

Hidden gem on Cairnhill RoadThe freehold, conserved terraced house in prime Orchard Road is on the market for an

undisclosed price. The owner, David Tan, chairman of interior design firm TID Associates, offers a peek into the home that he has designed in collaboration with RT+Q.

Turn to our Cover Story on Pages 8 & 9.

DAV

ID T

AN

Exterior of the conserved terrace house on Cairnhill Road

PersonalityC&W’s Dennis Yeo set for

the ‘premier league’ ep3

Office GorillaSpace secures

funding; capitalises on changing demand ep6

ArchitectureQuaint home on Happy

Avenue East seeks ‘right’ owner ep10

Done Deals Penthouse at 3 Orchard

By-The-Park fetches $31.5 mil ep12

EP2 • EDGEPROP | JUNE 17, 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 Limaccount director | Ivy Hong deputy account director |Janice Zhuaccount 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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Newly renovated COMO Castello Del Nero opens COMO Castello Del Nero, Tuscany, a 740-acre, newly-renovated estate, has opened in the Chianti wine region of Italy. It com-prises a 12th-century castle that has 50 rooms and suites with new interiors by Milanese designer Paola Navone.

The Michelin-starred La Torre restau-rant is located in the original stables of the castle in the winter, which is trans-formed into a garden terrace in summer. The estate also has its own vineyard, bee hives and olive groves.

COMO Castello Del Nero also features two other restaurants: La Taverna and the Pavilion. There are tennis courts, a heated outdoor swimming pool, and a COMO Shambhala Retreat for wellness.

Two freehold commercial shophouses up for saleTwo freehold commercial shophouses at 148 Neil Road and 114 Jalan Besar are up for sale via an expression of in-terest (EOI) exercise, at $16.5 million and $5.65 million respectively. CBRE is the exclusive marketing agent.

148 Neil Road is a two-storey shop-

house with an additional basement and an attic level. Located in the Bukit Pas-oh Conservation Area, the property sits on a site of about 1,587 sq ft and has a total built-up area of about 4,197 sq ft.

114 Jalan Besar Road is a two-storey shophouse which has obtained perma-nent F&B approval for the ground floor. It has a land area of about 1,173 sq ft, and a built-up area of about 1,901 sq ft. The shophouse has recently undergone asset refurbishment works such as the installation of a brand-new air-condi-tioning system.

Both shophouses enjoy prominent road frontages.

Under the 2019 Draft Master Plan, both properties are zoned for commercial use. There will be no additional buyer’s stamp duty or seller’s stamp duty imposed on local or foreign buyers. The properties can be purchased individually or together.

There are only about 7,000 shophous-es under conservation in Singapore, ac-cording to the URA.

Sold with vacant possession, the shop-

houses will “appeal to end-user occupiers seeking this property type as their business premises as they can immediately take over the space”, says Yap Hui Yee, asso-ciate director of capital markets at CBRE.

The EOI exercise will close on July 18 at 3pm.

Five adjoining freehold shophouses in Kampong Glam for saleA row of five adjoining freehold shop-houses in Kampong Glam is up for sale at $23.8 million, which translates to $2,970 psf.

Located at 17, 19, 21, 23 and 25 Bagh-dad Street in the Kampong Glam Conser-vation Area, the five shophouses have areas each ranging from 1,375 sq ft to 2,416 sq ft. They make up a total floor area of about 8,013 sq ft, and occupy a combined land area of about 4,892 sq ft.

They come with a 60m triple-road frontage onto Baghdad Street, Bussorah Street and one side lane.

The shophouses are currently fully

tenanted and come with existing F&B approvals. As they are zoned for com-mercial use under the 2019 Draft Master Plan, there will be no additional buyer’s stamp duty or seller’s stamp duty. They are open to both local and foreign buyers.

The shophouses will “garner keen in-terest from savvy investors with a me-dium- to long-term investment horizon who are seeking to benefit from future rental upside and capital appreciation, in addition to enjoying immediate rent-al income”, says Yap Hui Yee, associ-ate director of capital markets at CBRE, which is the sole marketing agent for the shophouses.

The shophouses are held by a single owner, but each of the shophouses has its individual land title. The five land ti-tles will give the successful buyer the additional option to keep some of the units or sell them independently in the future, says Yap.

The expression of interest exercise will close on July 16 at 3pm. — Compiled by Bong Xin Ying

COMO HOTELS AND RESORTS CBRE CBRE

E

| BY BONG XIN YING |

The government will reduce the sup-ply of private residential land on the confirmed list for the 2H2019 gov-

ernment land sales (GLS) programme, the Ministry of National Development (MND) announced on June 6.

There are five confirmed list sites and eight reserve list sites in the 2H2019 GLS programme. These sites can yield around 6,430 private resi-dential units, 990,280 sq ft gross floor area (GFA) of commercial space and 1,100 hotel rooms.

The five confirmed list sites can yield about 1,715 private residential units, in-cluding 480 executive condo (EC) units. This is a 15% reduction from the 1H2019 confirmed list of 2,025 private residen-tial units that include 385 EC units, says Colliers International.

According to MND, there is a large supply of about 44,000 private housing units in the pipeline, which comprises around 39,000 unsold units from GLS and en bloc sale sites with planning ap-proval, and an additional 5,000 units from sites that are pending planning approval. In addition, there are around 24,000 existing private housing units that remain vacant.

“The 15% reduction in the confirmed supply of residential units on sites to be released for sale in the second half of 2019 shows that the government is aware of the current slowdown in the residential market,” says Leong Boon Hoe, chief operating officer at List Sotheby’s In-

ternational Realty (List SIR), Singapore.Wong Xian Yang, senior manager of

research at Cushman & Wakefield (C&W), says that this “slight pull-back” of sup-ply is “not expected to have a material impact on the current market and bodes well for the medium- to long-term sta-bility of the private residential market”.

The reserve list comprises four pri-vate residential sites (including one EC site), three white sites and one hotel site. These sites can yield about 4,715 pri-vate residential units (including 595 EC units and an estimated 1,000 units from the first phase of the Kampong Bugis site), about 990,280 sq ft GFA of com-mercial space and 1,100 hotel rooms.

Kampong BugisThe white site at Kampong Bugis on the reserve list is to be developed into a potentially 4,000-unit residential space along with an additional 538,196 sq ft GFA for complementary uses, such as retail (capped at 107,639 sq ft GFA), of-fices, community uses, serviced apart-ments, sports and recreational facilities. This is “in line with” the Draft Master Plan 2019 to develop the area into a wa-terfront precinct, says List SIR’s Leong.

C&W’s Wong notes that the site will be “keenly watched due to [its] size and relative novelty”. There are only a few master developer projects in Singa-pore, he says, citing Marina Bay Finan-cial Centre and Suntec City as examples.

Irwell Bank Road siteLocated within prime District 10 with

dual frontages, along Irwell Bank Road and along River Valley Road, is the Ir-well Bank Road site on the confirmed list. Its proximity to the upcoming Great World City MRT Station, Great World City shopping mall, and River Valley Primary School makes a “rare sizea-ble prime residential site”, says Tricia Song, head of research for Singapore, Colliers International.

The site is expected to be the “most attractive to developers” among all the sites in the upcoming GLS slate, adds Song. It can house 445 units.

List SIR’s Leong notes: “Taking the cue from the bid price of $1,733 psf per plot ratio [ppr] for the site of Riv-iere at Jiak Kim Street, it is likely that this site might be able to fetch within the range of $1,500 to $1,800 psf ppr. Based on the recent sales at Boulevard 88, 3 Cuscaden and Riviere, it seems that investors are mindful of the price levels and leaning more towards free-hold residential projects.”

Canberra Drive Parcels A & BPreviously on the reserve list in the 1H2019 GLS programme, the 4.09ha Canberra Drive is separated into two parcels for sale on the confirmed list in the 2H2019 GLS programme. Par-cels A and B can provide 220 and 455 units respectively, compared to 675 units for the entire site earlier, making them “more palatable and attractive to a wider range of developers”, says Col-liers’ Song.

According to Ong Teck Hui, senior

director, research & consultancy at JLL, the sites would generate entry-level pri-vate housing, which would be “in de-mand by HDB upgraders and first-timers”.

Tampines Street 62 Despite not being near any MRT sta-tions, the Tampines Street 62 (EC) site could “still see some interest”, being the only new addition to residential sites on the reserve list, says Colliers’ Song. The last EC plot in the Tampines/Pasir Ris region was the Tampines Ave 10 EC site which was awarded in Jan-uary 2019 for $578 psf ppr to the Hoi Hup/Sunway joint venture, she adds.

Hotel site at River Valley RoadThis hotel plot at River Valley Road re-places the Sims Avenue hotel site (575 rooms), which has been removed from the GLS Programme, according to Col-liers International.

“The site presents a good opportu-nity to fully establish the Fort Canning area as a major tourist destination, cre-ating additional footfall to Clarke Quay and its surroundings, whilst being part of the Singapore River rejuvenation sto-ry,” says Govinda Singh, executive di-rector of valuation and advisory servic-es, Colliers International.

With a potential yield of 560 rooms, this will be a “significant project”, he adds. A developer would position this “more towards the mid-market and/or below segments”, given the likely land price and development charge payable.

Land supply for private housing to be reduced by 15% in 2H2019 GLS

E

COMO Castello Del Nero offer 50 rooms and suites

148 Neil Road sits on a site of about 1,587 sq ft in the Bukit Pasoh Conservation Area

A row of five adjoining freehold shophouses in Kampong Glam is up for sale at $23.8 million

EDGEPROP | JUNE 17, 2019 • EP3

PERSONALITY

| BY CECILIA CHOW |

Having joined Cushman & Wakefield (C&W) in mid-December last year as chief executive for Singapore and Southeast Asia, Dennis Yeo believes the firm is ready to compete in the

“premier league” and become the top real es-tate services firm in the region.

For now, C&W ranks third among the global real estate advisory firms. Listed on the New York Stock Exchange (NYSE) in August 2018, it had a market capitalisation of US$3.86 bil-lion ($5.27 billion) as at June 11, with FY2018 annual revenue of US$8.22 billion.

The world’s biggest and second biggest corporate real estate advisory firms today are CBRE and JLL respectively. The NYSE-listed CBRE had a market cap of US$16.71 billion at June 11, with annual revenue of US$21.34 bil-lion as at end-FY2018. The NYSE-listed JLL, on the other hand, had a market cap of US$6.10 billion at June 11, with annual revenue of US$16.32 billion as at end-FY2018.

In 1Q2019, CBRE’s total fee revenue made up US$2.43 billion. Meanwhile, at JLL, fee revenue for 1Q2019 was US$1.32 billion. Over the same three-month period from Jan-uary to March, C&W’s total fee revenue was US$1.37 billion.

The biggest contributor to fee revenue for C&W in 1Q2019 was property and facility man-agement at US$707 million or 51.5% of the total. Leasing contributed US$373 million (27.2%), followed by capital markets with US$191 mil-lion (13.9%).

The Asia-Pacific region accounted for US$251 million (18.3%) of C&W’s fee reve-nue in 1Q2019, and was second only to the Americas, which contributed US$937 million (68.3%). EMEA (Europe, the Middle East and Africa) generated US$184 million or 13.4% of total fees in 1Q2019.

‘Untapped potential’At C&W, Yeo’s focus is on growing the trans-actional business, namely leasing and capi-tal markets, both in Singapore and Southeast Asia. He intends to position Singapore as “the centre of excellence” for the region in terms of leasing, sales and capital markets.

He is also looking at extending the scope and strengths of C&W Services’ integrated fa-cility services, engineering solutions and ener-

gy management to a wider client base across multiple sectors.

Prior to joining C&W, Yeo was the manag-ing director for industrial and logistics at CBRE since September 2015. Before that, he had spent 22 years at Colliers International, where he oc-cupied a number of key positions, from coun-try head for Singapore to executive committee member of Colliers Asia leadership and head of Asia for capital markets, investment servic-es and industrial services.

“I thought I would probably retire in Col-liers as I had spent 22 years there,” says Yeo, who is in his mid-50s. “But I found my way to CBRE, where I was looking after the indus-trial and logistics business for Asia.”

At C&W, what excites him is “the untapped potential”. Says Yeo: “As a full-service real es-tate company with a regional and global plat-form, we are well-positioned to offer services and solutions at every point of the real es-tate cycle.”

He sees opportunity in competing across the entire real estate services platform – be it in brokerage, project and development servic-es or facilities management. “The growth tra-jectory for our business is strong,” adds Yeo.

Capital market dealsIn Singapore, significant capital market deals brokered by C&W included the sale of Ascott Raffles Place Singapore for $353.3 million in January 2019. C&W’s capital markets team led by executive director Shaun Poh acted on behalf of the seller, Ascott Residence Trust Management.

The buyer of Ascott Raffles Place was Cheong Sim Lam or SL Cheong, the devel-oper of several residential projects, includ-ing Robinson Suites on Robinson Road. He previously owned 137 and 139 Cecil Street.

C&W also brokered the sale of the office development at 7 and 9 Tampines Grande to a joint venture between Evia Real Estate and Metro Holdings for $395 million in mid-April, followed by the sale of Realty Centre for $148 million a few days later. Realty Centre marked the first commercial collective sale in 2019, and the property was sold to Singapore-list-ed The Place Holdings.

“If we can harness the capabilities of our Singapore capital markets team with our re-gional and global infrastructure, it will be very powerful because Singapore is a huge

base for outbound capital,” says Yeo. He points to the likes of ARA Asset Manage-

ment, Ascendas-Singbridge and CapitaLand, Frasers Property, GIC and Temasek Holdings as Singapore-based entities which have been aggressively acquiring real estate assets and portfolios around the world. “These are some of our clients and it’s a great opportunity for our capital markets team,” Yeo adds.

Market consolidationConsolidation has been taking place in the real estate services industry, with 12 major merger and acquisition (M&A) deals across the globe in the span of 16 years from 2002 to 2018. (See chart below.)

Even the C&W of today is the result of an M&A between the firm and DTZ in a deal completed in September 2015.

With consolidation, movement of top ex-ecutives among the real estate advisory firms has been rampant. Yeo, for instance, replaced former C&W managing director for Singapore, Stephen Saul, who left in 2018 and has since retired. He assumed the position in February 2016. Saul is said to have over 30 years’ ex-perience in the real estate industry, and was previously with JLL, where he was managing director for Korea and New Zealand.

Saul in turn had replaced Toby Dodd, the previous managing director for C&W Singa-pore, following the latter’s appointment as C&W’s executive managing director of ac-count management for the Tri-State and East Regions in the Americas for Global Occupier Services (GOS).

The GOS business at C&W, whose Asia-Pa-cific team is based in Singapore, provides advice and solutions to global and regional MNCs across the entire real estate spectrum including transaction management, facilities management and workplace strategy.

In May, C&W announced the appointment of Cameron Ahrens as head of integrated facil-ities management (IFM) for Asia-Pacific. Prior to joining C&W, Ahrens was with Brookfield Global Integrated Services (BGIS) where he was head of facilities management for Asia. Before that, Ahrens had held senior positions in the occupier business at CBRE and JLL re-spectively.

“Our regional GOS team partners with MNC occupier clients where C&W is the preferred or sole provider for their real estate needs across multiple markets, whether it’s integrated port-folio management or providing advice on their relocation or expansion on a regional or glob-

al platform,” says Yeo. “These global and re-gional accounts provide downstream business for C&W’s local offices, such as the leasing of commercial or industrial space as well as sale of these spaces.”

Developing the ‘hunter instinct’Beyond relying on GOS to push business to the Singapore and other regional offices, Yeo believes it is important to “hunt for busi-ness ourselves” in order to grow the trans-action business. He is interested in growing the cross-border business, particularly from Chinese manufacturing companies looking to relocate their factories in Vietnam or other markets in Southeast Asia. “That’s my pas-sion,” says Yeo.

During his tenure at Colliers, he turned the international firm into a leading consul-tancy in the industrial sector in Singapore. In July 2015, CBRE recruited five of Colliers’ in-dustrial services team, including Brenda Ong who is now CBRE’s executive director for ad-visory and transaction services – industrial and logistics. In February 2015, a group of three from Colliers’ office tenant representa-tion team led by Marcus Loo left for Savills. Loo was appointed CEO of Savills Singapore in January this year.

Yeo is proud of the talent that he has groomed during his career as a real estate profession-al. “The business is all about hunting, pitch-ing and winning, and ensuring our clients re-ceive the best service and solution,” he says. He wants to develop and sharpen that “hunt-er instinct” in the transaction business teams in C&W in Singapore and the region.

Research and analysis have also become an important competitive tool in the industry. C&W beefed up its Asia-Pacific research team with two new appointments announced on June 11. James Shepherd, previously C&W’s managing director – research, for Greater Chi-na, will take on the role of head of research for Asia-Pacific. Meanwhile, Dominic Brown will assume the role of head of insight and analy-sis for Asia-Pacific.

Having been in the industry for close to 30 years, Yeo believes in “looking after our people - the key pillars of our business”. He adds: “We are a service business and it is critical that we continue to provide a condu-cive and engaging environment so our peo-ple stay passionate and committed to deliv-ering their best, which then translates into better outcomes for them, our clients and our business.”

Cushman & Wakefield’s Dennis Yeo set to play in the ‘premier league’

ALBERT CHUA/EDGEPROP SINGAPORE

CBRE INVESTOR OVERVIEW APRIL 2019

E

Yeo: We are ready to compete in the premier league and become the top real estate services firm in the region

M&A deals in a consolidating industry (2002-2018)


MARKET TRENDS

| BY CECILIA CHOW |

Following a spate of mergers and acqui-sitions (M&A) over the past two years, the ranking of the four top agencies in Singapore has stabilised. Developers have even coined the acronym “HOPE”

for them. In first position is PropNex with 7,887 agents as at June 11. The second big-gest is ERA, with 6,843 agents. OrangeTee & Tie is in third place with 4,278 agents, fol-lowed by Huttons Asia with 3,047 agents.

There has been a reshuffle in the ranks of firms in the fifth to eighth spots in recent months. Century 21, for instance, was not even among the top 10 agencies at the start of the year. Global Alliance Property (GAP), a franchisee of Century 21, was then No. 8. Now, GAP has disappeared from the Top 10, while Century 21 and its franchisees com-bined have leapfrogged to fifth place with 751 agents (see tables below).

“However, there is quite a big gap between

the four biggest agencies and the fifth big-gest,” concedes Reeve Ho, CEO of Century 21 Singapore Holdings.

M&A of smaller firmsCentury 21 has grown through a series of M&A with smaller firms that have since be-come its franchisees. These include REA Re-alty Network with 78 agents, PTO Property Services with 45, and Wild Wild West with 22. The latest firm to join Century 21 as a franchisee was Neststac on May 1. The bro-kerage firm headed by its CEO and key ex-ecutive officer (KEO), Amanda Yap, has 158 agents. It specialises in marketing overseas projects, especially from Bangkok.

Founded in 2013, Neststac was originally known as Trump Property, renamed Shenton-More Property, then SMP Realty before its lat-est incarnation as Neststac. According to Yap, the name “Neststac” was coined as a com-bination of “nesting” and “stack”, which in property terms indicate the unit and facing.

The reason for the merger with Centu-ry 21 is the brand franchise and its interna-tional network, says Neststac’s Yap. Century 21 is said to be the world’s largest real es-tate franchise chain, with 8,800 offices in 64 countries and 122,000 agents. Established in the US in 1971, Century 21 is a subsidiary of the New York Stock Exchange (NYSE)-list-ed real estate company Realogy, which also owns brands such as Coldwell Banker, ERA and Sotheby’s International Realty.

Incidentally, Century 21 was set up in Sin-gapore in 1998. For Ho, the rationale for the Century 21’s tie-up with Neststac is to tap the latter’s reach in terms of overseas pro-ject marketing and sales, as well as its pool of foreign buyers. “It’s a great fit,” he adds.

Industry consolidationHo was previously the CEO of GAP. Before its merger with Century 21, GAP was previ-ously known as GPS Alliance Holdings Ltd (GPS), which was established in September 2010 and listed on the Australian Stock Ex-change in March 2013.

GAP was subsequently acquired by Singa-pore-listed Asia-Pacific Strategic Investments Ltd (APSIL) and merged with Century 21 in February 2016. APSIL had acquired Century 21 (AsPac) from its two shareholders, Luke Ng Kai Man and Chong Chai Shyong, three years ago.

When APSIL repositioned itself as China Real Estate Group and decided to focus on real estate developments in China, the latter

formed a strategic collaboration with PropNex in February. In an announcement then, Chi-na Real Estate Group said that GAP “will dis-continue its real estate agency business”. The agents at GAP would therefore have the op-tion to operate under PropNex.

The majority of the agents, however, decid-ed to remain as a team at Century 21, says Ho.

External co-broke agents In Singapore, Century 21 works closely with ERA. “We have a collaborative agreement with ERA and we’re their external co-broke agents [ECB] at new project launches,” says Ho. “All their projects are open to our agents. When we have overseas clients looking to buy property in Singapore, we will bring them to sales galleries as ECB agents of ERA.”

Likewise, ERA is active not just in market-ing local, but also overseas projects in Sin-gapore. They include projects from Cambo-dia, Indonesia, Thailand and the UK, says Jack Chua, CEO of ERA Realty and its Sin-gapore-listed entity, Apac Realty.

Lock Mun Yee, analyst at CGS-CIMB, be-lieves property agencies are poised to ben-efit from expanding commission rates amid an increasingly competitive landscape due to new project launches scheduled for 2019-2020. Coupled with volume recovery, this could result in as much as “a double-boost” to topline growth for both Apac Realty and PropNex (which is also Singapore-listed), says Lock in her report on June 4.

| BY CECILIA CHOW |

On May 21, Danny Yeo, executive chairman of Knight Frank Singa-pore, sent an email to staff announc-ing the departure of three key staff in its residential business. Tan Tee

Khoon, key executive officer (KEO) of the firm’s property agency arm, KF Property Net-work (KFPN), and head of residential project marketing at Knight Frank, will be leaving the firm on June 21 “to pursue other profes-sional interests”.

Tan has been KEO of KFPN for over seven years and the head of residential project mar-

keting since September 2013. However, there was an interim period of about two years from April 2015 to June 2017, when Tay Kah Poh returned to Knight Frank after a nine-year absence and assumed the role of executive director of agency services, covering residen-tial, office, retail and industrial services. Tay is now executive director and head of con-sultancy at Knight Frank Singapore.

Alice Tan, director of residential project marketing at Knight Frank Singapore since June last year, left the firm at the end of May. Prior to that, she was director and head of re-search and consultancy at Knight Frank Sin-gapore for six years.

Edison Ong, head of sales at Knight Frank’s residential project marketing team, has also resigned. He left the firm on June 7.

“While Knight Frank will lose three key management staff within a short period, this is unlikely to impact the day-to-day opera-tions of Knight Frank and we expect the busi-ness to remain stable,” Yeo said.

In the interim, Wendy Tang, the newly ap-pointed group managing director of Knight Frank Singapore since April, will oversee the residential business. Tang dispelled rumours that KFPN was the subject of a merger and acquisition. “We are definitely not merging with another real estate agency,” she says.

“We see this as an opportunity to reposition the residential project marketing and agen-cy businesses, and we are exploring vari-ous options.”

The sales force at KFPN has shrunk over the years. At the start of the year, the firm was in sixth place among the top 10 real es-tate agencies with 632 agents. The number of agents six months later is 614 as at June 11, and it has fallen two notches to the eighth spot (see tables above).

According to Tang, the firm is “exploring both internal and external candidates” for the KEO of KFPN and head of residential project marketing at Knight Frank Singapore.

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SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

Reeve Ho of Century 21 and Amanda Yap of Neststac, which became the latest franchisee of Century 21 Holdings Singapore in May, bringing along 158 agents to the fold

Merger of Century 21 with Neststac propels firm to fifth biggest agency

Knight Frank’s residential business loses three key staff

NO. AGENCY NAME AGENT HEADCOUNT

1 PropNex Realty 7,8872 ERA Realty Network 6,843 3 OrangeTee & Tie 4,278 4 Huttons Asia 3,047 5 Century 21 & franchisees* 751 6 Savills Residential 719 7 SRI 677 8 KF Property Network 614 9 SLP Scotia 404 10 C&H Properties 322

Top 10 real estate agencies as at June 11, 2019

SOURCE: CEA WEBSITE * FIGURE INCLUDES SALES AGENTS FROM ITS 20 FRANCHISEES

NO. AGENCY NAME AGENT HEADCOUNT

1 PropNex Realty 7,400 2 ERA Realty Network 6,490 3 OrangeTee & Tie 4,056 4 Huttons Asia 3,067 5 Savills Residential 672 6 KF Property Network 632 7 SRI 591 8 Global Alliance Property 434 9 SLP Scotia 377 10 C&G Properties 316

Top 10 real estate agenciesas at Jan 1, 2019

SOURCE: CEA WEBSITE


10 July 2019 6:30PM to 9:00PM

(registration starts 6:00PM)

Capital Tower,Big Picture Theatre 168 Robinson Road,

Level 9, 068912

PROPERTY PERSONALISED

49$Early Bird

� +65 6232 8617

� http://edgepr.link/360jul19

Scan the QR code to reserve your seat.

Dinner & wine included�

Registration, Dinner & Wine

Introduction by EdgeProp Singapore

Hidden gems of URA Draft Master Plan 2019:Commercial propertiesChristine LiHead of Research, Singapore and Southeast Asia, Cushman & Wakefield

Reduction in residential land supply: What it means for property buyersAlan CheongExecutive Director, Research & Consultancy, Savills (Singapore) Pte Ltd

Break Rising interest rates: Managing your property investment cashflowClive ChngAssociate Director, Redbrick Mortgage Advisory

Panel discussionModerator: Ben PaulEditor-at-Large for The Edge Singapore

Panelists include: Ms. Christine Li, Mr. Alan Cheong & Mr. Clive Chng

End of seminar

18:00

18:30

18:40

19:10

19:40

19:55

20:25

21:00

Programme Outline

With a bumper crop of launches expected this year, coupled with existing cooling measures, how can you maximise your property investment?

Join our experts as they identify investment opportunities in both the residential and commercial space to make an informed decision on your next buy.

Separating Factfrom Fiction

THE SEARCH FOR THE BEST YIELD

T I C K E T P R I C E

2-to-go39$

Single

LIMITED SEATSAVAILABLE

E X C L U S I V E


| BY TIMOTHY TAY |

There is a definite shift in the way com-panies in Singapore are planning their real estate strategy: moving away from a dependence on long-term rental com-mitments in favour of a greater propor-

tion of flexible space in their portfolio. “More companies are looking to flexible spac-

es as a viable complement to their long-term office footprint,” says Ben Eckblad, co-found-er of GorillaSpace, an online marketplace for a variety of commercial spaces in Singapore, ranging from meeting rooms to traditional long-term leases. GorillaSpace was founded by Ben together with his wife Ginny.

GorillaSpace’s listing partners include Re-gus, Ascendas-Singbridge, JustCo, CapitaLand, Distrii Singapore, Keppel Land, Lendlease, The Work Project, and WeWork. It helps its listing partners to lease out their available office spac-es. “We do that by helping them articulate how they are different from their competitors, and that is increasingly important in today’s mar-ket which has so much new stock in the pipe-line,” says Ginny.

The platform operates under a dual system to manage its more than 2,000 unique office listings. About half of the listings are publicly available for viewing on its website. The rest only get served up when they match a compa-ny’s specific needs through the start-up’s match-ing service called GorillaMatch, which is curat-ed, personalised and powered by an AI engine.

“The reason for the dual system is some of our listing partners – whether they are brokers representing clients, or institutional landlords with a lot of vacant space – don’t necessari-ly want the entire market to know how much space they have to lease,” says Ben.

Seed fundingGorillaSpace has attracted attention in the prop-erty industry. In May, the two-year-old start-up clinched an undisclosed amount of seed fund-ing from Japanese property giant Mitsubishi Estate. This is the first time the Japanese de-veloper has invested in a non-Japanese start-up at this stage, and in a start-up company out-side of Japan.

The partnership is already bearing fruit for GorillaSpace. “Mitsubishi Estate wants to sup-port us and use our platform to help market CapitaSpring, its upcoming office project in Sin-gapore, as well as some of its other projects in

the region. That’s the real milestone for Goril-laSpace,” says Ben.

CapitaSpring, a 51-storey skyscraper on Mar-ket Street, is a joint venture with CapitaLand, CapitaLand Commercial Trust, and Mitsubishi Estate. The Grade-A commercial building will boast more than 635,000 sq ft of office space over 29 floors and feature floor plates of about 22,000 sq ft. Construction started in February last year, with completion scheduled for 1H2021.

The CapitaSpring project is likely to be man-aged under CapitaLand’s new leasing and man-agement strategy. CapitaLand announced last year that under this model, the landlord’s con-ventional office tenants will have any new, flex-ible requirements met, while small and medium enterprises in co-working spaces could choose to lease conventional workspaces as they grow.

Core-flex modelThis model of hybrid office solutions fits well with GorillaSpace, whose platform allows users to plan out a combination of real estate solu-tions to fit their company needs. Other landlords like Lendlease and Ascendas-Singbridge have also adopted similar leasing models to cater to

the changing office space needs of companies.At Paya Lebar Quarter, GorillaSpace is help-

ing Lendlease market both the conventional of-fice space available, as well as the developer’s proprietary co-working solution C-suites. “We are working with CapitaLand, Lendlease and Ascendas-Singbridge to showcase the duality their commercial developments can offer ten-ants,” says Ben. He adds: “Landlords are re-thinking their leasing strategy, and they know that they have to have multiple operators in the same building to provide differentiated solu-tions. It’s not just a matter of the size of the space, but also the look, feel, vibe, and type of support they can provide.”

Serviced office provider Regus is also open-ing an outlet of its co-working brand Spaces in the mixed-use Paya Lebar Quarter, and has partnered GorillaSpace to list its office solu-tions in Singapore.

As office-user demand is changing, more companies are laying down specific wellness needs, and are requesting more sit-stand desks, childcare facilities, and 24-hour air-condition-ing to accommodate flexible working hours, says Ginny. “These types of conditions didn’t

appear up to 18 months ago, but they have be-come increasingly more common,” she adds.

Even the co-working scene has evolved; the proportion of hot desks has fallen as de-mand for dedicated desks rises. “We also see larger-sized companies move in. Traditionally they would have gone into a conventional fitted space, [but] they are now considering co-work-ing or serviced offices,” says Ben.

Expansion plansGorillaSpace has received requests from its part-ners and clients for it to expand into other mar-kets in Southeast Asia, says Ginny.

“Many of our clients have grown and ex-panded. Peer-to-peer lending and investment platform Funding Societies found its office space through GorillaSpace, and is now ask-ing us if we have leads in other cities around the region,” she says.

Some of the cities they are eyeing include Ho Chi Minh City, Hanoi, Jakarta and Kuala Lum-pur, as well as Hong Kong and Tokyo in the fu-ture. “We will open up to these markets on the back of the existing relationships we have with our clients,” says Ben.

GorillaSpace clinches seed funding; capitalises on changing office-user demand

ALBERT CHUA/EDGEPROP SINGAPORE

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

Ben Eckblad and wife Ginny are co-founders of the two-year-old GorillaSpace

The co-working space by Lendlease, C-suites in Paya Lebar Quarter, is one of the most popular listings on GorillaSpace

Distrii Singapore, which has its flagship co-working space in Republic Plaza, is another GorillaSpace listing partner

OFFICE

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| BY TIMOTHY TAY |

From conventional to flexible work spac-es, office design in Singapore has in-creasingly come to incorporate digital elements, says Arsh Chaudhry, CEO of home-grown design firm Space Matrix.

“This means we must consider the role of tech-nology and how it is playing a part in office design today. Increasingly, our services and advice to clients not only include the physical design, but also help them ensure their spac-es are fully utilised from a digital perspective as well,” he explains.

To this end, the company has formed a work-place technology team that is focused on de-livering integrated digital solutions to its office design projects around the world. Chaudhry states: “The role of the workplace technology team is to work with our designers and clients to suggest the right kinds of tools and technol-ogies that should be put in place in their offic-es to enable them to create a ‘more digital’ ex-perience.”

Chaudhry emphasises the importance of creating a digital user experience as opposed to adopting new technology and tools. When clients first approach Space Matrix, the first factor the design firm considers is the employ-ees’ experience, he highlights. The technology is then adapted according to whether the client has a co-working space or a conventional office.

Some technologies Space Matrix has rolled out for its clients include interactive collabora-tive screens with real-time annotations, pres-entation-board solutions with in-built wireless presentation and conferencing software, and a visitor management system with facial recogni-tion to eliminate front-desk registration.

The focus on digital experience comes on the back of Space Matrix’s plans to expand its reach in new markets. The 18-year-old compa-ny started from a small shophouse in Singapore, and, to date, it has more than 14 offices in key cities in Southeast Asia, Australia, China, and the US. Its clients have included global corpora-tions like Prudential Insurance, Coca Cola, and Ascendas-Singbridge. In September last year, Space Matrix acquired Muraya, a China-based design and construction company. Muraya has since been rebranded as Space Matrix China.

China strategy“[This acquisition] was a way to get into the Chinese market aggressively. From here on, we hope to increase our presence in Shang-hai and then into other markets within Chi-na,” Chaudhry says. Since the acquisition, the company has delivered several office projects in China to corporations like Airbnb, Tower Re-search, and Ascendas-Singbridge.

Over the next two years, the supply of office space in China’s Tier 1 cities is also expected to be high and is likely to be accompanied by low vacancy rates. While the ongoing US-China trade war is causing some global companies to adopt a cautious approach in their real estate strategy in China, local Chinese companies have continued to grow aggressively in their home market, he says.

In addition to Shanghai, the company is eye-ing other cities in the Greater Bay area including Shenzhen and Guangzhou, where many tech-nology start-ups are setting up. “Many Hong Kong-based companies are also relocating and expanding their presence in mainland China for cost and talent acquisition reasons,” he says.

Projects in China are expected to be as pro-portionate as the company’s projects in the In-dian market in terms of revenue generation

over the next few years. The company says its revenues are expected to grow to $165 million this year, with about 45% coming from its busi-nesses in India.

“I’d like Space Matrix to focus on growing in China, whether through organic means or by more acquisitions in the future,” says Chaudhry. “Certainly over the next 12 to 24 months we want to focus on Northeast and Southeast Asia, before looking to expand further into Europe or the US.”

Opportunities in SingaporeMeanwhile, Singapore will remain a key market for the company, which has seen strong growth in servicing the growing number of tenants mov-ing into various office spaces. “Singapore has the full profile of office offerings as an Asian gateway city – from affordable spaces in sub-urban business districts like Changi and Paya Lebar, fringe areas such as one-north, yo am-ple space in the core CBD area,” says Chaudhry.

Some of the company’s latest projects include designing offices for Hilton Hotels & Resorts in Singapore; Airbnb offices in Singapore, China, and India; as well as American-based cloud computing company ServiceNow, which has opened a new office in Singapore.

Singapore is also where he is hoping to iden-tify the next batch of design talent. At end-Feb-ruary, Space Matrix launched the “Dream Big Designathon” in partnership with Temasek Pol-ytechnic (TP). The design competition chal-lenged students from TP’s School of Design to conceptualise the future of co-living spaces in Singapore. The competition attracted more than 90 students and three winners were cho-sen. Each of the winners secured a four-month internship with Space Matrix and cash prizes.

“We wanted to find one of the best ways to help budding students and give them opportu-nities. There are many great schools here that teach a lot of great talent, but a lot of these students do not get the opportunity to express themselves on a bigger stage,” he says.

In the medium term, Chaudhry has his sights set on the commercial space in Singapore. With the expected completion of new commercial pro-jects like CapitaSpring and Guoco Midtown in the pipeline, he has a bullish outlook for Space Matrix. “I see significant opportunities for us to grow in terms of our market share; as office de-sign demands and expectations become more sophisticated, there will be fewer players that can provide the level of services corporate cus-tomers are looking for,” he says.

WORKPLACE DESIGN

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORESPACE MATRIX

SPACE MATRIX

E

Chaudhry: We must consider the role of technology and how it is playing a part in office design today

Space Matrix banks on workplace technology to expand in China

The Singapore office of American-based cloud computing company ServiceNow was designed by home-grown design firm Space Matrix

When clients first approach Space Matrix, the first factor the design firm considers is the employees’ experience


PICTURES: DAVID TAN

COVER STORY

| BY BONG XIN YING |

The current home of TID Associates’ chairman, David Tan, may be a pent-house at The Interlace along Depot Road. But for more than a decade, a conserved terraced house along

Cairnhill Road was the interior designer’s beloved abode.

Though the façade of the house is unas-suming, the interiors have been tailored ac-cording to Tan’s design philosophy that “the living space should embody the aesthetic flair as well as the functional needs of its inhabitants”.

To achieve this, Tan collaborated with Rene Tan, co-founder of RT+Q Architects. He en-visioned the heritage home as a “solid foun-dation” to build on but wanted “the whole place to be very bright and contemporary”, he tells EdgeProp Singapore.

With approval from URA, Tan embarked on a $3 million renovation a decade ago. This includes tearing down the rear of the house, piling the foundation, installing a lift, as well as constructing a rooftop swimming pool with a depth of 1.2m.

Following the renovation, the total built-up area of the house is now somewhere be-tween 6,500 and 6,700 sq ft, compared with slightly over 4,000 sq ft previously. Span-ning two storeys with a mezzanine and at-

tic, the house now comprises four bedrooms, of which three are en suite.

A MODERN UPDATETan’s house is the only one along the row of conserved terraced houses on Cairnhill Road that boasts a swimming pool. “I like to swim, [so] this is for me,” he says. When he resided there, he used to get himself ready in the steam room beside the rooftop pool before swimming laps. This was usually followed by breakfast at the rooftop patio that overlooks the greenery behind the house.

In addition to the swimming pool, Tan in-stalled a water feature in the first-floor courtyard that is enclosed with a skylight on the mezza-nine. Continuing this water theme, he also cre-ated a solid granite water feature at the front yard. “Normally people don’t put ponds [in a conserved house at Cairnhill], but I wanted to have it,” he says. “When I stayed here, I had a high-pressure water jet machine and I cleaned the floor myself.”

The house is also the only one in the entire row of conserved houses with a covered car-park that can accommodate two cars. There is also room for another car to be parked in front of the house. Prior to purchasing the house in the late 1980s, he compared conservation hous-es along Cairnhill Road with those on Emerald Hill Road nearby. He settled on this particular unit on Cairnhill Road because it was the only

one along the row that came with a car porch. “If you drive a Bentley or a Porsche 911, you would want a carpark,” he says.

Tan also built two kitchens in the house – one on the first floor and another on the mezzanine that is linked to a lounge. The lat-ter features a teppanyaki grill as he enjoys cooking and entertaining guests. He shares: “I like to cook a good steak. I have a wine

collection in the two wine fridges in the cab-inets in the kitchen.”

The house also features an ambient light-ing scheme that complements the natural light from the skylight.

LIFESTYLE CHANGESHowever, a few years ago, Tan and his fami-ly decided to move to The Interlace, a 1,040-

The freehold, conserved terraced house in prime Orchard Road is on the market for an undisclosed price. The owner, David Tan, chairman of interior design firm TID Associates,

offers a peek into the home that he has designed in collaboration with RT+Q

The lounge on the mezzanine

The living room of the conserved terrace house

Hidden gem on Cairnhill Road


E

PICTURES: DAVID TAN

COVER STORY

unit private condo on Depot Road that was designed by celebrity architect Ole Scheeren. They arrived at the decision after their dog dashed across Cairnhill Road one day. The incident alarmed the family, especially Tan’s wife, “who loves the dog very much”. That motivated them to move to a condo, where there is security.

Since moving to The Interlace, Tan’s life-style has changed: He now runs 10km at the nearby Mount Faber three times a week and walks his dog around the neighbourhood. “It’s a tremendous difference,” he concedes.

However, the property on Cairnhill Road is something that he treasures. It was one of three adjoining conserved terraced houses that he had purchased sometime in the late 1980s to early 1990s. At that time, the Con-trol of Rent Act was still in place and the three properties on Cairnhill Road were un-der the rent control laws, which means the landlord could not evict the existing tenants. Introduced in 1947, the Control of Rent Act was abolished only in 2001.

When he purchased the three adjoining houses, two were already vacant, but one was occupied by an elderly lady who had lived there for many years and was paying a monthly rental of $25.

As Tan wanted to occupy the property himself, he offered her $250,000 to move out. “She was so happy because she had never seen so much money in her life,” he recounts.

Before she vacated the property, she of-fered him a piece of advice which he heed-ed. Tan relates: “She told me, ‘Mr Tan, if you want me to move out, remember one thing: you can sell the other two houses but not this. This is a very good home.’ ” So while

the other two houses have been sold, he re-mains owner of the current house.

CAPITAL UPSIDEThe location of Cairnhill Road within the prime Orchard Road area is “so central”, says Tan. While he and his family lived there, they regarded Paragon Shopping Centre as their neighbourhood “provision store” that comes with the convenience of a medical centre. “You can’t get a home like that in the mar-ket anymore,” he adds.

Tan’s house is currently rented out for $15,000 monthly. The rental used to be $20,000 to $25,000 a month, he says. With a two-year tenancy contract starting from June 2018, the current tenants have been there for almost a year, and they have an option to ex-tend the tenancy for another two years when the lease expires in June 2020.

Rental rates for conserved terraced hous-es along Cairnhill Road with built-up are-as of 3,500 to 4,000 sq ft have ranged from $12,000 to $13,000 a month in April, accord-ing to URA data. Earlier in March, a conserved terraced house on Cairnhill Road with a big-ger built-up area of 4,500 sq ft was leased at $14,000 a month.

Transactions for these conserved terraced houses have also been rare. Based on caveats lodged, the last transaction in the area was sev-en years ago in 2012, and it was the sale of a unit located just two doors away from Tan’s property. The house, which has a freehold, land area of 2,540 sq ft, fetched $8.39 million. Pri-or to that, a neighbouring unit with a slightly bigger land area of 2,562 sq ft changed hands for $7.78 million in June 2011. Five years ago, that same unit had fetched $3.7 million, ac-

cording to a caveat lodged in May 2006. That means prices have doubled in the span of just five years.

RARE FINDNow, Tan is putting the Cairnhill conserved house on the market, with Sharon Lee, senior director and head of auction sales at Knight Frank, as the exclusive marketing agent.

“[The tenants] don’t want me to sell this place,” quips Tan. “They had looked at 23 units before they decided on this one. That’s

why they are so worried that I’m selling it.”Tan is in no hurry to sell the house and

has even refused an offer from former Sin-gapore President Tony Tan. “Today, if some-one wants to buy from me, my heart shakes to let go of it because you can never get it again,” he says.

He acknowledges that “in life, you have to move on”. Tan adds: “I will only sell this place if the price is right.” However, he de-clined to reveal either his asking price or the former President’s offer price.

The covered carpark that can accommodate two cars

The walk-in wardrobe in the master bedroom

The rooftop pool with a depth of 1.2m

The kitchen on the mezzanine

The first level is decorated with a main water feature that links the dining area to the indoor courtyard

The bathtub in the master bedroom is suspended on a cantilevered glass box

The indoor courtyard that links to the kitchen on the first floor


| BY CHARLENE CHIN |

On Happy Avenue East, off MacPher-son Road, there is a home that peeks over its two-storeyed neighbours. Adorned with a red roof, gently curved, the house boasts a facade

of floor-to-ceiling windows on the first and at-tic levels, and a brick exterior on the second floor. “Very unassuming” is how Eric Chiam, owner of the home, describes it.

Chiam was charmed by the neighbourhood of terrace homes in the Happy Avenue enclave as it was “untouched”, he says. Both he and his wife, Lisa, found it “really nice and quaint because the area has the character of the old, and the name ‘Happy’ has a nice ring to it”, Chiam says. “Down here, unlike other newer

estates, 80% of the homes in this estate are quite old.”

The original house was a double-storey ter-race, which Chiam tore down and rebuilt to its current glory. He had purchased the home in June 2013. Construction happened four months later, and the new house was ready within 16 months. “We actually built it all the while with plans to put it on the market, but in the end we decided to keep it for a season.” He now plans to sell it at a guide price of $3.38 million. The house is marketed by SLP Scotia.

House with character The most noticeable feature of the house on Happy Avenue East is how raw it looks. The interior of the ground floor is made of off-form concrete, which gives off an industrial vibe.

For added interest, the concrete flooring is em-bedded with a colourful array of wine bottle chips. “We collected about 10 garbage bags of wine bottles, smashed them, and mixed them into the concrete,” Chiam shares.

He recounts that construction was a “very painful” process: “The floor was actually built thick, ground down about 2-3 centimetres, and polished.” Over the long run, the areas that are frequently walked on are already smoother than the rest of the floor, which Chiam holds to be the “charm of concrete”.

There are three tiny plots carved out for plants on the living room floor. These spots are completely uncovered, says Chiam, “You can [plant] a half-indoor-half-outdoor kind of tree as there is light in the house,” he adds.

Next to the living room, a maid’s room

marks the centre of the ground floor, and be-yond that, the space leads to an open kitch-en with full-height windows. If the windows in the living room and kitchen are opened to-gether, wind can be funnelled from one end of the house to the other.

Using natural lightAnother draw is how the design allows natu-ral light in, a feature that is commonly tricky for terrace homes. To achieve this, Chiam commissioned Ling Hao, award-winning ar-chitect of the eponymous Linghao Architects, to design the house. Ling is behind Satay by the Bay, a project he co-designed with Shang-hai-based architecture firm KUU. The project won Singapore’s President’s Design Award in 2013. Ling’s designs are known for accentu-

ARCHITECTURE

PICTURES: FABIAN ONG

Chiam’s favourite nook of the whole house is the master bedroom, where one can sleep under the dormers

There are three tiny plots carved out for plants on the living room floor – one of the ways to fully utilise the natural light allowed into the house

The house has a facade of floor-to-ceiling windows on the first and attic levels, and a brick exterior on the second floor

Quaint home on Happy Avenue East seeks ‘right’ owner for $3.38 mil


ating natural light and ventilation.For the Happy Avenue East home, Ling gave

the second level a meandering shape supported by concrete pillars – this means that the first floor, 4.8m in height, actually reaches up to the third floor to allow light through. During different parts of the day, the sun would be able to shine through the skylights and gaps between the rooms, casting different patterns of shadows on the floor. “You literally get to see the house in different kinds of lighting, in different parts of the day,” Chiam says.

The floor plate of the second floor was re-duced to fit the wavy design, achieving both air ventilation as well as views from the sec-ond floor. One bathroom in the centre of the second level offers views of the neighbouring homes opposite it, a feat that Chiam believes

other terrace homes are not able to pull off. Altogether, the second level, at 2.8m in

height, has three bedrooms – one junior suite, and two common rooms which share a bath-room. Although the bedrooms are small, this lends to Chiam’s belief that personal rooms should be tighter and communal spaces should be bigger, “because that’s where everybody gathers for common activities”. He explains: “If the rooms are large and comfortable, then the children will stay there and not come out.”

‘A different way of living’The third level, or the attic, holds Chiam’s fa-vourite nook in the house – the master bed-room. It features teak floors and a ceiling in walnut veneer, which “recreates the atmosphere that you get in a Parisian attic where there are

dormers and overhanging arched roofs”, he says. The ceiling is bent gently, following the curve of the roof, and features dormers and eaves which allow the windows to be opened without letting in the rain.

Even the owner himself admits that the house is unorthodox. “It takes a lot of getting used to, like having a cupboard in the middle of the mas-ter bedroom. For the typical lady of the house it’s not going to be adequate, but it’s a different way of living,” he says. The wardrobe, covered with mirrored exteriors on all four sides, is right smack in the middle of the walkway of the at-tic floor. At the end of the master room, there is an open bath with tiled flooring, overlook-ing a window with blinds. “When you shower, you get to see the outside world even though you are in a terrace house,” remarks Chiam.

Due to the quirky nature of the house, it is apt that the property was able to attract an art collector, who paid around $6,000 in monthly rents for three years from 2015 to 2018. The tenant ran an art gallery out of the house, hung his art pieces on its walls and occasionally hosted parties there, shares Chiam.

Humble beginningsChiam’s penchant for building houses started with his first home, an HDB flat. “For the ear-ly home that we had, it was the usual – using Ikea hacks to make the space beautiful,” he says. “We would travel to Rome on a budget and stay in a room with floral wallpaper, and the next thing you know, our home gets wall-paper with flowers on it.”

Having three children also helped him un-derstand home-building in terms of designing efficient layouts while getting the aesthetics right. This house on Happy Avenue East, how-ever, had for him a “different learning curve”. It is a “huge recalibration to accept smaller rooms, sacrificing the floor plate for the intent to capture Ling Hao’s design concept”, which steers away from more cookie-cutter fittings such as lifts and marble slabs, while focusing on aspects like ventilation and natural light-ing, Chiam says.

Is he sad to part ways with this house? “I’ve been here many times... every time I come here, I do like a different aspect of it. Will I be sad? I have had enough memories.”

Due to how unconventional the Happy Av-enue East home is, Chiam believes it will be more of a challenge to sell it as it attracts a niche market. “A house like this, you really do have difficulty finding the right person to sell it to,” he remarks. Building the house was “a leap of faith”, he adds, but he is convinced that the right person who is willing to own it will enjoy it.

ARCHITECTUREPICTURES: FABIAN ONG

EThe interior of the ground floor is made of off-form concrete, which gives off an industrial vibe

The open kitchen has full-sized windows – once they are opened together with the windows in the living room, wind can be funnelled from one end to the other

Ling Hao, the architect who designed the house, prioritised ventilation and natural lightingThe second storey has a meandering shape to allow views as well as light through the attic

The ceiling of the attic is bent gently, and features dormers and eaves which allow the windows to be opened without letting in the rain


| BY TIMOTHY TAY |

A five-bedroom penthouse at 3 Orchard By-The-Park has been sold for $31.5 million. In terms of absolute price, it is the most expensive penthouse sold this year to date. The price for

the 6,555 sq ft unit translates to $4,805 psf. The sale took place earlier last week and a ca-veat has yet to be lodged. It was brokered by Savills Residential, one of the joint marketing agents for 3 Orchard By-The-Park.

The buyer of the penthouse is believed to be a Chinese national. The penthouse is one of just two penthouses in the luxury, freehold condo with just 77 units. The condo was de-veloped by the Yeoh family-controlled Malay-sian developer, YTL Group, a name synon-ymous with luxury property developments, hotels and resorts. YTL also developed the lux-ury bungalows at Kasara Villas and Sandy Is-land at Sentosa Cove, Singapore’s luxury wa-terfront residential resort.

Completed in 2017, 3 Orchard By-The-Park was designed by Italian architect and furni-ture designer, Antonio Citterio, renowned for his designs of Bulgari hotels and resorts. His architectural firm, set up jointly with his business partner Patricia Viel, is the epony-mous Antonio Citterio Patricia Viel Studio.

The other penthouse at the condo, also a duplex, is more than 6,900 sq ft in size, and is still available.

The price of $4,805 psf for the just-sold penthouse at 3 Orchard By-The-Park is higher than the average price of $3,695 psf for typi-cal units sold within the development, based

on caveats lodged with URA Realis to date. According to Alan Cheong, senior director

and head of research & consultancy at Sav-ills Singapore, the prices of luxury penthous-es are higher on a psf basis compared to the rest of the units in a development. “There is a premium attached to these penthouses which are sought after by the uber-high-net-worth buyers,” he says. As such, the pricing matrix is different from typical non-landed projects, whether in the prime districts or suburbs, he adds.

This was also seen at Boulevard 88, a lux-ury integrated development located nearby. Three of the four penthouses there were sold at prices ranging from $28 million to $29.53 million, with an average price of $4,920 psf. Stripped of the penthouse transactions, the average price of typical units sold in the de-

velopment is $3,633 psf, based on caveats lodged to date.

The development at 3 Orchard By-The-Park has three 25-storey residential towers sitting on a 62,179 sq ft site, with one side fronting Orchard Boulevard, and the other, Cuscaden Road. Only one tower of 30 units has been released for sale, and about half of the units have been taken up.

Including the penthouse, Savills has bro-kered the sale of five units within 3 Orchard By-The-Park. “The penthouse has a pano-ramic, unblocked view towards Bukit Timah, which has a lot of lush greenery,” says George Tan, executive director of Savills Residential. “And yet it’s just a stone’s throw away from Orchard Road.”

The interiors of the $31.5 million penthouse at 3 Orchard By-The-Park were designed by

interior designer SuMisura. The buyer is said to be a foreigner, which means the additional buyer’s stamp duty payable is 20% of the pur-chase price, on top of the 4% buyer’s stamp duty for properties above $1 million.

Viewings at 3 Orchard By-The-Park have been “healthy”, says Savills’ Tan.

Interest may have picked up in anticipa-tion of the upcoming preview of Cuscaden Reserve next door, a luxury residential pro-ject by a consortium led by SC Global Devel-opments together with Hong Kong developers, Far East Consortium and New World Develop-ment. The consortium purchased the 61,597 sq ft, 99-year leasehold site in a government land sale for $410 million or $2,377 psf per plot ra-tio in April last year. It is still considered a re-cord price for a residential development site purchased in a government land sale.

Residential transactions with contracts dated May 28 to June 4Singapore — 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 NAME PROPERTY TYPE TENURE SALE DATE (2019)

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 May 29 1,173 2,615,580 2,229 2017 New SaleDistrict 2 ICON Apartment 99 years May 28 657 1,088,000 1,657 2007 ResaleICON Apartment 99 years May 29 581 995,000 1,712 2007 ResaleDistrict 3 COMMONWEALTH TOWERS Condominium 99 years May 30 904 1,550,000 1,714 2017 ResaleMARGARET VILLE Apartment 99 years May 28 969 1,853,570 1,913 Uncompleted New SaleMARGARET VILLE Apartment 99 years May 29 829 1,470,196 1,774 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 1 829 1,501,752 1,812 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 1 969 1,682,072 1,736 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 29 764 1,425,000 1,865 2018 Sub SaleREGENCY SUITES Apartment Freehold June 3 1,421 2,400,000 1,689 2008 ResaleRIVIERE Apartment 99 years May 31 2,002 5,566,080 2,780 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,579,200 2,821 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,632,000 2,916 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,729,920 3,091 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,649,280 2,947 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,723,200 3,079 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,716,480 3,067 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,590,720 2,842 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,667,520 2,979 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,592,640 2,845 Uncompleted New SaleRIVIERE Apartment 99 years May 31 840 2,315,520 2,758 Uncompleted New SaleRIVIERE Apartment 99 years May 31 560 1,656,000 2,959 Uncompleted New SaleRIVIERE Apartment 99 years June 1 818 2,278,530 2,785 Uncompleted New SaleRIVIERE Apartment 99 years June 1 818 2,410,450 2,947 Uncompleted New SaleRIVIERE Apartment 99 years June 1 818 2,293,080 2,803 Uncompleted New SaleRIVIERE Apartment 99 years June 1 560 1,550,060 2,769 Uncompleted New SaleRIVIERE Apartment 99 years June 1 560 1,527,750 2,729 Uncompleted New SaleRIVIERE Apartment 99 years June 1 560 1,661,610 2,969 Uncompleted New Sale

RIVIERE Apartment 99 years June 1 818 2,225,280 2,720 Uncompleted New SaleRIVIERE Apartment 99 years June 1 560 1,665,490 2,976 Uncompleted New SaleRIVIERE Apartment 99 years June 1 560 1,581,100 2,825 Uncompleted New SaleRIVIERE Apartment 99 years June 1 560 1,672,280 2,988 Uncompleted New SaleRIVIERE Apartment 99 years June 1 560 1,642,210 2,934 Uncompleted New SaleRIVIERE Apartment 99 years June 1 1,216 3,588,030 2,950 Uncompleted New SaleRIVIERE Apartment 99 years June 1 840 2,536,550 3,021 Uncompleted New SaleRIVIERE Apartment 99 years June 1 840 2,425,970 2,889 Uncompleted New SaleRIVIERE Apartment 99 years June 1 818 2,362,920 2,888 Uncompleted New SaleRIVIERE Apartment 99 years June 1 818 2,389,110 2,920 Uncompleted New SaleRIVIERE Apartment 99 years June 1 818 2,225,180 2,720 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 28 764 1,355,000 1,773 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 28 657 1,144,000 1,742 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 29 764 1,423,000 1,862 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 30 980 1,766,000 1,803 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 30 441 917,000 2,078 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 30 506 981,000 1,939 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 31 689 1,253,000 1,819 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 31 689 1,225,000 1,778 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years June 1 764 1,375,000 1,799 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years June 2 764 1,379,000 1,804 Uncompleted New SaleTANGLIN VIEW Condominium 99 years June 3 1,249 1,655,000 1,325 2001 ResaleTANGLIN VIEW Condominium 99 years June 4 1,195 1,450,000 1,214 2001 ResaleYONG SIAK COURT Apartment Freehold May 28 1,722 2,150,000 1,248 1987 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years May 28 893 1,558,000 1,744 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years May 29 1,216 1,890,000 1,554 2004 ResaleHARBOURLIGHTS Apartment Freehold June 3 883 1,350,000 1,529 1997 ResaleDistrict 5 BLUE HORIZON Condominium 99 years May 30 1,163 1,270,000 1,092 2005 ResaleBLUE HORIZON Condominium 99 years May 31 1,163 1,120,000 963 2005 ResaleCHELSEA VILLAGE Terrace Freehold May 28 4,133 3,900,000 944 1993 ResaleDOVER PARKVIEW Condominium 99 years May 29 936 1,040,000 1,111 1997 ResaleGOLD COAST CONDOMINIUM Condominium Freehold May 28 1,485 1,550,000 1,043 1994 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years June 1 1,076 1,778,000 1,652 Uncompleted New SaleTHE INFINITI Condominium Freehold May 31 915 1,068,000 1,167 2008 ResaleWHISTLER GRAND Apartment 99 years May 28 990 1,263,600 1,276 Uncompleted New SaleWHISTLER GRAND Apartment 99 years May 29 506 750,060 1,483 Uncompleted New SaleWHISTLER GRAND Apartment 99 years June 1 506 740,340 1,463 Uncompleted New SaleWHISTLER GRAND Apartment 99 years June 2 764 1,034,370 1,353 Uncompleted New SaleWHISTLER GRAND Apartment 99 years June 2 764 1,147,770 1,502 Uncompleted New SaleDistrict 7 DUO RESIDENCES Apartment 99 years May 30 2,497 5,500,000 2,202 2017 ResaleSOUTH BEACH RESIDENCES Apartment 99 years May 28 1,744 5,858,000 3,359 2016 ResaleSOUTH BEACH RESIDENCES Apartment 99 years June 3 1,593 5,700,000 3,578 2016 ResaleDistrict 8 8 FARRER SUITES Apartment Freehold May 28 969 1,593,000 1,644 2015 ResaleCITYSCAPE @FARRER PARK Condominium Freehold June 3 1,345 1,770,000 1,315 2014 ResaleSOHO @ FARRER Apartment Freehold May 28 506 727,000 1,437 2005 ResaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years May 28 2,616 2,530,000 967 2007 Resale8 SAINT THOMAS Condominium Freehold May 28 1,302 4,250,000 3,263 2018 ResaleCENTENNIA SUITES Condominium Freehold May 30 2,239 5,688,888 2,541 2013 ResaleMARTIN MODERN Condominium 99 years May 31 764 1,906,700 2,495 Uncompleted New SaleMARTIN MODERN Condominium 99 years May 31 872 2,500,000 2,867 Uncompleted New SalePARC SOPHIA Apartment Freehold May 29 624 1,031,800 1,653 2011 ResaleRICHMOND PARK Condominium Freehold June 3 1,012 2,608,000 2,578 1996 ResaleRIVERGATE Apartment Freehold May 29 2,077 4,860,000 2,339 2009 ResaleROBERTSON 100 Apartment Freehold May 29 872 1,593,000 1,827 2004 ResaleRV ALTITUDE Apartment Freehold June 2 441 1,360,000 3,082 Uncompleted New SaleSAM KIANG MANSIONS Apartment Freehold June 4 1,206 1,950,000 1,617 1999 ResaleUE SQUARE Apartment 929 years May 31 958 1,820,000 1,900 1997 Resale

SUMISURA SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

DONE DEALS

E

Penthouse at 3 Orchard By-The-Park fetches $31.5 mil

The lounge and the wine cellar of the 6,555 sq ft, duplex penthouse with interiors by SuMisura 3 Orchard By-The-Park was developed by YTL Group


THE TAPESTRY Condominium 99 years May 29 1,130 1,460,430 1,292 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 31 1,485 1,806,300 1,216 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 1 1,130 1,420,740 1,257 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 28 818 1,053,000 1,287 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 28 678 924,000 1,363 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 28 1,238 1,546,000 1,249 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 28 581 793,000 1,364 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 29 581 817,000 1,406 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 30 915 1,163,000 1,271 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 31 678 901,000 1,329 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 31 818 1,046,000 1,279 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years June 1 1,033 1,314,000 1,272 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years June 1 484 635,000 1,311 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years June 2 818 1,058,000 1,293 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years June 2 484 623,000 1,286 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years June 2 678 940,000 1,386 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years June 2 915 1,198,000 1,309 Uncompleted New SaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years May 30 538 793,000 1,473 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years May 30 538 796,000 1,479 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years May 30 538 784,000 1,457 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years May 31 538 799,000 1,485 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years May 31 538 778,000 1,446 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years June 1 538 775,000 1,440 Uncompleted New SaleBARTLEY RESIDENCES Apartment 99 years May 30 1,087 1,460,000 1,343 2015 ResaleBARTLEY RESIDENCES Apartment 99 years June 3 1,098 1,390,000 1,266 2015 ResaleBAYOU RESIDENCE Apartment Freehold May 28 786 845,000 1,075 2008 ResaleCASA ROSA Condominium 99 years May 31 1,098 960,000 874 2001 ResaleCOMPASS HEIGHTS Apartment 99 years June 4 1,109 1,020,000 920 2002 ResaleESPARINA RESIDENCES EC 99 years May 31 1,001 1,100,000 1,099 2013 ResaleKOVAN GRANDEUR Apartment 99 years May 30 570 695,000 1,218 2011 ResaleKOVAN RESIDENCES Condominium 99 years June 4 1,798 2,210,000 1,229 2011 ResaleLA FIESTA Condominium 99 years May 31 1,001 1,250,000 1,249 2016 ResaleJALAN LYE KWEE Semi-Detached Freehold May 29 3,089 2,450,000 794 Unknown ResaleYIO CHU KANG ROAD Terrace 99 years May 30 3,272 800,000 245 Unknown ResaleJALAN HOCK CHYE Terrace Freehold June 3 1,884 2,280,000 1,214 1985 ResalePALM GROVE CONDOMINIUM Condominium 999 years June 4 1,927 1,920,000 996 2002 ResaleREGENTVILLE Apartment 99 years May 28 980 768,000 784 1999 ResaleRIVERFRONT RESIDENCES Apartment 99 years May 29 721 980,000 1,359 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years May 30 1,066 1,300,000 1,220 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years June 1 721 935,000 1,296 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years June 1 872 1,137,000 1,304 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years June 1 463 641,000 1,385 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years June 2 721 898,000 1,245 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years June 2 915 1,225,000 1,339 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years June 2 1,109 1,448,000 1,306 Uncompleted New SaleSERANGOON GARDEN ESTATE Detached 999 years May 31 4,801 5,100,000 1,063 2007 ResaleSERANGOON GARDEN ESTATE Terrace 999 years June 3 1,841 3,550,000 1,930 Unknown ResaleTHE CHUAN Condominium 999 years May 28 936 1,520,000 1,623 2007 ResaleTHE FLORENCE RESIDENCES Apartment 99 years May 28 1,012 1,389,000 1,373 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years May 29 635 965,000 1,520 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years May 29 721 1,114,000 1,545 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years May 29 700 1,040,000 1,486 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years May 30 527 758,000 1,437 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years May 30 1,012 1,461,000 1,444 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years June 1 635 945,000 1,488 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years June 1 926 1,269,000 1,371 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years June 2 990 1,423,000 1,437 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years May 28 614 920,100 1,500 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years June 1 517 775,100 1,500 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years June 1 797 1,238,900 1,555 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years June 2 517 792,500 1,534 Uncompleted New SaleTHE LUXURIE Condominium 99 years June 3 969 1,155,000 1,192 2015 ResaleTHE MINTON Condominium 99 years June 3 1,216 1,350,000 1,110 2013 ResaleTHE SPRINGBLOOM Condominium 99 years May 31 1,647 1,745,000 1,060 1999 ResaleVIBES @ KOVAN Apartment Freehold May 31 377 538,888 1,430 2014 ResaleDistrict 20 CLOVER BY THE PARK Condominium 99 years May 31 1,572 1,830,000 1,164 2011 ResaleCLOVER WAY Terrace Freehold June 3 2,185 2,950,000 1,351 Unknown ResaleJALAN CHEGAR Terrace Freehold June 3 883 1,728,000 1,953 Unknown ResaleSEMBAWANG HILLS ESTATE Semi-Detached Freehold May 28 3,315 4,800,000 1,446 Unknown ResaleSEMBAWANG HILLS ESTATE Terrace Freehold May 30 1,948 3,300,000 1,696 1998 ResaleTHOMSON GRAND Condominium 99 years May 28 1,378 1,750,000 1,270 2015 ResaleDistrict 21 CLEMENTI PARK Condominium Freehold June 3 1,345 1,420,000 1,055 1986 ResaleMAPLE WOODS Condominium Freehold May 28 1,787 2,720,000 1,522 1997 ResaleMAYFAIR GARDENS Condominium 99 years May 31 657 1,195,000 1,820 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years June 2 861 1,500,000 1,742 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years May 30 958 2,053,300 2,143 Uncompleted New SaleENG KONG CRESCENT Terrace Freehold May 28 1,873 2,548,000 1,359 Unknown ResaleJALAN KAMPONG CHANTEK Detached Freehold May 29 9,095 10,500,000 1,155 1971 ResaleSOUTHAVEN II Condominium 999 years May 28 1,894 2,210,000 1,167 1999 ResaleTHE HILLFORD Apartment 60 years May 29 398 490,000 1,230 2016 ResaleTHE HILLSIDE Condominium Freehold May 29 1,302 1,560,000 1,198 2001 ResaleDistrict 22 SUMMERDALE EC 99 years June 3 1,195 855,000 716 2000 ResaleWESTMERE EC 99 years May 30 1,098 918,000 836 1999 ResaleDistrict 23 CENTURY MANSIONS Apartment Freehold May 31 1,012 955,000 944 1998 ResaleCHESTNUT VILLE Condominium 999 years May 28 1,658 1,658,000 1,000 1984 ResaleFUYONG ESTATE Detached 99 years May 30 5,027 1,650,000 329 Unknown ResaleHILLINGTON GREEN Condominium 999 years May 29 1,356 1,560,000 1,150 2002 ResaleHILLVIEW REGENCY Condominium 99 years May 31 1,130 1,080,000 956 2005 ResaleHILLVISTA Condominium Freehold May 28 1,163 1,450,000 1,247 2010 ResaleHILLVISTA Condominium Freehold May 29 1,184 1,400,000 1,182 2010 ResaleMERAWOODS Condominium 999 years May 29 1,787 1,700,000 951 1999 ResaleREGENT HEIGHTS Condominium 99 years May 28 1,023 828,000 810 1999 ResaleWANDERVALE EC 99 years May 30 1,098 1,235,000 1,125 2018 ResaleDistrict 25 ROSEWOOD Condominium 99 years May 28 1,012 740,000 731 2003 ResaleWOODHAVEN Condominium 99 years May 30 1,023 878,000 859 2015 ResaleWOODHAVEN Condominium 99 years May 31 624 668,000 1,070 2015 ResaleWOODSVALE EC 99 years May 28 1,496 880,000 588 2000 ResaleDistrict 26 THE BROOKS II Apartment Freehold May 28 1,399 1,650,000 1,179 2016 ResaleDistrict 27 1 CANBERRA EC 99 years May 28 1,044 980,000 939 2015 ResaleEIGHT COURTYARDS Condominium 99 years May 31 872 840,000 963 2014 ResaleSEMBAWANG SPRINGS ESTATE Semi-Detached 999 years May 31 3,670 2,700,000 736 Unknown ResaleTHE CANOPY EC 99 years May 29 1,033 830,000 803 2014 ResaleTHE MILTONIA RESIDENCES Condominium 99 years May 31 1,001 930,000 929 2014 ResaleYISHUN EMERALD Condominium 99 years June 3 1,206 835,000 693 2002 ResaleYISHUN SAPPHIRE Condominium 99 years May 28 1,356 975,000 719 2001 ResaleDistrict 28 BELGRAVIA GREEN Terrace Freehold June 1 3,423 2,995,300 875 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold June 1 3,466 3,046,373 879 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 31 980 1,283,310 1,310 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 1 969 1,251,300 1,292 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 2 775 976,000 1,259 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 2 872 1,120,000 1,285 Uncompleted New SaleSELETAR HILLS ESTATE Semi-Detached Freehold May 29 3,595 3,500,000 975 Unknown ResaleSELETAR HILLS ESTATE Terrace 999 years May 29 2,400 2,200,000 916 Unknown ResaleSELETAR SPRINGS CONDOMINIUM Condominium 99 years May 30 1,012 770,000 761 2000 Resale

Residential transactions with contracts dated May 28 to June 4



(SQ FT)TRANSACTED

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SALE PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019)


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SALE

Source: URA Realis. Updated June 11, 2019. EC stands for executive condominium

DISCLAIMER:The Edge Property 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.

WATERMARK ROBERTSON QUAY Apartment Freehold June 3 1,076 2,100,000 1,951 2008 ResaleDistrict 10 3 CUSCADEN Apartment Freehold May 30 463 1,790,000 3,867 Uncompleted New Sale3 CUSCADEN Apartment Freehold May 31 1,270 4,678,515 3,683 Uncompleted New Sale3 CUSCADEN Apartment Freehold June 2 452 1,778,351 3,934 Uncompleted New SaleBOULEVARD 88 Apartment Freehold June 1 2,766 10,438,600 3,773 Uncompleted New SaleBOULEVARD 88 Apartment Freehold June 1 2,766 10,742,000 3,883 Uncompleted New SaleD’LEEDON Condominium 99 years May 31 635 1,100,000 1,732 2014 ResaleD’LEEDON Condominium 99 years May 31 1,496 2,160,000 1,444 2014 ResaleHENRY PARK Detached 999 years May 28 6,028 6,750,000 1,119 1988 ResaleJUNIPER HILL Apartment Freehold May 30 657 1,787,000 2,722 Uncompleted New SaleJUNIPER HILL Apartment Freehold May 30 581 1,617,000 2,782 Uncompleted New SaleJUNIPER HILL Apartment Freehold May 30 581 1,658,000 2,852 Uncompleted New SaleJUNIPER HILL Apartment Freehold May 30 721 2,077,000 2,880 Uncompleted New SaleJUNIPER HILL Apartment Freehold May 30 1,819 4,917,000 2,703 Uncompleted New SaleJUNIPER HILL Apartment Freehold May 30 721 2,092,000 2,901 Uncompleted New SaleJUNIPER HILL Apartment Freehold May 30 657 1,801,000 2,743 Uncompleted New SaleMARYLAND ESTATE Detached 999 years June 3 19,171 25,000,000 1,304 2002 ResaleMELROSE PARK Condominium 999 years May 29 1,464 2,500,000 1,708 2000 ResaleRV EDGE Apartment Freehold May 28 366 755,000 2,063 2013 ResaleRV SUITES Apartment Freehold May 30 517 950,000 1,839 2012 ResaleSPRING GROVE Condominium 99 years May 28 1,389 2,150,000 1,548 1996 ResaleST MARTIN’S APARTMENT Apartment Freehold May 28 926 1,750,000 1,890 1986 ResaleSTUDIO 3 Apartment Freehold June 3 549 955,000 1,740 2005 ResaleTHE HYDE Condominium Freehold June 2 1,249 3,705,000 2,967 Uncompleted New SaleDistrict 11 GILSTEAD TWO Apartment Freehold May 28 775 1,600,000 2,064 2014 ResaleLA SUISSE Condominium 999 years May 31 2,099 2,550,000 1,215 1993 ResaleMEDGE Apartment Freehold May 28 861 1,170,000 1,359 2007 ResaleJALAN SENANDONG Detached Freehold May 28 8,697 13,285,000 1,528 1967 ResaleORIOLE CRESCENT Detached Freehold June 3 10,161 17,000,000 1,673 2002 ResaleTHE GLYNDEBOURNE Condominium Freehold May 29 2,508 4,750,000 1,894 2013 ResaleTHE GREENWOOD Terrace 103 years May 29 3,261 2,920,000 895 2011 ResaleZEDGE Apartment Freehold June 4 753 1,175,000 1,559 2010 ResaleDistrict 12 CITY REGENCY Apartment Freehold May 30 990 1,200,000 1,212 2009 ResaleEIGHT RIVERSUITES Condominium 99 years May 29 1,830 1,850,000 1,011 2016 ResaleOLEANDER TOWERS Apartment 99 years June 3 1,152 1,368,000 1,188 1997 ResaleTHE BELLEFORTE Apartment Freehold June 3 1,991 1,950,000 979 2003 ResaleDistrict 13 PARK COLONIAL Condominium 99 years May 28 635 1,117,000 1,759 Uncompleted New SaleTHE TRE VER Condominium 99 years May 29 1,012 1,602,000 1,583 Uncompleted New SaleTHE TRE VER Condominium 99 years May 31 495 841,000 1,698 Uncompleted New SaleTHE TRE VER Condominium 99 years May 31 1,098 1,792,000 1,632 Uncompleted New SaleTHE TRE VER Condominium 99 years June 1 743 1,238,000 1,667 Uncompleted New SaleTHE TRE VER Condominium 99 years June 1 1,012 1,619,000 1,600 Uncompleted New SaleTHE TRE VER Condominium 99 years June 2 495 790,000 1,595 Uncompleted New SaleTHE TRE VER Condominium 99 years June 2 1,012 1,610,000 1,591 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years May 28 667 1,200,000 1,798 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years May 29 570 1,023,000 1,793 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years May 29 667 1,210,000 1,813 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years May 31 700 1,213,000 1,734 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years June 2 689 1,323,000 1,920 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years June 2 689 1,313,000 1,906 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years June 2 689 1,303,000 1,891 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years June 2 570 1,009,000 1,769 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years June 2 700 1,329,000 1,899 Uncompleted New SaleDistrict 14 COSY LODGE Apartment Freehold May 28 1,292 1,162,800 900 2001 ResaleDAKOTA RESIDENCES Condominium 99 years May 29 1,023 1,490,000 1,457 2010 ResaleGUILLEMARD EDGE Apartment Freehold May 30 872 756,666 868 2014 ResaleLE REGAL Apartment Freehold May 28 366 495,000 1,353 2015 ResalePARC ESTA Apartment 99 years May 29 635 1,103,000 1,737 Uncompleted New SalePARC ESTA Apartment 99 years May 30 420 751,000 1,789 Uncompleted New SalePARC ESTA Apartment 99 years June 1 904 1,408,000 1,557 Uncompleted New SalePARC ESTA Apartment 99 years June 1 517 952,000 1,843 Uncompleted New SalePARC ESTA Apartment 99 years June 2 904 1,433,000 1,585 Uncompleted New SalePARC ESTA Apartment 99 years June 2 420 742,000 1,768 Uncompleted New SalePARC ESTA Apartment 99 years June 2 926 1,565,000 1,691 Uncompleted New SalePARC ESTA Apartment 99 years June 2 904 1,388,000 1,535 Uncompleted New SaleREZI 24 Apartment Freehold June 1 549 835,000 1,521 Uncompleted New SaleSIMS RESIDENCES Apartment 99 years May 29 1,421 1,240,000 873 2002 ResaleDistrict 15 AMBER PARK Condominium Freehold May 30 1,582 3,713,800 2,347 Uncompleted New SaleAMBER PARK Condominium Freehold May 31 5,005 12,600,000 2,517 Uncompleted New SaleBUTTERWORTH 8 Condominium Freehold May 30 1,313 2,092,800 1,594 2004 ResaleCOASTLINE RESIDENCES Apartment Freehold June 1 721 2,090,000 2,898 Uncompleted New SaleFERNWOOD TOWERS Condominium Freehold May 29 1,647 1,800,000 1,093 1994 ResaleFLAMINGO VALLEY Condominium Freehold May 31 1,206 1,785,000 1,481 2014 ResaleHAIG 162 Apartment Freehold May 30 366 542,000 1,481 2013 ResaleMEYERHOUSE Condominium Freehold May 31 3,068 7,856,000 2,561 Uncompleted New SaleMEYERHOUSE Condominium Freehold June 1 3,240 8,306,000 2,564 Uncompleted New SaleMEYERHOUSE Condominium Freehold June 1 2,971 8,022,000 2,700 Uncompleted New SaleJOO CHIAT PLACE Terrace Freehold May 29 3,261 3,380,000 1,035 1988 ResaleKEE SUN AVENUE Terrace Freehold May 29 1,701 2,600,000 1,528 1974 ResaleJALAN TUA KONG Semi-Detached Freehold May 31 3,261 4,050,000 1,241 1996 ResaleOCEAN PARK Condominium Freehold May 28 2,303 2,538,000 1,102 1984 ResaleONE AMBER Condominium Freehold May 29 1,453 2,550,000 1,755 2010 ResaleOPERA ESTATE Terrace Freehold May 29 1,744 2,600,000 1,494 Unknown ResaleRESIDENCE 66 Apartment Freehold May 28 915 1,000,000 1,093 2008 ResaleSEASIDE RESIDENCES Apartment 99 years May 30 678 1,312,780 1,936 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years June 1 1,206 1,995,060 1,655 Uncompleted New SaleSPRINGVALE Apartment Freehold May 30 915 1,130,000 1,235 1995 ResaleTHE ARIEL Apartment Freehold May 28 1,216 1,230,000 1,011 2011 ResaleTHE SHORE RESIDENCES Condominium 103 years May 31 1,141 1,780,000 1,560 2014 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years May 31 936 870,000 929 1986 ResaleEAST COAST RESIDENCES Apartment Freehold May 29 861 1,060,000 1,231 2011 ResaleEAST MEADOWS Condominium 99 years May 28 1,216 1,150,000 945 2002 ResaleMERA TERRACE Terrace Freehold June 3 1,615 2,500,000 1,548 1996 ResaleUBER 388 Condominium Freehold June 3 926 1,300,000 1,404 2014 ResaleDistrict 17 HEDGES PARK CONDOMINIUM Condominium 99 years May 29 872 870,000 998 2015 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years May 30 484 565,000 1,166 2015 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years June 3 764 768,000 1,005 2015 ResalePARC KOMO Apartment Freehold May 28 1,410 1,978,000 1,403 Uncompleted New SalePARC KOMO Apartment Freehold May 28 721 1,081,000 1,499 Uncompleted New SalePARC KOMO Apartment Freehold May 28 614 921,000 1,501 Uncompleted New SalePARC KOMO Apartment Freehold May 29 474 709,000 1,497 Uncompleted New SalePARC KOMO Apartment Freehold May 29 484 730,000 1,507 Uncompleted New SalePARC KOMO Apartment Freehold May 29 764 1,145,000 1,498 Uncompleted New SalePARC KOMO Apartment Freehold May 30 721 1,087,000 1,507 Uncompleted New SalePARC KOMO Apartment Freehold June 1 1,001 1,499,000 1,497 Uncompleted New SalePARC KOMO Apartment Freehold June 1 1,001 1,485,000 1,483 Uncompleted New SalePARC KOMO Apartment Freehold June 1 1,421 1,973,000 1,389 Uncompleted New SalePARC KOMO Apartment Freehold June 1 969 1,447,000 1,494 Uncompleted New SalePARC KOMO Apartment Freehold June 2 1,023 1,511,000 1,478 Uncompleted New SalePARC KOMO Apartment Freehold June 2 614 871,000 1,420 Uncompleted New SalePARC KOMO Apartment Freehold June 2 549 843,000 1,536 Uncompleted New SalePARC KOMO Apartment Freehold June 2 969 1,440,000 1,486 Uncompleted New SalePARC KOMO Apartment Freehold June 2 474 735,000 1,552 Uncompleted New SalePARC OLYMPIA Condominium 99 years May 29 1,647 1,420,000 862 2015 ResaleTHE JOVELL Condominium 99 years May 30 635 812,000 1,279 Uncompleted New SaleTHE JOVELL Condominium 99 years June 1 635 809,000 1,274 Uncompleted New SaleTHE JOVELL Condominium 99 years June 1 527 683,000 1,295 Uncompleted New SaleTHE JOVELL Condominium 99 years June 2 452 630,000 1,394 Uncompleted New SaleDistrict 18 BELYSA EC 99 years June 3 1,109 975,000 879 2014 ResaleDOUBLE BAY RESIDENCES Condominium 99 years May 28 1,001 1,128,000 1,127 2012 ResaleMELVILLE PARK Condominium 99 years June 4 1,335 888,000 665 1996 ResaleNV RESIDENCES Condominium 99 years May 31 872 750,000 860 2013 ResaleQ BAY RESIDENCES Condominium 99 years June 4 527 630,000 1,194 2016 ResaleTHE PALETTE Condominium 99 years May 28 1,066 1,017,500 955 2015 ResaleTHE PALETTE Condominium 99 years May 29 1,173 1,108,000 944 2015 ResaleTHE PALETTE Condominium 99 years May 30 893 940,000 1,052 2015 Resale

DONE DEALS


| BY TIMOTHY TAY |

The sale of a three-bedroom unit at La Suisse, a condo on Swiss View Road in District 11, earned its seller a prof-it of $1.63 million (177%) on May 31. The 2,099 sq ft unit changed hands

for $2.55 million ($1,215 psf), having been bought for $920,000 ($438 psf) in November 2006. This translates to an annualised profit of 8.4% over more than 12 years.

The sale is the most profitable on record for the week of May 28 to June 4, and is also the most profitable deal ever recorded at the 999-year leasehold development. The latest transac-tion tops an earlier sale in 2011, which made a profit of $1.42 million (169%) for the seller of a 2,131 sq ft unit. The earlier sale fetched $2.25 million ($1,056 psf) when it changed hands in March that year, compared to its purchase price of $835,000 ($392 psf) in July 2006.

The 155-unit condo was completed in 1993, and profits have ranged from $8,000 to $1.63 million over 44 transactions in the last 26 years, based on the matching of Realis caveats.

The second most profitable deal during the week was at One Amber in the Amber Road neighbourhood in District 15. A 1,453 sq ft, three-bedroom unit on the seventh floor was sold for $2.55 million ($1,755 psf) on May 29, having been bought for $1.07 mil-lion ($742 psf) in December 2006. Hence, the seller reaped a $1.48 million (138%) prof-it, or an annualised profit of 7% over more than 12 years.

This is the third most profitable transac-

tion at the freehold, 562-unit condo. The most profitable deal occurred in 2011, when a 3,165 sq ft, four-bedroom unit fetched $4.43 million ($1,399 psf). It had been bought for $2.39 mil-lion ($756 psf) in March 2006. The seller thus made a $2.03 million (85%) profit on the sale. But according to caveats, this unit later changed hands for $3.7 million ($1,169 psf) in May 2016, which translates into a $727,835 loss.

Topping the list of unprofitable deals dur-ing the week in review are two units at Icon, a 99-year leasehold condo on Gopeng Street in District 2. The greatest loss was record-ed for the sale of a 657 sq ft, one-bedroom unit on the 29th floor. It fetched $1.08 mil-lion ($1,657 psf) when it was sold on May 28, and had been bought for $1.298 million ($1,977 psf) in October 2012. This means

that the seller incurred a $210,000 loss on the sale of the unit.

A day later, another one-bedroom unit of 581 sq ft also incurred a loss for its seller when it changed hands for $995,000 ($1,712 psf). The seller of this 19th floor unit had bought the property for $1.128 million ($1,941 psf) in April 2013, and this translates into a $133,000 loss on the sale.

Top gains and losses from May 28 to June 4

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 ICON 2 657 May 28 1,657 Oct 17, 2012 1,977 210,000 16.2 2.6 6.62 ICON 2 581 May 29 1,712 Apr 1, 2013 1,941 133,000 11.8 2.0 6.23 THOMSON GRAND 20 1,378 May 28 1,270 Apr 18, 2012 1,346 104,918 5.7 0.8 7.14 PARC OLYMPIA 17 1,647 May 29 862 Jan 22, 2013 919 93,680 6.2 1.0 6.45 KOVAN GRANDEUR 19 570 May 30 1,218 Feb 21, 2012 1,367 85,000 10.9 1.6 7.36 CITY REGENCY 12 990 May 30 1,212 May 23, 2013 1,293 80,000 6.3 1.1 6.07 GILSTEAD TWO 11 775 May 28 2,064 Sep 20, 2010 2,153 68,900 4.1 0.5 8.78 SPRING GROVE 10 1,389 May 28 1,548 Feb 7, 2011 1,584 50,000 2.3 0.3 8.39 BLUE HORIZON 5 1,163 May 31 963 Sep 5, 2011 998 40,000 3.4 0.5 7.710 UBER 388 16 926 Jun 3 1,404 May 21, 2012 1,440 32,700 2.5 0.4 7.011 PARC SOPHIA 9 624 May 29 1,653 May 22, 2012 1,682 18,200 1.7 0.2 7.012 COMPASS HEIGHTS 19 1,109 Jun 4 920 Sep 20, 2011 936 18,000 1.7 0.2 7.713 HAIG 162 15 366 May 30 1,481 Apr 12, 2012 1,503 8,000 1.5 0.2 7.1

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

Three-bedroom unit at One Amber earns $1.48 mil profit

E

Source: URA, EdgeProp Note: Computed based on URA caveat data as at June 11 for private non-landed houses transacted between May 28 and June 4The 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 LA SUISSE 11 2,099 May 31 1,215 Nov 2, 2006 438 1,630,000 177.2 8.4 12.62 ONE AMBER 15 1,453 May 29 1,755 Dec 21, 2006 742 1,480,000 138.3 7.2 12.43 BUTTERWORTH 8 15 1,313 May 30 1,594 Mar 6, 2002 749 1,108,740 112.7 4.5 17.24 REGENCY SUITES 3 1,421 Jun 3 1,689 Apr 30, 2007 935 1,071,000 80.6 5.0 12.15 WATERMARK ROBERTSON QUAY 9 1,076 Jun 3 1,951 Feb 6, 2009 995 1,029,000 96.1 6.7 10.36 MELROSE PARK 10 1,464 May 29 1,708 Apr 1, 2002 1,025 1,000,000 66.7 3.0 17.27 SAM KIANG MANSIONS 9 1,206 Jun 4 1,617 Dec 3, 2008 809 975,000 100.0 6.8 10.58 THE BELLEFORTE 12 1,991 Jun 3 979 Nov 17, 2006 527 900,000 85.7 5.1 12.69 ROBERTSON 100 9 872 May 29 1,827 Sep 6, 2002 917 793,800 99.3 4.2 16.710 CLOVER BY THE PARK 20 1,572 May 31 1,164 Aug 15, 2008 683 756,000 70.4 5.1 10.811 MERAWOODS 23 1,787 May 29 951 Jun 12, 2009 532 750,000 78.9 6.0 10.012 THE SPRINGBLOOM 19 1,647 May 31 1,060 Nov 7, 2007 638 695,000 66.2 4.5 11.613 CENTENNIA SUITES 9 2,239 May 30 2,541 May 19, 2015 2,233 688,888 13.8 3.3 4.014 RICHMOND PARK 9 1,012 Jun 3 2,578 Aug 1, 1997 1,905 680,000 35.3 1.4 21.915 RIVERGATE 9 2,077 May 29 2,339 Mar 31, 2014 2,022 660,000 15.7 2.9 5.2

GAINS AND LOSSES

The sale of two separate units at Icon, on Gopeng Street, topped the list of unprofitable deals during the week in review

The seller of a three-bedroom unit at One Amber in the Amber Road neighborhood walked away with a 138% profit when it was sold on May 29


PICTURES: KNIGHT FRANK SINGAPORE

E

UNDER THE HAMMER

| BY CHARLENE CHIN |

A 2,680 sq ft, four-bedroom unit at Marina Bay Suites along 3 Central Boulevard in District 1 will be put up for auction on June 19. This is a mortgagee’s sale with a guide

price of $5.8 million ($2,164 psf), according to Knight Frank Singapore, which is han-dling the auction.

The 11th-floor unit overlooks the Marina Bay area and the sea, says Sharon Lee, sen-ior director and head of auction and sales at Knight Frank. She believes the unit is more

likely to attract owner-occupiers given that it has four bedrooms, as investors would typical-ly go for one- or two-bedroom units.

The unit was first purchased at $7.18 mil-lion ($2,678 psf) in May 2010.

Marina Bay Suites, completed in 2013, comprises a 66-storey block of 221 residential units in total. Facilities include a swimming pool, sauna, jacuzzi and gym. The 99-year leasehold development is a two-minute walk to Downtown MRT Station on the Downtown Line. It is also within a 10-minute walk to food centres such as Amoy Street Food Cen-tre and Market Street Interim Hawker Cen-

tre. In addition, it is near amenities and of-fices in Raffles Place as well as the Marina Bay Link Mall.

Monthly rentals for similar-sized units at the development have ranged between $9,700 and $12,500, based on caveats lodged with URA from January to April 2019.

The highest psf price fetched at Marina Bay Suites was for a 5,694 sq ft, penthouse unit on the 64th floor, at $3,389 psf, or $19.3 million. The sale was transacted in October 2012. To date, the average psf price attained at the development is $2,469, based on cave-ats lodged with URA.

The latest transaction at the development was for a 1,625 sq ft, three-bedroom unit on the 62nd floor. The unit changed hands at $3.38 million ($2,080 psf) on March 25. This unit was originally purchased for $4.4 million ($2,718 psf) in May 2012.

Marina Bay Suites is near amenities and offices in Raffles Place Facilities at the development include a swimming pool, sauna, jacuzzi and gym

Unit at Marina Bay Suites for sale at $5.8 mil

Past transactions at Marina Bay Suites

CONTRACT DATE

AREA (SQ FT)

PRICE ($) PRICE ($ PSF)

Mar 25, 2019 1,625 3,380,000 2,080

Jan 22, 2018 1,593 3,280,000 2,059

Jun 6, 2017 1,615 3,050,000 1,889

Jul 26, 2016 2,680 6,000,000 2,239

Jan 1, 2016 2,680 5,300,000 1,977

Rental contracts for 2,600 to 2,700 sq ft units at Marina Bay Suites in 2019

LEASE DATE MONTHLY RENT ($)

April 12,500

March 10,800

March 10,000

February 10,800

February 9,700

February 10,000

February 10,700

January 11,000

January 10,000

TABLES: URA, EDGEPROP SINGAPORE


PROP HUNT CLASSIFIEDS

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

$5,500,000Semi-Detached HouseD15 MARSHALL ROAD | Freehold Built-Up(sqft): 5,700 | Land(sqft): 2,500PSF: $2,200

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Set within a tranquil residential enclave of Marshall Road, this pair of Semi-D Is distinguished by its contemporary façade and the double volume living space creates a lofty entrance. The connectivity will be further enhanced with the upcoming MRT stations located within close proximity.

This exclusive Corner Terrace has a good view of the bukit timah hill. Relax after a long day with your family with your own pool in your house. Total of 4 rooms and 4 baths. Limited house in this estate! Within 1km radius to Pei Hwa Presbyterian school. Call to enquire!

$4,200,000Terrace HouseD19 HYTHE ROAD | 999 YEARS Built-Up(sqft): 4,635 | Land(sqft): 2,160PSF: $1,944

Beautiful modern 2.5 storey inter-terrace, Land 2,160sf, comes with pool and 4 huge bedrooms. Level one comprises of spacious living/ dining and open concept kitchen. Hythe Road is popular with locals because it is quiet yet close to Serangoon Country Club and famous eateries in Serangoon Garden.

Jenny YeoPROPNEX REALTY PTE LTDR011509Z

65 8333 0883

Jenny YeoPROPNEX REALTY PTE LTDR011509Z

65 8333 0883

$3,500,000Terrace HouseD19 KOVAN ROAD | FreeholdBuilt-Up(sqft): 4,500 | Land(sqft): 2,065PSF: $1,695

Tastefully design terrace, with HUGE 6 Bedrooms + Ensuites, functional space for everyone in the family! Airwell inside, giving the house greater ventilation and brightness! Walk to MRT in mins, and to the vibrant neighbourhood, where delicious delicacies are surrounding.

Jerry Lum ERA REALTY NETWORK PTE LTDR024730A

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$5,980,000Eunos TechparkD14 KAKI BUKIT PLACE | 60 YEARS Size(sqft): 13,100 | PSF: $456

3 in 1 High Tech Factory: 5 storey Production + Office + Warehouse. BIA 13,100 sqft. Strategically Connected: To all expressway KPE, TPE, PIE, ECP &y SLE. Gated private compound fit 40 ft container. Tenanted: $18,500 per month, Tenure 36 years left.

Jeen Tan PROPNEX REALTY PTE LTD R019973J

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Lynn SimPROPNEX REALTY PTE LTDR056904Z

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Ben HuangPROPNEX REALTY PTE LTDR051182C

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$3,799,000Semi-Detached HouseD19 TAI KENG GARDEN | FreeholdBuilt-Up(sqft): 4,160 | Land(sqft): 2,480PSF: $1,532

Brand New completed Semi-Detached at Tai Keng Gardens. Beautiful and spacious layout 4 or 5 bedrooms configuration available. Great accessibility to major expressways. Within 1km to Maris Stella High & PLMGS! A dream home that you should not miss, book an appointment to appreciate this beauty.

$3,650,000Terrace HouseD19 CARDIFF GROVE | 999 yearsBuilt-Up(sqft): 4,700 | Land(sqft): 1,839 PSF: $1,985

Value buy! Brand new 2.5 storey inter-terrace at Cardiff Grove. New envelope concept, with high ceiling. 6 bedrooms and a maid’s room. Unit also comes with lift. Suitable for multi-generation family.

Adrian ChayKF PROPERTY NETWORK PTE LTDR057187G

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$2,800,000Ghim Moh Road - HDB Shophouse for saleD10 GHIM MOH ROAD | 99 yearsSize(sqft): 1,474 | PSF: $1,900

2 Storey Shophouse. Strong 5 years Lease to Corp. F&B Tenant, S$10,200 monthly Returns. No GST. Great for Investment. Fantastic Location in Mature Estate, Easy Access with Parking. 5 Mins Walk to Buona Vista MRT, near Commonwealth, Dover & Holland Village. Serious Seller, Price Negotiable.

$1,580,000The Central - Office for saleD1 EU TONG SE STREET | 99 yearsSize(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

65 8588 8868

$5,900,000Semi-Detached HouseD15 EAST COAST | Freehold Built-Up(sqft): 3,100 | Land(sqft): 4,288PSF: $1,376

Good price for landed in the East! This 7-room Semi-D was rebuilt on a large elevated plot, has an open concept design with plenty of natural light. Potential to be developed into standalone detached. Near amenities, schools, MRT, ECP, PIE, city & sea.

Lisa Wong PROPNEX REALTY PTE LTD R059194J

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$3,380,000Terrace HouseD13 HAPPY AVENUE EAST | FreeholdBuilt-Up(sqft): 3,638| Land(sqft): 2,067 PSF: $1,635

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Great family home in Super School District! Beautiful 2 storey Semi-D. Delightfully landscaped with koi pond. Face South East. 5 mins walk to Sixth Ave MRT. Near Hwa Chong Institution / Raffles Girls’ Pri Sch / Nanyang Pri. Sch. A convenient & character-filled home!

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hidden gem on cairnhill road · duty or seller’s stamp duty imposed on local or foreign buyers....

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