Property TakeZooming in

on small, primeGLS sites EP4

ResearchIs freehold always

better thanleasehold? EP5

Done DealsPrices of Marina Bay

luxury condos pick up EP10

Gains and LossesReignwood Hamilton Scotts seller rakes in$2.6 mil profi t EP12

Inside 8M Real Estate’s$400 mil portfolio

Ashish Manchharam, one of the biggest buyers of conservation shophouses in recent years,

talks about his interest in rejuvenatingassets and his diversifi cation plans.

See our Cover Story on Pages 7 to 9.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of September 11, 2017 | ISSUE 796-18

MCI (P) 136/08/2017 PPS 1519/09/2012 (022805)

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

8M Real Estate’s 21 Tanjong Pagar Road

EP2 • THEEDGE SINGAPORE | SEPTEMBER 11, 2017

CapitaLand expands its presence in JakartaOn Sept 6, CapitaLand announced that its first inte-

grated development in Indonesia, The Stature Jakar-

ta (right), is on track for completion by end-2020 at

a total development cost of $220 million.

Located near Central Jakarta’s commercial and

lifestyle district, The Stature Jakarta is jointly devel-

oped by CapitaLand and local developer Credo Group,

through a 50:50 joint venture formed in 2014.

According to CapitaLand, the development spans

a total gross floor area of 55,500 sq m. It compris-

es Stature Residences, a 29-storey residential tower

with 96 units; Ascott Menteng Jakarta, a 24-storey

premium serviced residence tower; Stature Tower,

a 20-storey Grade A office building; as well as life-

style retail outlets.

The Stature Jakarta is in a prime, strategic loca-

tion close to embassies, civic buildings and affluent

residential neighbourhoods, says Ronald Tay, CEO of

CapitaLand Singapore. Being close to the upmarket

Menteng area, it will appeal to multinational corpo-

rations seeking quality office space and premium ac-

commodation for expatriates.

CapitaLand is further expanding its presence in

Indonesia by investing $74.3 million in a 192-unit

serviced residence, Ascott Sudirman Jakarta, through

its wholly-owned subsidiary The Ascott. The proper-

ty was acquired on a turnkey basis through Ascott’s

global serviced residence fund with Qatar Invest-

ment Authority.

Slated to open in 2018, Ascott Sudirman Jakar-

ta is developed by Ciputra Development group, one

of the largest property developers in Indonesia. Ad-

ditionally, Ascott has secured a contract to manage

the 230-unit Citadines Canggu Bali that is scheduled

to open in 2020.

With the addition of Ascott Sudirman Jakarta,

Citadines Canggu Bali, and Somerset Sudirman Jakarta

in July, Ascott has expanded its portfolio in Indone-

sia by close to 600 units this year, strengthening its

position as the largest serviced residence operator

in Indonesia.

The Stature Jakarta and Ascott Sudirman Jakarta

represent total investments of approximately $300

million by CapitaLand in Indonesia.

MOF to include two amendments in Property Tax (Amendment) BillFollowing a public consultation exercise held in May, the

Ministry of Finance will include two proposed amend-

ments in the Property Tax (Amendment) Bill 2017.

The draft Bill provides for changes to the Proper-

ty Tax Act to update legislation and to improve tax

administration. The provisions relate to “the basis to

implement an ‘opt-out’ approach for digital property

tax notices” and “the information gathering powers

of the Comptroller of Property Tax, the Chief Asses-

sor and their authorised officers”.

MOF will study further a third proposed amendment

relating to the exemption of machinery from proper-

ty tax, which will not be included in this draft Bill.

AA REIT secures first tenant for newly completed 8 Tuas Avenue 20On Sept 4, AIMS AMP Capital Industrial Management,

manager of AIMS AMP Capital Industrial REIT (AA

REIT), announced that it has secured the first ten-

ant for its newly completed redevelopment at 8 Tuas

Avenue 20, which received its Temporary Occupation

Permit on Aug 29.

The tenant, whose business is in the aerospace

industry, will occupy the ground floor of the proper-

ty. The tenant has committed to a 10-year lease with

rent escalation during the term.

8 Tuas Avenue 20 is a three-storey industrial fa-

cility suitable for production and warehouse usage.

The property is located near the junction of Pioneer

Road and a short drive to Tuas Checkpoint. It is with-

in walking distance of the Tuas West Road MRT sta-

tion, which opened in June this year.

Fragrance Group announces acquisition of The Crown Hotel in the UKOn Sept 4, Fragrance Group announced that it has

acquired The Crown Hotel located at Crown Place,

Harrogate, in the UK, for a purchase consideration

of about £7.2 million ($12.7 million).

The property has 115 bedrooms as well as ex-

tensive conference facilities to cater for weddings

and local events. According to Fragrance, the Crown

Hotel is centrally located and close to Harrogate’s

popular attractions such as the Turkish Baths, Bet-

ty’s Tea Rooms, Valley Gardens and the Victorian

shopping arcade. Harrogate Rail Station is a 10-min-

ute walk away.

Additionally, the group announced it has incorpo-

rated a wholly-owned subsidiary in the UK, known

as Fragrance UK-Harrogate. The company will be a

property investment holding company, with a paid-

up capital of £1 million.

Changes in leadership at Keppel LandOn Sept 3, Keppel Land announced that Ang Wee

Gee, CEO of Keppel Land, will be leaving the com-

pany on Dec 31.

With effect from Jan 1, 2018, Loh Chin Hua, CEO

of Keppel Corp and concurrent chairman of Keppel

Land, will become executive chairman of Keppel Land.

The company is evaluating candidates to assume

the role of CEO of Keppel Land.

“I thought this was a good time for me to step down

to pursue other interests, confident that the strong

management team that is now in place at Keppel Land

can take the company to greater heights” says Ang.

With effect from Jan 1, 2018, Louis Lim, director

(group strategy and development) at Keppel Corp,

will become chief operating officer of Keppel Land.

Lim was a partner at Bain & Co prior to joining Kep-

pel Group in 2016. He has a Master of Business Ad-

ministration from INSEAD.

Oxley Holdings buys Yio Chu Kang Road site through collective saleOn Aug 31, Oxley Holdings announced it has pur-

chased six units (#02-01, #02-02, #03-01, #03-02,

#04-01 and #04-02) at 208 Yio Chu Kang Road from

their respective owners, through its subsidiary Oxley

Garnet, for a total of $8.4 million.

The units sit on a 99-year leasehold site of 1,313

sq m that is zoned for residential use. Oxley intends

to redevelop the property, subject to obtaining all the

necessary approvals from the relevant authorities.

British luxury developer Northacre presents The Broadway in Westminster, LondonOn Aug 30, Niccolo Barattieri di San Pietro, CEO of

British luxury developer Northacre, outlined plans for

The Broadway (bottom, left), a mixed-use development

occupying nearly two acres in Westminster, London.

According to di San Pietro, the site was formerly

occupied by the New Scotland Yard. The Broadway is

a residential, commercial, cultural and creative mixed-

use development. Due for completion in 2021, and

comprising six towers designed around a 20,000 sq

ft public square and pedestrianised plaza, it will in-

clude a new thoroughfare for London and will host

public art. Residents will be able to enjoy panoramic

views of London landmarks like Big Ben, The Houses

of Parliament, Westminster Abbey, The London Eye

and several famous parks. The Broadway also has

superb transport infrastructure and the best in lux-

ury retail, entertainment, art, heritage, culture and

education on its doorstep, according to di San Pietro.

Based on a recent report by Barclays Wealth, West-

minster is one of the highest capital growth areas in

London, with an expected increase of 31.9% by 2021,

says di San Pietro. According to him, it is a good time

to invest in London, as over the last three years, cur-

rency movements and price corrections across the

wider prime London market have made it about 30%

cheaper for a purchaser buying a property in US dol-

lars, says di San Pietro.

JLL offers Sheraton Bangkok and Novotel Phuket for saleOn Aug 31, JLL Hotel & Hospitality Group (Thailand)

announced that it has been exclusively retained to offer

for sale Four Points by Sheraton Bangkok and Novo-

tel Phuket Karon Beach Resort & Spa (bottom, right).

Four Points by Sheraton Bangkok opened in 2010 and

is located in prime Sukhumvit Bangkok, in the centre

of Bangkok’s Ratchadapisek CBD corridor and close to

both the BTS Skytrain and MRT underground train lines.

It is a 40-minute drive to both Suvarnabhumi and Don

Mueang international airports. The property features

268 guestrooms with 19 suites and is situated on 3,607

sq m of land. There are four F&B outlets, four meeting

rooms, a rooftop swimming pool and a fitness centre.

The property is offered with the benefit of international

management under Marriott International.

Novotel Phuket Karon Beach Resort & Spa opened

in 2014 and neighbours Karon Beach Phuket. It is a

60-minute drive from Phuket International Airport and

10 minutes from Patong Beach. The property has 224

guestrooms and 32 suites and is situated on 18,610

sq m of land. There are four F&B outlets, three swim-

ming pools, a spa, fitness centre and a Kids Club. The

property is offered with the benefit of international

management under AccorHotels.

According to JLL, the sale of the properties pre-

sents a rare opportunity to acquire two major hotel

assets with strong cash flow in highly desired yet

tightly held investment destinations.

Both properties are being offered for sale together

as a portfolio via an expression of interest campaign.

Heeton-led consortium commences first phase of Leeds regeneration schemeA consortium comprising Heeton Holdings, Lian Beng

Group, Ryobi Kiso Holdings and KSH Holdings has

started the first phase of its new regeneration scheme

on Bridge Street, Leeds, the UK.

According to a press release jointly issued by the

four companies, the scheme will create a “sustainable

urban destination” on the 2.45-acre site, which is in the

city centre near the Victoria Gate shopping centre and

emerging creative quarter.

The site was occupied by British Gas prior to its

relocation to Holbeck.

In the first phase of the redevelopment scheme,

hotel chain Hampton by Hilton signed a deal last year

for a new 14-storey, 192-bedroom hotel expected to

open in 2019.

The second phase of the development would pro-

vide a significant number of new homes, which is in

response to strong demand for high-quality, central-

ly located accommodation within Leeds. — Compiled

by Timothy Tay

EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY EDITOR | Lin ZhiqinWRITERS | Angela Teo, Timothy TayDIGITAL WRITER | Fiona HoANALYST | Tan Chee Yuen

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean,Shanthi MurugiahPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Yen TanDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimSENIOR ACCOUNT MANAGER | Priscilla WongACCOUNT MANAGER |James ChuaREGIONAL BUSINESS DEVELOPMENT MANAGER |Suki Lin

CIRCULATIONDIRECTOR | Victor TheEXECUTIVES | Malliga Muthusamy, Ashikin Kader,Winnie Lim

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620

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PROPERTY BRIEFS

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THEEDGE SINGAPORE | SEPTEMBER 11, 2017 • EP3

CEO’S NOTE

EdgeProp unveils new mastheadand inaugural property awards| BY BERNARD TONG |

A month ago, The Edge Property cel-

ebrated its second anniversary and

was renamed EdgeProp, which,

while retaining the essence of The

Edge brand, is edgier and has a high-

er brand recall among users and stakeholders.

We also unveiled version 4.0 of the new

EdgeProp.sg website with a new tagline, “Prop-

erty Personalised”. It will have features that al-

low visitors to search for properties below val-

uation or those with the highest rental yields

as well as a new tool for users to find out the

probability of a project going for collective sale.

EdgeProp has been a thought leader for Sin-

gapore’s real estate industry for the past 15 years,

having evolved from The Edge City & Country to

The Edge Property and EdgeProp today. This issue

will mark the launch of the publication, with a

new masthead that aligns with our new brand.

Tong: It is our hope that the EdgeProp Excellence Awards will set a new benchmark for the industry and encourage developers to strive to build better homes for consumers

It has always been our goal to help consum-

ers, investors and professionals make better

decisions by empowering them with the latest

insights, news and data analytics.

We will be holding our inaugural EdgeProp

Excellence Awards in Singapore next month,

with the aim of identifying the best property

players and developments in the city state. We

will be recognising a total of 21 winners in sev-

en categories: Top Developer; Property Devel-

opment Excellence; Development Innovation;

Landscape Excellence; Value Creation; Market-

ing Excellence; and People’s Choice.

The candidates for the awards will be eval-

uated based on a mix of qualitative and quan-

titative attributes. As real estate is a complex

business that requires the integration of exper-

tise from multiple disciplines to succeed, we

are grateful to our panel of judges for lending

their expertise.

We will be introducing the judges in the E

coming weeks: Christopher Flannery, direc-

tor of Swan & Maclaren; Hwang Yun Hye, as-

sistant professor at the National University of

Singapore; Lai Huen Poh, managing director

of RSP Architects Planners & Engineers; Tan

Tiong Cheng, president of Knight Frank Asia

Pacific; and Yu Shi Ming, associate professor

at the National University of Singapore.

It is our hope that the EdgeProp Excellence

Awards will set a new benchmark for the in-

dustry and encourage developers to strive to

build better homes for consumers.

ALBE

RT C

HUA/

THE

EDG

E SI

NG

APO

RE

EP4 • THEEDGE SINGAPORE | SEPTEMBER 11, 2017

PROPERTY TAKE

Land parcel on Handy Road (in orange)

Land parcel on Cuscaden Road (in orange)

Land parcel on Chong Kuo Road (in orange)

| BY LEE NAI JIA |

Chart 1

Chart 2

Chart 3

CHAR

TS: U

RA S

PACE

, EDM

UND

TIE

& CO

MPA

NY

RESE

ARCH

Zooming in on small, prime GLS sites

In 1H2017, activity in the residential market

continued to pick up, with sales volume re-

turning to levels prior to the introduction

of the total debt servicing ratio framework

in 2Q2013. The fine-tuning of the seller’s

stamp duty in February 2017 catalysed the im-

provement in sentiment, which was further re-

inforced by the successful collective sales and

aggressive land bids. With more buyers on the

sidelines entering the market and the good

take-up rates of recent launches of well-locat-

ed projects, the market may be bottoming out.

The economic outlook for Singapore is more

optimistic, owing to a recovery in the electron-

ics sector. However, the economic fundamen-

tals have remained largely unchanged from

last year and the global economic environment

remains uncertain. Interest rates are likely to

normalise over the next few years. Therefore,

any increase in residential property prices is

likely to be moderated.

Land parcels in the 1H2017 Government

Land Sales programme saw aggressive bids

from many developers. There were 24 bids for

the site on Toh Tuck Road, which set the tone,

and this was followed by bids for the sites on

Stirling Road, Upper Serangoon, Woodleigh

and Serangoon North. The sales momentum

of the 1H2017 GLS programme is likely to spill

over to the 2H2017 programme.

Why smaller sites are attractiveDevelopers do not have to pay additional

buyer’s stamp duty on the purchase of land

if they complete and sell all their units with-

in five years of the acquisition date. Howev-

er, developers who fail to do so, even if they

are left with just one unsold unit, will incur

a 15% ABSD for land purchased on or after

Jan 12, 2013. A 5% interest rate per annum

will also be levied. Therefore, some develop-

ers may choose to focus on smaller residen-

tial projects as it is easier to sell all the units

within the five-year period, which helps to re-

duce the risk of incurring ABSD.

Smaller projects also offer new developers

an entry point into the market. In addition, it

takes less time for developers of smaller pro-

jects to break even. Overall, smaller projects

mean less risk to developers, given the uncer-

tain external environment.

For buyers, a smaller project means more ex-

clusivity and fewer residents sharing the com-

mon facilities. Rental investors should also note

that larger developments usually face pressure

to lease within the first year of completion.

Identifying the best sitesEdmund Tie & Co Research has studied the

land parcels in the 2H2017 GLS programme

and identified the top three among the smaller

land parcels. The sites were ranked based on

criteria such as location and how established

the neighbourhood is.

The location criterion is further broken

down into three sub-attributes: distance to

MRT stations; proximity to established schools;

and lifestyle amenities. How established the

neighbourhood is depends on the history and

cultural identity of the area. For land parcels

close to HDB estates, the age of the HDB town

will also be taken into consideration. Other cri-

teria include competition for potential buyers

from existing or upcoming projects in the area.

Lastly, the land parcels are given a score

based on URA’s plans. For instance, those in

an area earmarked as a second CBD will re-

ceive the best score of five.

Land parcel on Handy RoadThe land parcel on Handy Road, on the Con-

firmed List, is in a prime location. Located in

District 9, it is 0.52ha and zoned for residential

use, with a gross plot ratio of 2.8. (see Chart 1).

It is within walking distance of the Dhoby

Ghaut MRT station, an interchange station for

the North-South Line, Circle Line and North-

East Line. There are museums, shopping malls,

eateries and pubs in its vicinity. It also has ex-

cellent accessibility to the CBD.

Residential properties around the site enjoy

healthy rental demand, owing to the proxim-

ity to the CBD, Singapore Management Uni-

versity and other institutions of higher edu-

cation. Rents in the area range from $4.32 to

$6.10 psf per month; a one-bedroom unit of

400 sq ft could command a monthly rent of

$2,080, based on the average rent in the area

year to date.

Potential buyers of the project that will be

built on the site include foreigners who would

purchase a home for their children studying in

the institutions nearby and couples who have

dual income and no kids.

A potential theme that developers can con-

sider for the site is co-living, such as having

common kitchens and a regular programme

of entertainment, talks, community activities

and events for the residents. The steep slope

of the site presents some challenges, but de-

velopers can also capitalise on the slope with

innovative designs and concepts.

According to URA, the site can yield about

130 units and is expected to be launched in No-

vember 2017. As at Aug 1, ET&Co Research ex-

pected 12 to 18 bids for the site, with bids rang-

ing from $900 to $1,300 psf per plot ratio (ppr).

Land parcel on Cuscaden RoadThe land parcel on Cuscaden Road, which is

on the Reserve List, has similar attributes to

the Handy Road site. Located in prime Dis-

trict 10, it is 0.57ha and zoned for residential

use, with a 2.8 gross plot ratio (see Chart 2).

It is located near the Orchard Road shopping

belt, the upcoming Orchard Boulevard MRT

station and the Orchard MRT station, which

will be an interchange station for the North-

South Line and the Thomson-East Coast Line.

A project built on the site is likely to enjoy

strong rental demand not only from expatriates

but also professionals working at the nearby Cam-

den Medical Centre. Hana, located adjacent to

the land parcel, commands at least $19,000 in

monthly rent for its four-bedroom units. Sales

at Tomlinson Heights, a freehold development

nearby, averaged $2,700 psf year to date.

The project is likely to appeal to investors

seeking to rent to expatriates, medical profes-

sionals and affluent families with members

who are seeking medical services at the nearby

hospitals, as well as wealthy buyers who like

the accessibility to the Orchard area and CBD.

According to URA, the site can yield an esti-

mated 170 units and is expected to be launched

in October 2017. As at Aug 1, ET&Co Research

expected 12 to 18 bids for the land parcel on

Cuscaden Road, if it is triggered for sale, with

bids ranging from $2,100 to $2,500 psf ppr.

Land parcel on Chong Kuo RoadThe land parcel on Chong Kuo Road, on the

Confirmed List, is likely to attract interest from

construction companies or smaller developers.

The site is close to the upcoming Springleaf

MRT station and is 0.48ha, with a gross plot

ratio of 1.4. According to URA, it can yield

about 90 units and has an estimated launch

date in October 2017 (see Chart 3).

With plenty of greenery and water bod-

ies in the area, such as Springleaf Park, Sem-

bawang Golf Course, Upper Seletar Reservoir

and Sungei Seletar, a potential theme that de-

velopers can explore is a nature resort with an

emphasis on well-being.

People seeking a more relaxed lifestyle would

be a pool of potential buyers. Others include

those who want to downsize from their land-

ed homes in the area and professionals with

flexible working hours or working from home.

As at Aug 1, ET&Co Research expected six

to eight bids for the land parcel at Chong Kuo

Road, with bids ranging from $900 to $1,050

psf ppr.

This article was adapted from Edmund Tie &

Co’s research paper “Small is beautiful — The

smaller residential sites in 2H2017 GLS”.

Lee Nai Jia is senior director and head of South-

east Asia research at Edmund Tie & Co (SEA).

He can be reached at naijia.lee@etcsea.com.

E

THEEDGE SINGAPORE | SEPTEMBER 11, 2017 • EP5

RESEARCH

Only years with at least five transactions for each project were included

Only years with at least five transactions for each project were included

Leasehold properties offer higher rental yields over comparable freehold properties to compensate for their depreciating tenure, higher risks and shorter lifespan to recoup capital outlay.

Stock of apartments and condominiums

Leasehold properties outperformed freehold properties in capital appreciation when the initial price premium exceeded 30%

Freehold properties outperformed leasehold properties in capital appreciation when the initial price premium was narrow

Chart 3

Chart 2a

Chart 1a

Chart 2b

Chart 1b

Freehold (near MRT station) 13%

Freehold36%

99-year (near MRT station) 21%

99-year30%

2006 2007 2008 2009 2010 2011 2012 2015 2017 2002 2006 2007 2009 2010 2011 2013 2016

1,8001,6001,4001,2001,000

800600400200

0

2,0001,8001,6001,4001,2001,000

800600400200

0

$psf$psf Amaryllis Ville (99-year)Domain 21 (99-year) Newton 18 (freehold)One Jervois (freehold)

21%

31%

Is freehold always better than leasehold?| BY FEILY SOFIAN |

Many have debated wheth-

er freehold properties

are better than lease-

hold ones, especially in

terms of capital appreci-

ation. The answer may simply lie in

the entry price. Owing to their per-

petual legal lifespan, freehold proper-

ties command a price premium over

comparable leasehold properties. The

question is what premium would be

considered reasonable.

Based on the Singapore Land Au-

thority’s leasehold table, freehold

properties command premiums of

around 4% to 10% over leasehold

properties that have remaining leases

of between 80 and 99 years. Actual

transactions, however, suggest that

paying premiums of up to 20% over

comparable leasehold properties is

reasonable.

Southaven I and Southaven II of-

fer some clues. The projects are lo-

cated next to each other on Hind-

hede Walk and were completed two

years apart. However, Southaven I

is on a 99-year leasehold site while

Southaven II is on a 999-year lease-

hold site. This study shall treat 999-

year leasehold as freehold.

The price gap between Southaven

I and II was 8% in 1995, the earliest

date when official data became avail-

able. That year, 39 units at Southav-

en I sold for $634 psf and 83 units at

Southaven II sold for $688 psf. The

price gap widened to 20% by 2012

(see Chart 1a). As a result, prices ap-

preciated around 27% at Southaven

I to $804 psf and 40% at Southav-

en II to $962 psf during that period.

Although the price gap fluctuated

over time and hit 34% in 2005, the

median stood at 20% between 1995

and 2012.

In Toa Payoh, the freehold Trellis

Towers commanded an initial price

premium of 19% in 1996 over the

99-year leasehold Oleander Towers.

The price gap widened to as high as

44% in 2002 although it narrowed

again to 23% in 2017, with a medi-

an price gap of 31% between 1996

and 2017. Prices appreciated 35% at

Oleander Towers and 40% at Trellis

Towers in that period (see Chart 1b).

Anecdotal evidence suggests that

when the premium exceeds 30%,

the capital appreciation for freehold

properties could fall behind that for

comparable leasehold properties. In

2006, freehold One Jervois command-

ed an initial price premium of 37%

over the 99-year leasehold Domain 21

located nearby. A total of 205 units at

One Jervois were sold in that year at

an average price of $1,004 psf com-

pared with the $731 psf fetched by 44

units at Domain 21. The premium fell

over the years, with a median of 16%

between 2006 and 2017. As a result,

the capital appreciation for Domain

21 outperformed that of One Jervois

during this period (see Chart 2a).

Similarly, prices at 99-year lease-

hold Amaryllis Ville rose faster than

those at Newton 18, a freehold prop-

erty located next door. In 2002, 59

units at Newton 18 changed hands

at an average price of $1,115 psf, or

at a 31% premium to the 41 units

sold at Amaryllis Ville, which went

for $854 psf. The premium also di-

minished over the years, resulting

in a median of 21% between 2002

and 2016. In 2016, prices averaged

$1,737 psf at Newton 18 and $1,434

psf at Amaryllis Ville, which trans-

lates into capital appreciations of

56% and 68%, respectively, since

2002 (see Chart 2b).

With an appropriate entry price,

freehold properties offer several key

advantages. For one, the govern-

ment has ceased to offer freehold

land parcels for sale. The scarcity

factor will make freehold properties

an attractive asset class for home-

buyers. Currently, freehold proper-

ties account for about 49% of total

apartment and condominium stock

in Singapore, while leasehold prop-

erties make up the remainder. The

proportion of freehold properties is

set to decline as future launches will

comprise mainly leasehold projects.

Freehold apartments and condos lo-

cated within walking distance of an

MRT station are even more limited,

accounting for just 13% of total stock

island-wide (see Chart 3).

Certain foreign nationalities show

a preference for freehold proper-

ties. Between January 2016 and Au-

gust 2017, 71% of transactions were

for leasehold properties and 29%

for freehold ones. The proportion

of freehold transactions, however,

was higher among several key for-

eign purchasers, namely those from

Indonesia (40%), the US (41%), the

UK (50%), Australia (50%) and Hong

Kong (34%). Interestingly, freehold

properties accounted for 60% of pur-

chases by companies.

Freehold properties are also said

to have better en-bloc potential. A

logistic regression analysis shows

that tenure is not a statistically sig-

nificant variable at the 5% level in

determining the success of an en-bloc

sale. It is, however, an economical-

ly significant variable with a large

coefficient.

Finally, the risk of owning a lease-

hold property becomes significant

as the remainder lease runs low. To

finance a property using the Cen-

tral Provident Fund, the sum of the

remaining lease and the age of the

buyer must be at least 80 years. For

properties with remaining leases of

between 30 and 60 years, a valua-

tion limit will apply on the amount

of CPF contribution that can be used

to finance the property. The financ-

ing restriction would shrink the pool

of potential buyers for ageing lease-

hold properties. Meanwhile, en bloc

is not a guaranteed option for lease-

hold properties and there is a possi-

bility that the land will return to the

state at the end of a lease.

On the flip side, the rental mar-

ket does not differentiate between

the types of tenure of the property.

Leasehold properties offer higher

rental yields over comparable free-

hold properties, owing to their dis-

counted prices. The higher yields

serve to compensate for their de-

preciating tenure, higher risks and

shorter lifespan to recoup the own-

er’s capital outlay. E

37%

1,000

900

800

700

600

500

400

300

1,600

1,400

1,200

1,000

800

600

400

200

0

$ psf

1995 1996 1999 2000 2001 2005 2006 2007 2008 2009 2010 2011 2012 1996 1997 1998 1999 2000 2002 2003 2005 2006 2007 2008 2009 2010 2011 2012 2013 2015 2017

8% 19%

20% 23%

Oleander Towers (99-year)Southaven I (99-year) Trellis Towers (freehold)Southaven II (999-year) $ psf

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OFFSHORE

Sansiri sees fivefold increase in sales from Singapore in 1H2017 | BY ANGELA TEO |

Thailand’s listed property developer

Sansiri Public Co has launched eight

condominium projects so far this year,

and plans to launch four more before

year-end. According to the developer,

in 1H2017, demand from Singapore buyers in-

creased fivefold compared with the same pe-

riod a year ago.

The jump in sales from Singapore buyers

was attributed to Sansiri’s recent condo launch-

es, which were priced “at the sweet spot of

US$120,000 [$162,257] to US$350,000”, says

Sansiri president Sretta Thavisin.

Top-selling projects in Singapore in 1H2017

included the 778-unit The LINE Sukhumvit

101, which comprises one- and two-bedroom

units, as well as duplexes with one or two bed-

rooms. Units at the development were transact-

ed at an average price of $250,000 in 1H2017.

The LINE Sukhumvit 101 is slated to be com-

pleted in 2020.

The LINE Sukhumvit is one of the pro-

jects under The LINE series, developed in a

joint venture with BTS Group. These projects

are located within 500m of a BTS or MRT sta-

tion. The maiden project under The LINE se-

ries was in Chatuchak; it was sold out within

two days of its global launch, and was popular

among Singapore buyers, given its proximity

to the famous Chatuchak market, says Cobby

Leathers, Sansiri’s head of international business.

Another best-selling project under The LINE

Series was the 981-unit The LINE Phadon-Prad-

ipat, which previewed in November 2016. The

project is located near the Saphan Khwai BTS

station in Bangkok’s Phayathai district. Units

in the development were sold at an average

price of $250,000 in 1H2017.

Given the heightened demand from Singa-

pore buyers, Sansiri is co-hosting a Thai life-

style event at the Royal Thai Embassy called

“The Finest Thai” from Sept 8 to 10 to show-

case the developer’s projects as well as Thai-

land’s cuisine, fashion and lifestyle.

Sansiri opened its first international office

in Singapore in March this year at Ocean Fi-

nancial Centre. Earlier in 2017, an “agents’

conference” was held in Singapore to famil-

iarise them with Sansiri’s projects. Nearly 100

agents from various property agencies attend-

ed the event.

Sansiri is also showcasing its condo project

Taka Haus in Ekamai at “The Finest Thai” event

in Singapore, with the global launch scheduled

for Sept 16. The low-rise project comprising

less than 300 units is a joint venture with Jap-

anese conglomerate Tokyu Corp. 

The upcoming Taka Haus in Ekamai is part

of Sansiri’s pipeline of four projects in Bang-

kok scheduled for launch before end-2017. The

other upcoming developments are in Sukhum-

vit and Sathorn, which are traditionally pop-

ular with international buyers, including Sin-

gaporeans.

Sansiri is also planning an exclusive road-

show for its ultra-luxury project 98 Wireless

at Bangkok’s Embassy Row. The 77-unit de-

velopment was completed in March and as at

end-August, 60% of the units had been sold.

Prices start from $2.7 million for a two-bed-

room unit. The project is said to be “the first

Ralph Lauren-furnished residence in South-

east Asia”.

Sansiri is projecting international sales to

contribute $336 million in revenue in FY2017,

compared with $211.2 million last year. In

Leathers: Thailand remains attractive to internation-al buyers

Units at 98 Wireless are priced from about $2.7 million

The LINE Sukhumvit 101 was the top-performing Sansiri project in the Singapore market for 1H2017

Another top-performing Sansiri project in Singapore was The LINE Phadon-Pradipat, located just minutes away from the Saphan Khwai BTS station

Thavisin: The sweet spot for Singapore buyers is in the range of US$120,000 [$162,257] to US$350,000

E

1H2017, the three biggest foreign buyers of San-

siri’s projects in Thailand were from Hong Kong

(39%), China (32%) and Singapore (18%).

According to Leathers, Thailand remains

attractive to international buyers as it has not

imposed any stamp duties.

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THEEDGE SINGAPORE | SEPTEMBER 11, 2017 • EP7

COVER STORY

Inside 8M Real Estate’s$400 mil portfolio

Ashish Manchharam, one of the biggest buyers of conservation shophouses in recent years, talks about his interest in rejuvenating assets and his diversification plans

| BY CECILIA CHOW |

The government is encouraging more peo-

ple to walk and cycle as part of its ef-

fort to make Singapore “car-lite”. Ashish

Manchharam, founder and managing

director of property investment and de-

velopment group 8M Real Estate, encourages

his staff to walk for quite a different reason.

The company has a portfolio of 31 conser-

vation shophouses, which are predominantly

in the CBD and Chinatown area. “Walking is

the best way to see what’s going on,” he says.

Last Tuesday, Manchharam made two trips

on foot to 28 Ann Siang Road, acquired for $52

million in June. The purchase price translates

into $2,167 psf, based on a total gross floor

area (GFA) of 24,000 sq ft.

The upper floors of the corner property on

Ann Siang Road were operated as The Club ho-

tel by Harry’s International until end-August.

Manchharam intends to refurbish the 20 ho-

tel rooms before bringing in a new operator.

The ground floor of the property at Ann

Siang Road had two restaurants, with a whis-

key bar in the basement. These have since

closed. Manchharam has already identified

two F&B operators with “new-to-market con-

cepts” for the ground-floor units, and a wine

bar for the basement. The rooftop bar, Tiger’s

Milk, will continue to be operated by Harry’s

until early next year.

“We are repositioning the entire property and

rejuvenating that corner of Ann Siang Road,

which has been very quiet,” says Manchharam.

“By bringing in more established F&B operators,

we hope to attract more people to the area.”

New lease of life for Keong Saik hotels Besides the former The Club hotel, 8M Real

Estate also snapped up the Naumi Liora on

Keong Saik Road in June. The 79-room ho-

tel, operated by the Hind Group, occupies 10

freehold conservation shophouses. 8M Real

Estate’s purchase price of about $75 million

translates into $2,750 psf, based on the GFA

of close to 27,300 sq ft.

Manchharam intends to convert all the

ground-floor units of the shophouses into F&B

space. By bringing together “a bunch of real-

ly good F&B operators”, he hopes to create a

destination.

Besides F&B, he sees renewal taking place

in the boutique hotel scene. Located across

the road from Naumi Liora is the 32-room Ho-

tel 1929, which former owner Loh Lik Peng

of Unlisted Collection sold for $35 million in

2013 after acquiring the property a decade be-

fore and transforming it. Meanwhile, China-

town Hotel, located on Teck Lim Road, just off

Keong Saik Road, was sold for $31 million in

July. The new owner of the 42-room hotel is

looking to refurbish and reposition it.

Naumi Liora will cease operations early

next year, after which 8M Real Estate intends

to renovate the property. The renovation and

repositioning of these boutique hotels are like-

ly to spark the rejuvenation process on that

end of Keong Saik Road, notes Manchharam.

Interest in boutique hotels housed in con-

servation shophouses has always been strong,

according to Clemence Lee, associate director

of capital markets at JLL and a specialist in

shophouses. “Such properties are rarely trans-

acted because they are typically tightly held

by the owners. Supply is further restricted as

the authorities are also no longer granting ho-

tel licences in shophouses,” he says.

Most of the boutique hotels sold this year,

such as Naumi Liora, Chinatown Hotel and

The Club Hotel, have been on the market for

quite some time, says Lee. “The transactions

took place because the sellers were willing to

drop their pricing slightly,” he explains.

Another catalyst for the rejuvenation in

the Keong Saik area is the scheduled comple-

tion of the Thomson-East Coast Line about

three years from now. There will be two sta-

tions within walking distance of Keong Saik

Road, namely the Maxwell MRT station and

Outram Park MRT station, which will become

an interchange for the Thomson-East Coast

Line and East-West Line. “Greater connectiv-

ity will bring more footfalls to the area,” ob-

serves Manchharam.

CONTINUES NEXT PAGE

Manchharam: We’re a property company that focuses on build-ing a portfolio of properties and holding them for the long term

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EP8 • THEEDGE SINGAPORE | SEPTEMBER 11, 2017

COVER STORY

8M Real Estate focuses on creating value over the long term

FROM PREVIOUS PAGE

8M Real Estate acquired 28 Ann Siang Road for $52 million in June. It is planning to reposition the property.

Amoy Street F&B clusterPrior to starting 8M Real Estate in 2014, Man-

chharam was at JLL for 12 years, where he

focused on investment deals and capital mar-

kets, initially in Hong Kong, then Singapore,

before returning to Hong Kong. He chose to

name his company 8M as “8 represents infin-

ity” and the “M” looks like a doorway, hence

the name suggests “infinite opportunities”.

8M Real Estate’s first acquisition was a row

of five shophouses at 112 to 116 Amoy Street,

purchased for about $50 million in 2014. Based

on the GFA of about 27,500 sq ft, that translat-

ed into about $1,818 psf. This was followed by

the acquisition of the shophouse at 22 Gemmill

Lane at end-2014, and 18 Gemmill Lane in 2016.

After refurbishing the properties on Amoy

Street and Gemmill Lane, 8M Real Estate intro-

duced new F&B concepts on the ground-floor

units. These include fusion restaurant Birds of

a Feather; Burger Joint from New York; Em-

ployees Only bar concept from New York; Ding

Dong, a modern take on Asian cuisine; and Ar-

gentinian restaurant Bochinche. At Gemmill

Lane, there is French restaurant Bar-a-Thym

as well as Luke’s Oyster Bar and Chop House.

“We brought in operators with different

concepts but complementary in order to cre-

ate an F&B destination,” says Manchharam.

The restaurants and bars in the Amoy Steet

and Gemmill Lane neighbourhood also bene-

fited from the opening of the Telok Ayer MRT

station in December 2013, as it increased pe-

destrian traffic to the area.

Tanjong Pagar rejuvenationAnother cluster of five adjacent shophouses

owned by 8M Real Estate is a corner block at

21 Tanjong Pagar Road with total floor space

of about 30,000 sq ft. The freehold property

was purchased for about $57.4 million in 2016.

8M Real Estate had purchased the block as

part of a portfolio of seven shophouses from

property investor Stanley Quek last year. The

other two shophouses were at 18 Gemmill Lane

($11 million), and 71 Neil Road ($13 million). At

$81.4 million, this was considered the biggest

portfolio purchase last year, according to JLL.

The first level of 21 Tanjong Pagar Road is

This shophouse at 31 Hongkong Street has been converted into four serviced apartments branded BASE Residences by 8M Real Estate

These five shophouses at the corner of Amoy Street have been turned into an F&B cluster that includes fusion restaurant Birds of a Feather (top, right); Argentinian restaurant Bochinche (above, left); and Asian-inspired restaurant Ding Dong (above, right)

occupied by bar and event space Kilo Lounge,

Hansul Korean restaurant, a Korean tapas bar

and Gourmet Market Place. The second level

has been taken up by Yoga Movement studio

and Fire Fitness gym. The top level is occu-

pied by music streaming company Spotify as

its Asia-Pacific headquarters.

Adjacent to 21 Tanjong Pagar Road is Mur-

ray Terrace, another block of pre-war shop-

houses built in the 1920s. It was purchased by

real-estate magnate Satinder Garcha of Eleva-

tion Group for $75 million in 2012. The prop-

erty is being refurbished and repurposed into

the 160-room The Murray hotel, which is slat-

ed to open early next year. The hotel will be

managed by Starwood Hotels & Resorts under

its Luxury Collection.

Manchharam believes the whole area will

be revitalised when The Murray hotel opens.

GuocoLand’s $3.2 billion integrated develop-

ment, Tanjong Pagar Centre, has also rejuve-

nated the neighbourhood, he points out, as

will the new office buildings in the area, such

as UIC Building, the upcoming Frasers Tower

and Marina One.

The completion of new residential towers

at V on Shenton, Marina One Residences and

Wallich Residence will also mean more peo-

ple will be living in the CBD. This will bode

well for the Tanjong Pagar and Ann Siang Road

neighbourhood, especially with the anticipated

opening of the Maxwell MRT station, he adds.

Origins in Arab Street, Haji Lane The Manchharam family were some of the big-

gest shophouse owners in the Kampong Glam

area many years ago. They were originally tex-

tile traders in Gujerat, India. Manchharam’s

great-grandfather arrived in Singapore in 1908.

Over the years, the family acquired many of

the shophouses they operated their business

in — not just the freehold properties on Arab

Street, but the 999-year leasehold shophous-

es one street away on Haji Lane, which were

then used as warehouses.

Home was one of the shophouses on Bus-

sorah Street. “I was born in a shophouse,” re-

counts Manchharam. “We lived upstairs, while

business operations were downstairs.” Busso-

rah Street was predominantly residential un-

til the 1980s, when the government acquired

the properties. It was rezoned for commercial

use and turned into a pedestrian mall in the

early 1990s.

By the late 1990s, the Manchharam fam-

ily had transformed from textile traders into

real-estate moguls. Many of the Arab Street

shophouses were leased to retailers on the first

floor, and office tenants on the upper floors.

The warehouses on Haji Lane were also made

available for lease in the early 2000s.

A lot of the enquiries for the shop spaces

on Haji Lane at that time came from local de-

signers, who wanted to turn them into bou-

tiques and design galleries. That sparked a re-

tail wave on Haji Lane some 15 to 20 years ago.

Manchharam reckons that “70% to 80%” of

the original retail tenants are still there today.

His immediate family still owns 12 shophouses

on Haji Lane and “quite a few” on Arab Street.

The catalystIt was the transformation of Haji Lane that

spurred Manchharam’s interest in conservation

shophouses. “That opened my eyes to how val-

ue can be created over the long term,” he says.

The completion of DUO Tower on Beach

Road will mean more office workers in the

neighbourhood. Residents are starting to move

into the 660-unit DUO Residences, while the

342-room Andaz Singapore hotel is expected

to open next month.

Located diagonally opposite DUO is a new,

2ha government land site that was launched for

tender in July. The site is zoned for a mixed-use

development with residential, hotel and office

components. The tender for the site closes at

the end of this month. The site is expected to

see keen interest from developers and inves-

tors, according to JLL national director of re-

search & consultancy Ong Teck Hui.

With the completion of DUO and the large-

scale, mixed-use commercial development on

Beach Road in the pipeline, Manchharam ex-

pects increased footfall at the neighbouring Kam-

pong Glam. He is already converting some of

the retail spaces on Haji Lane into F&B outlets.

Globe-trotting foodie“I’m quite a foodie,” Manchharam says. “I

like to try quirky new places when I travel to

search for new F&B concepts that I think could

work in Singapore, and talk to the operators

to find out their plans.” One such trip to New

York resulted in Burger Joint and Employees

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COVER STORY

| BY CECILIA CHOW |

Interest in conservation shophouses has certainly increased, and so have prices. According to Clemence Lee, JLL associate director of capital markets, prices have generally risen 10% to 15% over the past year.

Price escalation in the conservation shophouse segment has been most evident in the CBD area, particularly at Amoy Street. In 2010, the row of five 99-year leasehold conservation shophouses at 112 to 116 Amoy Street was sold for $24.5 million. A year later, the shophouses changed hands for $34.43 million and in 2014, property investment group 8M Real Estate purchased them for about $50 million.

Closer to the other end of Amoy Street, three contiguous 999-year shophouses at Nos 77 to 80 were sold for $46.44 million in 2013. In January this year, the shophouses fetched close to $60 million ($2,665 psf based on GFA) in a deal brokered by CBRE. The property was purchased by a property fund, according to Sammi Lim, CBRE director of capital markets.

“Prices of shophouses in the Telok Ayer Conservation Area, particularly Amoy Street, continue to hold their value,” notes Krystal Khor of Mondania Pte Ltd, who specialises in marketing conservation shophouses.

As more shophouses in the CBD get snapped up by long-term investors and prices continue to soar, JLL’s Lee sees increased interest and demand for those located in the

city-fringe area. For example, JLL is currently marketing a freehold corner shophouse at 38 South Buona Vista Road at $9 million, which offers a yield of 4.5%. The property has received overwhelming interest from high-net-worth individuals since it was launched for sale last week.

Early this year, CBRE’s Lim brokered the sale of a conservation shophouse at 54 Boat Quay for $12.9 million. She has also noticed the shift in interest towards the city fringe. In March, she sold three adjoining shophouses at 361, 363 and 365 Beach Road to a local family office for $8 million. Two shophouses at 162 Joo Chiat Road and 252 Joo Chiat Road were sold to two different family offices for $4.55 million and $4.59 million respectively.

Mondania’s Khor is currently

marketing a portfolio of shophouses in the neighbourhood of Joo Chiat and Tembeling Road. She has seen an increase in interest in shophouses in the area, as it is currently being gentrified.

Meanwhile, in Kampong Glam, property tycoon James Koh of Fragrance Group purchased a row of five shophouses on Baghdad Street for $19 million in May.

“Active buyers include boutique property funds, foreign investors, high-net-worth individuals and local companies,” notes JLL’s Lee. While these shophouses have traditionally been purchased by local companies and high-net-worth individuals, demand is increasingly coming from property funds and foreign investors purchasing for long-term investment purposes, he adds.

In 2015, JLL’s Lee brokered the

sale of the six-storey conservation shophouse at 31 Hongkong Street to 8M Real Estate for $14.5 million. Last November, he sold another six-storey shophouse at Hongkong Street (No 45) for $13 million. Chinatown conservation shophouses are also sought-after, he notes. Last September, Lee brokered the sale of a pair of adjoining three-storey shophouses at 11 and 13 Bukit Pasoh for $25 million.

Some of the property funds and investors who have been actively buying in recent years are now focusing on adding value and improving their properties to attract a better tenant pool, says Mondania’s Khor. “These days, it takes two to three months to find a tenant,” she adds. “Twelve to 18 months ago, it took just one month to secure a tenant.”

This block of five shophouses at 21 Tanjong Pagar Road was acquired by 8M Real Estate for $57.4 million in 2016

Only entering Singapore. Besides New York,

he travels frequently to Bali, Hong Kong, Los

Angeles, London and other cities in search of

the next new thing in F&B.

At Boat Quay, 8M Real Estate also owns

three adjoining shophouses, which Manchhar-

am acquired in May for around $32 million.

URA has already given approval for all three

floors to be used for F&B. Plans are underway

to knock down the partition walls of the three

units and install a central glass lift that will

serve all floors, including the roof terrace. Pa-

trons can enjoy views of the Singapore River

and the city skyline from the balconies and

roof terrace, notes Manchharam.

Besides bringing in the right F&B operators,

it is also important to ensure their sustaina-

bility. 8M Real Estate therefore offers its F&B

operators leases of five years instead of the

two to three years typical of most retail leas-

es. “They are more likely to invest in the busi-

ness if they can stay longer term in a place,”

explains Manchharam.

However, labour issues are a key concern

among F&B operators in Singapore, as it has a

direct impact on service quality. “That is why

a lot of these F&B operators are reluctant to

expand even when they have a concept that

works,” Manchharam laments.

Diversifying into serviced residences8M Real Estate’s portfolio of 31 conserva-

tion shophouses across 10 locations is valued

at more than $400 million today. However,

Manchharam feels there is a need to diversify

from its primary focus in F&B and secondary

focus in office space.

“We see a lot of interest from tech com-

panies because the shophouse space is quite

unique,” he says. “We have two recent tenants

who moved out of co-working premises as they

had outgrown their spaces there. Increasing-

ly, interest is coming from fintech companies

as well as co-working operators.”

To reduce its exposure to the cyclical na-

ture of office space, Manchharam experiment-

ed with serviced residences last year. A shop-

house at 31 Hongkong Street, which 8M Real

Estate acquired in July 2015 for $14.5 million,

was converted into serviced residences, com-

prising a studio and three 2-bedroom apart-

ments with an average size of 700 to 800 sq ft.

Branded BASE Residences, the apartments

are fully leased until year-end. The studio apart-

ment commands a rent of $1,400 to $1,500 a

week, while the two-bedroom apartments are

rented out for $1,500 to $2,000 a week. “I feel

there is demand for such serviced residences

in the CBD, especially in the locations we are

at,” says Manchharam.

Tapping the sharing economy, 8M Real Es-

tate has also partnered gyms and yoga studi-

os in the vicinity of BASE Residences. Resi-

dents will have access to WiFi, kitchenettes

with refrigerators stocked with good-quality

healthy snacks and bathrooms with toiletries

from New Zealand’s Ashley & Co.

Igloohome is also a partner in providing

smart locks and keypads for the residenc-

es. “Whether I’m in London or New York, I

can just log in and send the guests the code

for the keypad to their unit,” says Manchhar-

am. “We don’t need a lot of people to run the

place. But we provide cleaning services three

times a week.”

According to Manchharam, the residents

so far fit the profile of a millennial: aged 25

to 35, mainly single, with couples and young

families being a minority.

Manchharam is exploring the possibility

of introducing a “limited-service residence”

concept for short- and long-term stay at 8M

Real Estate’s Ann Siang Road and Keong Saik

Road properties.

Long-term play8M Real Estate is a joint-venture company,

with Manchharam as an investor alongside

a number of offshore institutional investors.

The company is willing to invest in renovat-

ing the shophouses, installing new mechanical

and electrical services as well as refurbishing

the interior spaces.

It is selective about finding the right tenant for

the space, he says. A property may therefore have

a low initial yield of 2%, but will see a strong

uplift in value a few years later because of the

enhancements made, he adds. “We’re a property

company that focuses on building a portfolio of

properties and holding them for the long term.

We have no intention of selling at this point.”

If anything, 8M Real Estate is still in a buy-

ing mode, although Manchharam says it is be-

coming “more difficult” with more competi-

tors entering the fray.

Increase in demand forconservation shophouses

In January this year, these Amoy Street shophouses fetched close to $60 million ($2,665 psf based on GFA) in a deal brokered by CBRE

JLL brokered the sale of a pair of four-storey shophouses at 29 and 31 Tanjong Pagar Road for $21.8 million in April this year

JLL is marketing a freehold corner shophouse at 38 South Buona Vista Road for $9 million

Two shophouses at 162 Joo Chiat Road and 252 Joo Chiat Road (pictured) were sold to two different family offices for $4.55 million and $4.59 million respectively by CBRE

CBRE

CBRE

JLL

JLL

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EP10 • THEEDGE SINGAPORE | SEPTEMBER 11, 2017

Singapore — by postal district

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

Residential transactions with contracts dated Aug 22 to 29

District 1 MARINA BAY RESIDENCES Condominium 99 years August 23, 2017 1,076 2,180,000 - 2,025 2010 ResaleONE SHENTON Apartment 99 years August 24, 2017 818 1,267,900 - 1,550 2011 ResaleTHE SAIL @ MARINA BAY Apartment 99 years August 27, 2017 1,259 2,800,000 - 2,223 2008 ResaleDistrict 2 76 SHENTON Apartment 99 years August 25, 2017 592 1,070,000 - 1,807 2014 ResaleEON SHENTON Apartment 99 years August 22, 2017 753 1,779,300 - 2,361 Uncompleted New SaleSKYSUITES@ANSON Apartment 99 years August 25, 2017 667 1,500,000 - 2,248 2014 ResaleSKYSUITES@ANSON Apartment 99 years August 28, 2017 366 930,900 - 2,544 2014 ResaleSPOTTISWOODE 18 Apartment Freehold August 23, 2017 388 762,000 - 1,966 2014 ResaleSPOTTISWOODE PARK Apartment 99 years August 22, 2017 850 760,000 - 894 Unknown ResaleSPOTTISWOODE SUITES Apartment Freehold August 27, 2017 1,109 2,020,000 - 1,822 2017 New SaleSPOTTISWOODE SUITES Apartment Freehold August 27, 2017 1,109 2,038,000 - 1,838 2017 New SaleDistrict 3 ALESSANDREA Apartment Freehold August 25, 2017 1,098 1,380,000 - 1,257 2003 ResaleALEX RESIDENCES Apartment 99 years August 25, 2017 678 1,550,000 - 2,286 Uncompleted New SaleALEX RESIDENCES Apartment 99 years August 26, 2017 678 1,450,000 - 2,138 Uncompleted New SaleARTRA Apartment 99 years August 25, 2017 1,044 1,714,999 - 1,643 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years August 24, 2017 1,302 2,188,000 - 1,680 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years August 26, 2017 1,033 1,733,800 - 1,678 Uncompleted New SaleCOMMONWEALTH TOWERS* Condominium 99 years August 26, 2017 1,033 1,721,800 - 1,666 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years August 22, 2017 506 1,140,000 - 2,253 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years August 22, 2017 1,292 2,500,000 - 1,935 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years August 24, 2017 1,152 2,156,000 - 1,872 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years August 24, 2017 915 1,830,200 - 2,000 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years August 25, 2017 635 1,334,500 - 2,101 Uncompleted New SalePEARL BANK APARTMENT Apartment 99 years August 25, 2017 1,755 1,600,000 - 912 1976 ResalePRINCIPAL GARDEN Condominium 99 years August 23, 2017 764 1,268,000 - 1,659 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years August 23, 2017 764 1,247,000 - 1,632 Uncompleted New SalePRINCIPAL GARDEN* Condominium 99 years August 23, 2017 495 861,000 - 1,739 Uncompleted New SaleQUEENS PEAK Condominium 99 years August 23, 2017 495 876,000 - 1,769 Uncompleted New SaleQUEENS PEAK Condominium 99 years August 23, 2017 947 1,465,000 - 1,547 Uncompleted New SaleQUEENS PEAK Condominium 99 years August 26, 2017 861 1,498,380 - 1,740 Uncompleted New SaleDistrict 4 CORALS AT KEPPEL BAY Condominium 99 years August 24, 2017 915 1,765,000 - 1,929 2016 ResaleHARBOURLIGHTS Apartment Freehold August 23, 2017 732 1,068,000 - 1,459 1997 ResaleTHE BERTH BY THE COVE Condominium 99 years August 29, 2017 1,152 1,550,000 - 1,346 2006 ResaleDistrict 5 DOVER PARKVIEW Condominium 99 years August 25, 2017 936 968,888 - 1,035 1997 ResaleLUXE VILLE Apartment Freehold August 22, 2017 1,281 1,368,888 - 1,069 2012 ResaleWEST COAST ROAD Terrace 99 years August 23, 2017 2,885 2,550,000 - 883 1997 ResaleONE-NORTH RESIDENCES Apartment 99 years August 25, 2017 980 1,390,000 - 1,419 2009 ResalePARC RIVIERA Condominium 99 years August 22, 2017 463 625,000 - 1,350 Uncompleted New SalePARC RIVIERA Condominium 99 years August 23, 2017 990 1,155,420 - 1,167 Uncompleted New Sale

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

PARC RIVIERA Condominium 99 years August 23, 2017 710 894,000 - 1,258 Uncompleted New SalePARC RIVIERA Condominium 99 years August 24, 2017 710 953,000 - 1,341 Uncompleted New SalePARC RIVIERA Condominium 99 years August 26, 2017 1,184 1,444,000 - 1,220 Uncompleted New SalePARK WEST Condominium 99 years August 24, 2017 1,249 970,000 - 777 1985 ResaleREGENT PARK Condominium 99 years August 25, 2017 958 888,000 - 927 1997 ResaleTHE CLEMENT CANOPY Apartment 99 years August 22, 2017 732 1,117,000 - 1,526 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years August 23, 2017 990 1,369,000 - 1,382 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years August 25, 2017 657 1,012,000 - 1,541 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years August 26, 2017 1,141 1,630,000 - 1,429 Uncompleted New SaleTHE INFINITI Condominium Freehold August 28, 2017 1,346 1,418,888 - 1,055 2008 ResaleTHE ORIENT Apartment Freehold August 22, 2017 581 1,070,300 - 1,841 Uncompleted New SaleTHE ORIENT Apartment Freehold August 25, 2017 667 1,239,000 - 1,857 Uncompleted New SaleTHE PARC CONDOMINIUM Condominium Freehold August 24, 2017 667 860,000 - 1,289 2010 ResaleTHE PARC CONDOMINIUM Condominium Freehold August 25, 2017 980 1,200,000 - 1,225 2010 ResaleTHE TRILINQ Condominium 99 years August 24, 2017 1,109 1,403,000 - 1,265 2017 New SaleTHE TRILINQ Condominium 99 years August 25, 2017 1,518 1,768,000 - 1,165 2017 New SaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years August 23, 2017 818 1,586,600 - 1,939 2014 ResaleCONCOURSE SKYLINE Apartment 99 years August 24, 2017 1,152 2,337,000 - 2,029 2014 ResaleDistrict 8 CITYLIGHTS Condominium 99 years August 23, 2017 872 1,390,000 - 1,594 2007 ResaleCITYSCAPE @FARRER PARK Condominium Freehold August 25, 2017 1,076 1,580,000 - 1,468 2014 ResaleFARRER PARK SUITES Apartment Freehold August 28, 2017 517 700,000 - 1,355 2011 ResaleFORTE SUITES Apartment Freehold August 22, 2017 603 1,120,000 - 1,858 2016 New SaleKENTISH COURT Apartment 99 years August 28, 2017 1,066 1,030,000 - 967 1999 ResaleKERRISDALE Condominium 99 years August 24, 2017 1,270 1,380,000 - 1,086 2005 ResaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years August 24, 2017 1,442 1,980,000 - 1,373 2007 ResaleCAIRNHILL CREST Condominium Freehold August 22, 2017 1,206 1,980,000 - 1,642 2004 ResaleESPADA Apartment Freehold August 23, 2017 377 853,000 - 2,264 2013 ResaleESPADA Apartment Freehold August 24, 2017 377 865,000 - 2,296 2013 ResaleESTILO Apartment Freehold August 24, 2017 495 835,560 - 1,688 2010 ResaleILLUMINAIRE ON DEVONSHIRE Apartment Freehold August 29, 2017 463 1,150,000 - 2,485 2011 ResaleLEONIE GARDENS Condominium 99 years August 29, 2017 1,733 2,300,000 - 1,327 1993 ResaleLLOYD SIXTYFIVE Apartment Freehold August 22, 2017 592 1,698,000 - 2,868 2016 New SaleMARTIN MODERN Condominium 99 years August 24, 2017 883 1,911,888 - 2,166 Uncompleted New SaleMARTIN MODERN Condominium 99 years August 24, 2017 1,421 3,105,696 - 2,186 Uncompleted New SaleMARTIN MODERN Condominium 99 years August 25, 2017 1,733 3,870,951 - 2,234 Uncompleted New SaleMARTIN PLACE RESIDENCES Condominium Freehold August 25, 2017 646 1,345,000 - 2,083 2011 ResaleOUE TWIN PEAKS Condominium 99 years August 22, 2017 1,604 4,131,000 - 2,576 2015 ResaleOUE TWIN PEAKS Condominium 99 years August 22, 2017 570 1,810,600 - 3,174 2015 ResalePARC SOPHIA Apartment Freehold August 24, 2017 667 1,035,000 - 1,551 2011 ResaleREIGNWOOD HAMILTON SCOTTS Apartment Freehold August 27, 2017 2,756 10,800,000 - 3,919 2012 ResaleSCOTTS 28 Condominium Freehold August 23, 2017 1,658 3,188,000 - 1,923 1998 ResaleSKYLINE 360 @SAINT THOMAS WALK Condominium Freehold August 25, 2017 1,733 3,350,000 - 1,933 2012 ResaleSKYPARK Apartment Freehold August 29, 2017 2,648 4,400,000 - 1,662 2010 ResaleSOPHIA HILLS Condominium 99 years August 22, 2017 753 1,549,000 - 2,056 Uncompleted New SaleSOPHIA HILLS Condominium 99 years August 24, 2017 710 1,450,000 - 2,041 Uncompleted New SaleSOPHIA HILLS* Condominium 99 years August 25, 2017 700 1,401,000 - 2,002 Uncompleted New SaleSOPHIA RESIDENCE Condominium Freehold August 29, 2017 1,324 2,200,000 - 1,662 2014 ResaleSUITES AT ORCHARD Apartment 99 years August 25, 2017 2,002 2,900,000 - 1,448 2014 ResaleTHE LAURELS Condominium Freehold August 24, 2017 549 1,510,000 - 2,751 2013 ResaleVISIONCREST Apartment Freehold August 25, 2017 915 1,780,000 - 1,945 2007 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold August 25, 2017 1,324 2,180,000 - 1,647 2008 ResaleDistrict 10 CASABELLA Condominium Freehold August 23, 2017 1,313 1,892,500 - 1,441 2005 ResaleCLUNY PARK RESIDENCE Condominium Freehold August 22, 2017 883 2,100,000 - 2,379 2016 ResaleCLUNY PARK RESIDENCE Condominium Freehold August 25, 2017 1,421 3,290,000 - 2,316 2016 ResaleD’LEEDON Condominium 99 years August 22, 2017 635 1,143,000 - 1,800 2014 ResaleDRAGON VIEW PARK Terrace Freehold August 24, 2017 2,368 5,400,000 - 2,279 Unknown ResaleGALLOP GABLES Condominium Freehold August 24, 2017 1,744 2,900,000 - 1,663 1997 ResaleGRAMERCY PARK Condominium Freehold August 25, 2017 2,691 7,348,800 - 2,731 2016 ResaleJADE MANSION Condominium Freehold August 23, 2017 2,669 2,980,000 - 1,116 1982 ResaleJERVOIS LODGE Condominium Freehold August 22, 2017 1,206 1,660,000 - 1,377 1997 ResaleWHITLEY ROAD Semi-Detached Freehold August 22, 2017 2,153 5,200,000 - 2,415 2017 New SaleLE NOUVEL ARDMORE Condominium Freehold August 22, 2017 4,004 16,018,000 - 4,000 2014 ResaleMUTIARA VIEW Apartment Freehold August 23, 2017 1,163 1,625,000 - 1,398 2000 ResaleSIXTH AVENUE Semi-Detached 999 years August 25, 2017 3,832 3,868,000 - 1,010 Unknown ResaleONE BALMORAL Condominium Freehold August 23, 2017 1,421 3,135,000 - 2,206 2016 ResaleONE JERVOIS Condominium Freehold August 27, 2017 1,948 3,000,000 - 1,540 2009 ResaleONE JERVOIS Condominium Freehold August 27, 2017 990 1,800,000 - 1,818 2009 ResaleONE TREE HILL RESIDENCE Apartment Freehold August 25, 2017 1,130 2,205,000 - 1,951 2008 ResaleRV RESIDENCES Condominium 999 years August 22, 2017 861 1,573,640 - 1,827 2015 ResaleRV RESIDENCES Condominium 999 years August 23, 2017 678 1,341,880 - 1,979 2015 ResaleRV RESIDENCES* Condominium 999 years August 23, 2017 850 1,751,700 - 2,060 2015 ResaleSOMMERVILLE GRANDEUR Condominium Freehold August 24, 2017 1,841 2,700,000 - 1,467 1996 ResaleTHE ASTON Apartment Freehold August 25, 2017 657 1,000,000 - 1,523 2002 ResaleTHE TESSARINA Condominium Freehold August 23, 2017 926 1,350,000 - 1,458 2003 ResaleTHE TESSARINA Condominium Freehold August 29, 2017 1,679 2,000,000 - 1,191 2003 ResaleVICTORIA PARK VILLAS Semi-Detached 99 years August 22, 2017 2,250 4,227,000 - 1,879 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years August 22, 2017 2,153 3,990,000 - 1,853 Uncompleted New SaleVICTORIA PARK VILLAS* Semi-Detached 99 years August 24, 2017 2,185 3,970,000 - 1,817 Uncompleted New SaleWATERFALL GARDENS Condominium Freehold August 29, 2017 2,196 3,300,000 - 1,503 2010 Resale

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

DONE DEALS

E

The most recent transaction at The Sail @ Marina Bay was that of a 1,259 sq ft, three-bedroom unit on the sixth floor that fetched $2.8 million ($2,223 psf)

Prices of Marina Bay luxury condos pick up| BY TAN CHEE YUEN |

The strong sales at new launches in the

prime districts, namely Martin Mod-

ern and the second phase of Gramercy

Park, have had a positive effect on trans-

actions and prices in the resale market.

And it is not just the traditional prime Districts

of 9 and 10 that are benefiting, but Marina Bay

in District 1 as well.

Eric Tay, district director at PropNex, who

has focused on the resale market in the prime

districts for the past three years, has noticed a

surge in enquiries for units at The Sail @ Ma-

rina Bay. The 1,111-unit The Sail was the first

residential project to be launched at Marina Bay

and was completed in 2008.

Recent resale prices at The Sail reflect the

more positive market sentiment, with three out

of the four units that changed hands in August

sold at prices above $2,000 psf. The most re-

cent transaction was for the sale of a 1,259 sq

ft, three-bedroom unit on the sixth floor of one

of the towers. It fetched $2.8 million ($2,223

psf), according to a caveat lodged on Aug 27.

The unit last changed hands for $2.33 million

($1,849 psf) in 2010.

On Aug 21, a 936 sq ft, two-bedroom unit

on the 17th floor of The Sail changed hands for

$2.13 million ($2,277 psf), 16% higher than the

$1.84 million ($1,964 psf) that the seller paid a

decade ago, according to caveats lodged with

URA Realis.

Meanwhile, on Aug 1, a 689 sq ft, one-bed-

room unit on the 13th floor went for $1.52 mil-

lion ($2,206 psf). The unit was purchased for

$676,000 ($982 psf) when the project was first

launched in 2004.

“Unlike in the past, when the transactions

in Marina Bay and other parts of the prime dis-

tricts were driven by foreign demand, this time

around, it’s local buyers who are fuelling de-

mand,” says PropNex’s Tay. He believes this

turnaround in the market is therefore likely to

be “more sustainable”.

He reckons the pickup in resales is also

the result of the spate of successful collective

sales in recent months. With additional buyer’s

stamp duty still in place, many local buyers are

end-users, with some wanting to upgrade to a

bigger unit or a better address.

At the 428-unit Marina Bay Residences,

there was also a spike in transactions and en-

quiries in the last two months. The latest trans-

action was that of a 1,076 sq ft, two-bedroom

unit on the 38th floor. It was sold for $2.18 mil-

lion ($2,025 psf), according to a caveat lodged

on Aug 23. When the unit was first purchased

in December 2006, it went for just under $2.1

million ($1,947 psf).

Last month, a 2,379 sq ft, four-bedroom unit

at Marina Bay Residences was sold for $7.7 mil-

lion ($3,237 psf). It pays to be patient, it seems.

The seller of the four-bedroom unit had been

holding it for over a decade, having purchased

the unit when the project was first launched

in December 2006. The price at the time was

$4.84 million ($2,034 psf).

The last time a unit at Marina Bay Residenc-

es crossed the $3,000 psf threshold was in Octo-

ber 2015 when a 1,055 sq ft, two-bedroom unit

on the 50th floor fetched $3.55 million ($3,365

psf), according to a caveat lodged then. The

55-storey project was completed in 2010.

With the improved market sentiment, Prop-

Nex’s Tay says sellers are now looking to adjust

their selling prices upwards.

At One Shenton, an 818 sq ft, one-bed-

room unit on the 12th floor changed hands for

$1.27 million ($1,550 psf), according to a cave-

at lodged on Aug 24. The unit was purchased

for $1.41 million ($1,723 psf) in February 2007,

when the project was launched. The 341-unit

One Shenton was completed in 2011.

“The property market is at a turning point

right now,” notes PropNex’s Tay. “While trans-

actions have recovered and prices have bot-

tomed, rents are still lagging.”

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

THEEDGE SINGAPORE | SEPTEMBER 11, 2017 • EP11

DISCLAIMER:Source: URA Realis. Updated Sept 5, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium. *Not all the caveats lodged are reflected owing to the number of transactions in these projects

Residential transactions with contracts dated Aug 22 to 29

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

District 11 26 NEWTON Apartment Freehold August 29, 2017 474 1,213,000 - 2,561 2016 Resale6 DERBYSHIRE Condominium Freehold August 23, 2017 1,012 2,319,269 - 2,292 2017 New SaleCALDECOTT HILL ESTATE Detached Freehold August 28, 2017 22,217 25,600,000 - 1,152 2003 ResaleCHANCERY ESQUIRE Apartment Freehold August 25, 2017 1,722 2,300,000 - 1,335 1996 ResaleCHANCERY PARK Condominium Freehold August 28, 2017 1,679 2,505,000 - 1,492 1991 ResaleHILLCREST ARCADIA Condominium 99 years August 23, 2017 1,711 1,350,000 - 789 1980 ResaleJALAN SEJARAH Detached Freehold August 22, 2017 6,415 11,088,800 - 1,729 1968 ResaleBARKER ROAD Semi-Detached Freehold August 24, 2017 2,400 5,500,000 - 2,294 2009 ResaleBO SENG AVENUE Terrace Freehold August 25, 2017 2,271 4,980,000 - 2,196 2011 ResaleHILLCREST ROAD Semi-Detached Freehold August 29, 2017 3,251 5,350,000 - 1,648 Unknown ResaleNEWTON 18 Apartment Freehold August 25, 2017 614 1,200,000 - 1,956 2002 ResaleTHE ARCADIA Condominium 99 years August 23, 2017 3,757 3,300,000 - 878 1983 ResaleTHE GREENWOOD Terrace Freehold August 25, 2017 1,711 3,800,000 - 2,220 2008 ResaleDistrict 12 DE ROYALE Condominium Freehold August 22, 2017 1,281 1,626,800 - 1,270 2006 ResaleEIGHT RIVERSUITES Terrace 99 years August 24, 2017 2,820 2,000,000 - 709 2016 ResaleEIGHT RIVERSUITES Condominium 99 years August 24, 2017 441 720,000 - 1,631 2016 ResaleEIGHT RIVERSUITES Terrace 99 years August 28, 2017 2,820 2,100,000 - 745 2016 ResaleGEM RESIDENCES Condominium 99 years August 23, 2017 936 1,315,000 - 1,404 Uncompleted New SaleGEM RESIDENCES Condominium 99 years August 23, 2017 936 1,392,000 - 1,486 Uncompleted New SaleGEM RESIDENCES* Condominium 99 years August 23, 2017 678 1,090,000 - 1,607 Uncompleted New SaleNOVA 48 Apartment Freehold August 25, 2017 936 1,100,000 - 1,175 2011 ResaleOPAL SUITES Apartment Freehold August 29, 2017 409 550,000 - 1,345 2012 ResalePARC HAVEN Apartment Freehold August 24, 2017 1,346 1,368,000 - 1,017 2004 ResaleRIVERBAY Apartment 999 years August 29, 2017 2,056 1,940,000 - 944 2014 ResaleDistrict 13 MACPHERSON GARDEN ESTATE Terrace Freehold August 25, 2017 2,045 2,000,000 - 979 Unknown ResalePARC MONDRIAN Apartment Freehold August 24, 2017 1,399 1,710,000 - 1,222 2010 ResaleSENNETT ESTATE Terrace Freehold August 25, 2017 2,476 2,950,000 - 1,191 1994 ResaleSUITES@BRADDELL Apartment Freehold August 23, 2017 398 550,000 - 1,381 2015 ResaleTHE POIZ RESIDENCES Apartment 99 years August 23, 2017 1,184 1,649,030 - 1,393 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years August 26, 2017 1,507 2,019,830 - 1,340 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years August 26, 2017 1,528 2,040,430 - 1,335 Uncompleted New SaleDistrict 14 CASA AERATA Apartment Freehold August 23, 2017 592 665,000 - 1,123 2012 ResaleCASA AERATA Apartment Freehold August 29, 2017 388 518,000 - 1,337 2012 ResaleEUHABITAT Condominium 99 years August 28, 2017 904 1,040,000 - 1,150 2015 ResaleEUNOS PARK Condominium Freehold August 24, 2017 1,884 1,460,000 - 775 1995 ResaleEVERGREEN VIEW Apartment Freehold August 29, 2017 1,109 1,005,000 - 906 2010 ResaleSIMS URBAN OASIS Condominium 99 years August 22, 2017 958 1,386,900 - 1,448 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years August 23, 2017 1,033 1,467,000 - 1,420 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years August 25, 2017 1,023 1,413,900 - 1,383 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years August 26, 2017 958 1,430,100 - 1,493 Uncompleted New SaleSINGA HILLS Apartment Freehold August 24, 2017 807 1,120,000 - 1,387 2016 ResaleTORIEVILLE Apartment Freehold August 23, 2017 915 758,000 - 828 1994 ResaleTRE RESIDENCES Condominium 99 years August 22, 2017 947 1,292,000 - 1,364 Uncompleted New SaleTRE RESIDENCES Condominium 99 years August 23, 2017 764 1,126,000 - 1,473 Uncompleted New SaleTRE RESIDENCES* Condominium 99 years August 23, 2017 947 1,342,600 - 1,417 Uncompleted New SaleDistrict 15 CASERO @ DUNMAN Apartment Freehold August 27, 2017 850 1,000,000 - 1,176 2008 ResaleCASUARINA COVE Condominium 99 years August 22, 2017 1,389 1,750,000 - 1,260 1996 ResaleCOSTA RHU Condominium 99 years August 28, 2017 1,335 1,650,000 - 1,236 1997 ResaleEASTWIND MANSIONS Apartment Freehold August 28, 2017 786 825,000 - 1,050 1992 ResaleESTIQUE Apartment Freehold August 29, 2017 592 765,000 - 1,292 2008 ResaleEVERITT GREEN Apartment Freehold August 22, 2017 1,292 1,288,000 - 997 2003 ResaleFERNWOOD TOWERS Condominium Freehold August 24, 2017 1,636 1,650,000 - 1,008 1994 ResaleFLAMINGO VALLEY Condominium Freehold August 29, 2017 2,228 2,688,000 - 1,206 2014 ResaleFORT GARDENS Condominium Freehold August 24, 2017 1,442 1,530,000 - 1,061 1993 ResaleFORTUNE JADE Apartment Freehold August 28, 2017 1,216 1,398,000 - 1,149 2003 ResaleMALVERN SPRINGS Condominium Freehold August 25, 2017 1,119 1,400,000 - 1,251 2004 ResaleJOO CHIAT AVENUE Terrace Freehold August 23, 2017 1,776 2,218,000 - 1,250 1968 ResaleTEMBELING ROAD Terrace Freehold August 23, 2017 1,808 3,360,000 - 1,859 Unknown ResaleLORONG NANGKA Terrace 0 years August 24, 2017 1,981 2,750,000 - 1,385 1990 ResaleSERAYA ROAD Terrace Freehold August 28, 2017 1,776 2,850,000 - 1,604 1990 ResaleNEPTUNE COURT Apartment 99 years August 24, 2017 1,270 955,000 - 752 1975 ResaleONE AMBER Condominium Freehold August 23, 2017 570 900,000 - 1,578 2010 ResaleONE AMBER Condominium Freehold August 28, 2017 958 1,535,000 - 1,602 2010 ResalePARK EAST Condominium Freehold August 25, 2017 1,335 1,550,000 - 1,161 1994 ResaleSEASIDE RESIDENCES Apartment 99 years August 22, 2017 1,206 1,958,000 - 1,624 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years August 22, 2017 1,259 1,981,000 - 1,573 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years August 22, 2017 1,206 1,913,000 - 1,587 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years August 24, 2017 775 1,172,000 - 1,512 Uncompleted New SaleSEASIDE RESIDENCES* Apartment 99 years August 26, 2017 506 875,000 - 1,730 Uncompleted New SaleTHE AMBROSIA Apartment Freehold August 28, 2017 1,227 1,470,000 - 1,198 2010 ResaleTHE MAKENA Condominium Freehold August 25, 2017 1,507 1,870,000 - 1,241 1998 ResaleTHE MAKENA Condominium Freehold August 28, 2017 1,647 2,250,000 - 1,366 1998 ResaleTHE SEA VIEW Condominium Freehold August 22, 2017 1,518 2,350,000 - 1,548 2008 ResaleTIVOLI GRANDE Apartment Freehold August 27, 2017 1,528 1,650,000 - 1,079 2012 ResaleTIVOLI GRANDE Apartment Freehold August 27, 2017 1,528 1,650,000 - 1,079 2012 ResaleVIBES @ EAST COAST Apartment Freehold August 29, 2017 420 580,000 - 1,382 2014 ResaleWATER PLACE Condominium 99 years August 22, 2017 1,227 1,413,000 - 1,151 2004 ResaleWATER PLACE Condominium 99 years August 24, 2017 1,227 1,585,000 - 1,292 2004 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years August 24, 2017 2,099 1,610,000 - 767 2000 ResaleBAYSHORE PARK Condominium 99 years August 24, 2017 936 748,000 - 799 1986 ResaleCHANGI GREEN Condominium Freehold August 24, 2017 1,216 1,100,000 - 904 1998 ResaleD’MANOR Terrace 99 years August 24, 2017 2,723 1,640,000 - 602 2000 ResaleEASTWOOD REGENCY Apartment Freehold August 28, 2017 517 625,000 - 1,210 2010 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years August 23, 2017 893 1,260,000 - 1,410 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years August 26, 2017 883 1,321,000 - 1,497 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years August 27, 2017 904 1,150,000 - 1,272 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years August 27, 2017 883 1,160,330 - 1,315 Uncompleted New SaleLUCKY GARDENS Terrace Freehold August 22, 2017 1,873 2,250,000 - 1,199 Unknown ResaleLUCKY RISE Semi-Detached Freehold August 23, 2017 3,455 5,000,000 - 1,449 Unknown ResaleGUAN SOON AVENUE Semi-Detached Freehold August 29, 2017 5,231 4,100,000 - 785 Unknown ResaleTHE BAYSHORE Condominium 99 years August 22, 2017 1,184 1,010,000 - 853 1997 ResaleTHE BAYSHORE Condominium 99 years August 25, 2017 969 848,000 - 875 1996 ResaleTHE BAYSHORE Condominium 99 years August 29, 2017 1,012 915,000 - 904 1997 ResaleTHE SUMMIT Condominium Freehold August 22, 2017 1,238 1,340,333 - 1,083 1991 ResaleWATERFRONT KEY Condominium 99 years August 28, 2017 1,324 1,350,000 - 1,020 2012 ResaleDistrict 17 AZALEA PARK CONDOMINIUM Condominium 999 years August 22, 2017 1,335 940,000 - 704 1996 ResaleAZALEA PARK CONDOMINIUM Condominium 999 years August 22, 2017 1,507 1,160,000 - 770 1996 ResaleDAHLIA PARK CONDOMINIUM Condominium Freehold August 28, 2017 1,292 1,033,600 - 800 2003 ResaleLOYANG VILLAS Terrace 99 years August 23, 2017 2,497 1,600,000 - 642 1996 ResaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years August 24, 2017 1,130 862,000 - 763 2004 ResaleCHANGI RISE CONDOMINIUM Condominium 99 years August 28, 2017 1,259 930,000 - 738 2004 ResaleMELVILLE PARK Condominium 99 years August 29, 2017 1,378 848,000 - 615 1996 ResaleQ BAY RESIDENCES Condominium 99 years August 25, 2017 764 678,999 - 888 2016 ResaleQ BAY RESIDENCES Condominium 99 years August 28, 2017 797 888,000 - 1,115 2016 ResaleTHE ALPS RESIDENCES Condominium 99 years August 22, 2017 1,066 1,142,000 - 1,072 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years August 23, 2017 1,410 1,404,000 - 996 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years August 23, 2017 700 802,000 - 1,146 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years August 24, 2017 1,410 1,486,000 - 1,054 Uncompleted New SaleTHE ALPS RESIDENCES* Condominium 99 years August 25, 2017 1,087 1,115,000 - 1,026 Uncompleted New SaleTHE ESPARIS EC 99 years August 23, 2017 1,292 875,000 - 677 2005 ResaleTHE PALETTE Condominium 99 years August 28, 2017 893 860,000 - 963 2015 ResaleTHE SANTORINI Condominium 99 years August 22, 2017 1,119 1,163,520 - 1,039 2017 New SaleTHE SANTORINI Condominium 99 years August 23, 2017 1,152 1,166,000 - 1,012 2017 New SaleTHE SANTORINI Condominium 99 years August 23, 2017 1,152 1,220,000 - 1,059 2017 New SaleTHE SANTORINI Condominium 99 years August 23, 2017 1,130 1,191,500 - 1,054 2017 New SaleTHE SANTORINI* Condominium 99 years August 24, 2017 904 989,500 - 1,094 2017 New SaleDistrict 19 BARTLEY RESIDENCES Apartment 99 years August 25, 2017 1,378 1,720,000 - 1,248 2015 ResaleBARTLEY RESIDENCES Apartment 99 years August 28, 2017 1,604 1,900,000 - 1,185 2015 ResaleBLISS@KOVAN Condominium Freehold August 24, 2017 840 1,230,000 - 1,465 2015 ResaleFLO RESIDENCE Condominium 99 years August 29, 2017 1,152 905,000 - 786 2016 Sub SaleFLORENCE VILLE Terrace Freehold August 25, 2017 1,787 2,200,000 - 1,233 1987 ResaleISUITES @ PALM Apartment 999 years August 28, 2017 635 750,000 - 1,181 2013 ResaleKINGSFORD WATERBAY Apartment 99 years August 22, 2017 883 1,136,410 - 1,288 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years August 22, 2017 1,033 1,314,580 - 1,272 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years August 22, 2017 1,033 1,286,020 - 1,245 Uncompleted New Sale

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

KINGSFORD WATERBAY Apartment 99 years August 22, 2017 689 939,000 - 1,363 Uncompleted New SaleKINGSFORD WATERBAY* Apartment 99 years August 22, 2017 883 1,149,316 - 1,302 Uncompleted New SaleKOVAN RESIDENCES Condominium 99 years August 28, 2017 1,259 1,360,000 - 1,080 2011 ResaleTHRIFT DRIVE Terrace Freehold August 23, 2017 1,647 1,980,000 - 1,201 1963 ResalePARC CENTROS Condominium 99 years August 23, 2017 463 638,000 - 1,378 2016 Sub SalePARK GREEN EC 99 years August 25, 2017 1,184 838,000 - 708 2004 ResaleREGENTVILLE Apartment 99 years August 22, 2017 980 730,000 - 745 1999 ResaleREGENTVILLE Apartment 99 years August 22, 2017 1,076 810,000 - 753 1999 ResaleRIVERSAILS Condominium 99 years August 23, 2017 1,184 1,372,230 - 1,159 2016 ResaleRIVERVALE CREST Apartment 99 years August 24, 2017 990 700,000 - 707 2002 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years August 25, 2017 2,648 2,738,000 - 1,036 1999 ResaleSERANGOON GARDEN ESTATE Detached 999 years August 25, 2017 4,618 5,875,000 - 1,272 Unknown ResaleSILVER HILL Terrace 0 years August 29, 2017 1,647 2,050,000 - 1,247 1983 ResaleSTARS OF KOVAN Apartment 99 years August 26, 2017 753 1,046,320 - 1,389 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years August 26, 2017 753 1,076,240 - 1,428 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years August 27, 2017 969 1,561,760 - 1,612 Uncompleted New SaleTANGERINE GROVE Condominium Freehold August 28, 2017 1,184 1,320,000 - 1,115 2007 ResaleTHE FLORENTINE Apartment 947 years August 22, 2017 947 920,000 - 971 2011 ResaleTHE MINTON Condominium 99 years August 22, 2017 980 940,000 - 960 2013 ResaleTHE QUARTZ Condominium 99 years August 29, 2017 1,163 1,130,000 - 972 2009 ResaleVINA LODGE Apartment Freehold August 25, 2017 1,313 1,160,000 - 883 2002 ResaleDistrict 20 BISHAN LOFT EC 99 years August 25, 2017 1,464 1,588,000 - 1,085 2003 ResaleBISHAN POINT Condominium 99 years August 25, 2017 2,626 2,280,000 - 868 2005 ResaleCENTRO RESIDENCES Condominium 99 years August 25, 2017 872 1,218,000 - 1,397 2014 ResaleMARYMOUNT VIEW Condominium Freehold August 25, 2017 1,259 1,438,000 - 1,142 1992 ResaleCLOVER RISE Terrace 0 years August 25, 2017 1,798 2,480,000 - 1,376 Unknown ResaleNUOVO EC 99 years August 23, 2017 1,389 1,250,000 - 900 2004 ResaleSKY HABITAT Condominium 99 years August 23, 2017 1,798 2,589,100 - 1,440 2015 ResaleTHE WINDSOR Condominium Freehold August 22, 2017 2,411 2,229,999 - 925 1988 ResaleTHOMSON IMPRESSIONS Apartment 99 years August 26, 2017 463 804,700 - 1,739 Uncompleted New SaleDistrict 21 BINJAI CREST Terrace 99 years August 29, 2017 3,035 1,780,000 - 586 2004 ResaleCLEMENTI PARK Condominium Freehold August 23, 2017 807 820,000 - 1,016 1986 ResaleGARDENVISTA Condominium 99 years August 25, 2017 1,163 1,411,000 - 1,214 2006 ResaleHIGHGATE Condominium Freehold August 24, 2017 1,636 1,668,000 - 1,019 1995 ResaleHILLVIEW GREEN Condominium 999 years August 28, 2017 1,281 1,195,000 - 933 1998 ResaleHUME PARK I Condominium Freehold August 29, 2017 1,270 1,138,000 - 896 1995 ResalePANDAN VALLEY Condominium Freehold August 23, 2017 2,174 2,050,000 - 943 1978 ResalePANDAN VALLEY Condominium Freehold August 28, 2017 1,335 1,600,000 - 1,199 1978 ResalePINE GROVE Condominium 99 years August 28, 2017 1,163 950,000 - 817 Unknown ResaleSUMMERHILL Condominium Freehold August 29, 2017 947 1,038,000 - 1,096 2002 ResaleTHE CREEK @ BUKIT Condominium Freehold August 22, 2017 700 1,233,000 - 1,762 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold August 23, 2017 1,604 2,390,800 - 1,491 Uncompleted New SaleTHE HILLSIDE Condominium Freehold August 22, 2017 1,313 1,238,000 - 943 2001 ResaleDistrict 22 LAKE GRANDE Condominium 99 years August 24, 2017 818 1,060,000 - 1,296 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 27, 2017 818 1,082,000 - 1,323 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years August 26, 2017 1,033 850,128 - 823 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years August 26, 2017 1,475 1,163,700 - 789 Uncompleted New SaleDistrict 23 DAIRY FARM ESTATE Condominium Freehold August 28, 2017 2,131 1,900,000 - 891 1989 ResaleECO SANCTUARY Condominium 99 years August 25, 2017 775 938,000 - 1,210 2016 ResaleGLENDALE PARK Condominium Freehold August 23, 2017 1,313 1,420,000 - 1,081 2000 ResaleGLENDALE PARK Condominium Freehold August 24, 2017 1,249 1,350,000 - 1,081 2000 ResaleHILLION RESIDENCES Apartment 99 years August 22, 2017 474 713,450 - 1,506 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years August 23, 2017 474 741,950 - 1,567 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years August 23, 2017 474 728,650 - 1,538 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years August 24, 2017 549 738,150 - 1,345 Uncompleted New SaleHILLION RESIDENCES* Apartment 99 years August 24, 2017 463 723,900 - 1,564 Uncompleted New SaleHILLSTA Condominium 99 years August 25, 2017 1,206 1,170,000 - 970 2016 ResaleINZ RESIDENCE EC 99 years August 22, 2017 1,109 922,000 - 832 Uncompleted New SaleINZ RESIDENCE EC 99 years August 22, 2017 1,012 831,000 - 821 Uncompleted New SaleINZ RESIDENCE EC 99 years August 23, 2017 1,216 964,000 - 793 Uncompleted New SaleINZ RESIDENCE EC 99 years August 23, 2017 689 582,500 - 846 Uncompleted New SaleINZ RESIDENCE* EC 99 years August 23, 2017 689 588,500 - 854 Uncompleted New SaleMAYSPRINGS Apartment 99 years August 25, 2017 807 700,000 - 867 1998 ResaleREGENT GROVE Condominium 99 years August 25, 2017 926 680,000 - 735 2000 ResaleSOL ACRES EC 99 years August 22, 2017 1,044 896,000 - 858 Uncompleted New SaleSOL ACRES EC 99 years August 22, 2017 495 397,000 - 802 Uncompleted New SaleSOL ACRES EC 99 years August 22, 2017 1,044 801,000 - 767 Uncompleted New SaleSOL ACRES EC 99 years August 27, 2017 732 563,000 - 769 Uncompleted New SaleDistrict 25 NORTHWAVE EC 99 years August 22, 2017 1,464 1,068,000 - 730 Uncompleted New SaleNORTHWAVE EC 99 years August 23, 2017 1,119 855,400 - 764 Uncompleted New SaleNORTHWAVE EC 99 years August 23, 2017 1,109 792,400 - 715 Uncompleted New SaleNORTHWAVE EC 99 years August 23, 2017 1,270 1,003,520 - 790 Uncompleted New SaleNORTHWAVE* EC 99 years August 23, 2017 1,270 1,004,700 - 791 Uncompleted New SalePARC ROSEWOOD Condominium 99 years August 25, 2017 431 510,000 - 1,185 2014 ResaleWOODHAVEN Condominium 99 years August 24, 2017 850 815,000 - 958 2015 ResaleDistrict 26 CASTLE GREEN Condominium 99 years August 28, 2017 1,216 970,000 - 797 1997 ResaleSEASONS PARK Condominium 99 years August 23, 2017 1,292 975,000 - 755 1997 ResaleSEASONS PARK Condominium 99 years August 25, 2017 1,991 1,450,000 - 728 1997 ResaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years August 23, 2017 1,249 1,565,100 - 1,253 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years August 23, 2017 732 999,120 - 1,365 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years August 24, 2017 732 992,680 - 1,356 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years August 26, 2017 1,432 1,856,700 - 1,297 Uncompleted New SaleORCHID PARK CONDOMINIUM Condominium 99 years August 28, 2017 1,733 1,020,000 - 589 1994 ResalePARC LIFE EC 99 years August 22, 2017 1,001 743,820 - 743 Uncompleted New SalePARC LIFE EC 99 years August 24, 2017 1,001 787,920 - 787 Uncompleted New SalePARC LIFE EC 99 years August 24, 2017 1,001 794,780 - 794 Uncompleted New SalePARC LIFE EC 99 years August 26, 2017 936 764,400 - 816 Uncompleted New SalePARC LIFE* EC 99 years August 26, 2017 1,001 816,740 - 816 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years August 22, 2017 1,184 954,360 - 806 2017 New SaleSIGNATURE AT YISHUN EC 99 years August 24, 2017 1,184 941,985 - 796 2017 New SaleSIGNATURE AT YISHUN EC 99 years August 24, 2017 1,184 933,075 - 788 2017 New SaleSIGNATURE AT YISHUN EC 99 years August 25, 2017 1,076 863,280 - 802 2017 New SaleSIGNATURE AT YISHUN* EC 99 years August 25, 2017 1,184 929,115 - 785 2017 New SaleSYMPHONY SUITES Condominium 99 years August 22, 2017 893 955,000 - 1,069 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 22, 2017 1,023 1,110,000 - 1,085 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 22, 2017 1,023 1,116,000 - 1,091 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 22, 2017 1,023 1,116,000 - 1,091 Uncompleted New SaleSYMPHONY SUITES* Condominium 99 years August 22, 2017 1,023 1,124,000 - 1,099 Uncompleted New SaleTHE BROWNSTONE EC 99 years August 22, 2017 936 800,000 - 854 Uncompleted New SaleTHE CRITERION EC 99 years August 22, 2017 1,173 862,400 - 735 Uncompleted New SaleTHE CRITERION EC 99 years August 22, 2017 1,249 952,800 - 763 Uncompleted New SaleTHE CRITERION EC 99 years August 23, 2017 1,023 790,300 - 773 Uncompleted New SaleTHE CRITERION EC 99 years August 25, 2017 1,098 804,000 - 732 Uncompleted New SaleTHE CRITERION* EC 99 years August 26, 2017 1,023 772,000 - 755 Uncompleted New SaleTHE ESTUARY Condominium 99 years August 29, 2017 1,442 1,100,000 - 763 2013 ResaleTHE SHAUGHNESSY Terrace 99 years August 24, 2017 3,305 1,408,888 - 426 2006 ResaleTHE VISIONAIRE EC 99 years August 22, 2017 721 623,000 - 864 Uncompleted New SaleTHE VISIONAIRE EC 99 years August 23, 2017 721 621,000 - 861 Uncompleted New SaleTHE VISIONAIRE EC 99 years August 23, 2017 1,023 871,000 - 852 Uncompleted New SaleTHE VISIONAIRE EC 99 years August 26, 2017 980 814,000 - 831 Uncompleted New SaleTHE VISIONAIRE EC 99 years August 26, 2017 980 817,000 - 834 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold August 22, 2017 3,584 2,800,000 - 781 Uncompleted New SaleBELGRAVIA VILLAS Terrace Freehold August 25, 2017 3,584 2,842,700 - 793 Uncompleted New SaleBELGRAVIA VILLAS Terrace Freehold August 27, 2017 3,584 2,992,300 - 835 Uncompleted New SaleMIMOSA PARK Condominium Freehold August 25, 2017 2,153 1,720,000 - 799 1979 ResaleMIMOSA TERRACE Terrace Freehold August 23, 2017 1,615 2,300,000 - 1,425 2007 ResaleSELETAR GARDEN Terrace Freehold August 29, 2017 1,894 2,100,000 - 1,106 1985 ResaleSELETAR HILLS ESTATE Semi-Detached 999 years August 22, 2017 3,498 2,830,000 - 809 Unknown ResaleSELETAR HILLS ESTATE Semi-Detached Freehold August 28, 2017 2,680 2,770,000 - 1,034 1996 ResaleSELETAR SPRINGSCONDOMINIUM Condominium 99 years August 23, 2017 1,302 905,000 - 695 2000 ResaleTHE GREENWICH Condominium 99 years August 22, 2017 603 605,000 - 1,004 2014 Resale

DONE DEALS

EP12 • THEEDGE SINGAPORE | SEPTEMBER 11, 2017

GAINS AND LOSSES

| BY ANGELA TEO |

At Reignwood Hamilton

Scotts, the seller of a 2,756

sq ft, three-bedroom unit

made a $2.67 million prof-

it (33%) after holding the

property for 4.7 years. This translates

into a profit of 6% a year.

The seller raked in the highest

profit among non-landed transac-

tions between Aug 22 and 29. Accord-

ing to the caveat lodged with URA,

the buyer — a company — bought

the unit on Aug 27 at $10.8 million

($3,919 psf).

This marks the only transaction

at the 30-storey Reignwood Hamilton

Scotts this year, and the most profit-

able since its completion in 2012. Lo-

cated on the fifth floor, the unit was

purchased by the seller on Nov 30,

2012 in a sub-sale, at around $8.13

million ($2,950 psf).

Developed by KOP Properties, the

56-unit Reignwood Hamilton Scotts

is a condominium located with-

in walking distance of the Newton

MRT Interchange and near the Or-

chard Road shopping belt. It was pre-

viously known as Hamilton Scotts

and renamed after it was acquired

by Thai-China conglomerate Reign-

wood Group in 2013.

The freehold Reignwood Hamil-

ton Scotts is known for having an

elevated car porch in each unit, with

glass lifts that bring each owner’s

car up to their individual residences.

At One Tree Hill Residence, a 1,130

sq ft, three-bedroom unit was sold at

a $529,600 (19%) loss after a hold- E

Reignwood Hamilton Scotts seller rakes in $2.6 mil profit

Top 10 gains and losses from Aug 22 to 29

URA,

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

1 Reignwood Hamilton Scotts 9 2,756 Aug 27 3,919 Nov 30, 2012 2,950 2,669,800 33 6 4.7

2 The Arcadia 11 3,757 Aug 23 878 Oct 12, 2005 373 1,900,000 136 7 11.9

3 The Sea View 15 1,518 Aug 22 1,548 Aug 17, 2005 693 1,298,254 123 7 12.0

4 The Windsor 20 2,411 Aug 22 925 March 1, 2002 400 1,264,999 131 6 15.5

5 Sommerville Grandeur 10 1,841 Aug 24 1,467 June 5, 2006 804 1,220,000 82 6 11.2

6 Pearl Bank Apartment 3 1,755 Aug 25 912 Aug 12, 2000 268 1,130,000 240 7 17.0

7 The Makena 15 1,647 Aug 28 1,366 Jan 31, 2003 724 1,050,000 88 4 14.6

8 Scotts 28 9 1,658 Aug 23 1,923 Nov 9, 1995 1,318 1,002,700 46 2 21.8

9 Chancery Park 11 1,679 Aug 28 1,492 June 29, 2009 1,000 825,000 49 5 8.2

10 Parc Mondrian 13 1,399 Aug 24 1,222 March 20, 2009 650 800,000 88 8 8.4

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

1 One Tree Hill Residence 10 1,130 Aug 25 1,951 Nov 23, 2007 2,420 529,600 19 2 9.8

2 Skypark 9 2,648 Aug 29 1,662 Dec 30, 2006 1,834 456,489 9 1 10.7

3 Waterfall Gardens 10 2,196 Aug 29 1,503 Oct 22, 2012 1,690 411,240 11 2 4.9

4 Cairnhill Crest 9 1,206 Aug 22 1,642 Feb 9, 2011 1,949 370,000 16 3 6.5

5 The Berth By The Cove 4 1,152 Aug 29 1,346 April 27, 2012 1,550 235,000 13 3 5.3

6 The Laurels 9 549 Aug 24 2,751 April 9, 2010 3,151 219,899 13 2 7.4

7 Casabella 10 1,313 Aug 23 1,441 July 17, 2013 1,561 157,500 8 2 4.1

8 Water Place 15 1,227 Aug 24 1,292 Feb 8, 2008 1,410 145,000 8 1 9.5

9 One Shenton 1 818 Aug 24 1,550 Feb 2, 2007 1,723 141,690 10 1 10.6

10 Nova 48 12 936 Aug 25 1,175 Feb 13, 2012 1,301 118,000 10 2 5.5

Note: Computed based on URA caveat data as at Sept 5 for private non-landed houses transacted between Aug 22 and 29. The profit-and-loss computation excludes transactions costs such as stamp duties.

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

Non-profi table deals

On Aug 27, a three-bedroom unit at Reignwood Hamilton Scotts was sold for a $2.67 million profit. Find the most affordable listing in the project at edgepr.link/ReignwoodHamiltonScotts.

One Tree Hill Residence is near the future Orchard Boulevard MRT station. Find the most affordable listing in the project at edgepr.link/OneTreeHillResidence.

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ing period of close to 10 years. The

unit was bought in November 2007

at $2.7 million ($2,420 psf).

Since its completion in 2008, One

Tree Hill Residence has seen six prof-

itable and 15 unprofitable transac-

tions. Profits ranged from $69,890 for

a third-floor, three-bedroom unit to

$797,838 for a 16th-floor, four-bed-

room unit. Meanwhile, the losses

ranged from $61,240 for a ninth-floor,

three-bedroom unit to $833,510 for

a third-floor, three-bedroom unit.

All except two of the unprofita-

ble transactions at One Tree Hill Res-

idence since its completion involved

units purchased in 2007, before the

2008 global financial crisis.

The 48-unit One Tree Hill Resi-

dence is located close to the 30-unit

One Tree Hill Mansions and the 13-

unit One Tree Hill Gardens — sold

this May for $65 million in the first

collective sale of 2017. Developed by

Soilbuild Construction Group, the

freehold One Tree Hill Residence is

within walking distance of the future

Orchard Boulevard MRT station.

THEEDGE SINGAPORE | SEPTEMBER 11, 2017 • EP13

DEAL WATCH

Recent transactions at The Clift

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

Aug 21, 2017 549 1,069,999 1,949

Aug 8, 2017 527 1,050,000 1,991

July 21, 2017 495 970,000 1,959

July 2, 2017 775 1,270,000 1,639

June 9, 2017 527 950,000 1,801

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Recent rental contracts for 700 to 800 sq ft units atThe Clift

LEASE DATE MONTHLY RENT

$ $ PSF

July 2017 4,856 6.5

July 2017 4,400 5.9

July 2017 3,700 4.9

E

The Clift is a 43-storey, 99-year leasehold apartment tower that has commercial units on the ground level

| BY ANGELA TEO |

Located at the corner of McCallum Street

and Telok Ayer Street is the 312-unit

The Clift. The 43-storey, 99-year lease-

hold apartment tower has commercial

units on the ground level that are occu-

pied by F&B outlets such as Awfully Choco-

late, Ash & Char and Huggs café as well as a

Guardian personal care store. The property is

located just across the road from Amoy Food

Centre, which has several Michelin Bib Gour-

mand hawker stalls, and a short walk from

Tanjong Pagar Centre and the Tanjong Pagar

MRT station.

Developed by Far East Organization, The

Clift was completed in 2011. It contains a mix

of one- and two-bedroom apartments of 495

to 818 sq ft, and one- and two-bedroom lofts

of 753 to 1,076 sq ft on and above the 32nd

floor that offer panoramic city views. Facilities

at The Clift include a clubhouse, gymnasium

and 25m lap pool, as well as 254 car park lots

on the second to ninth floors.

On the market is a one-bedroom, 775 sq

ft loft at The Clift. It is up for sale at 1.4 mil-

lion ($1,806 psf), according to a listing on

EdgeProp.sg. The owner is said to be a Chi-

nese national who spent an undisclosed sum

renovating it within the last two years. Owing

to his frequent business trips, he has been un-

able to enjoy the apartment and the view from

the 36th floor, according to Jon Chin, senior

Unit at The Clift going for $1,806 psf

associate marketing director at Propnex Real-

ty, who is marketing the unit.

Chin reckons the new buyer will be able to

rent out the unit at $4,500 a month, or a po-

tential rental yield of 3.86%.

There were two transactions at The Clift in

August (as at Aug 27), according to caveats

lodged with URA. A 548 sq ft, one-bedroom

apartment on the 23rd floor was sold for close

to $1.07 million ($1,949 psf) and a 527 sq ft,

one-bedroom unit on the 27th floor changed

hands at $1.05 million ($1,991 psf).

Designed by DP Architects and Japan’s Su-

per Potato, the development won the FIABCI

Singapore Property Awards for the Residential

(High Rise) Category in 2012.

According to Far East Organization, The

Clift is a redevelopment of the former Nat-

west Centre, an office building, and was the

first office tower in the city to receive govern-

ment approval for conversion into a high-rise

residential block, in 2004. One of the charms

of the area is its proximity to the conserva-

tion area of Amoy Street, Telok Ayer Street and

Ann Siang Road as well as the Tanjong Pagar

neighbourhood.

For more information, visit edgepr.link/

DealWatch-S796.

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2. Cheque. My cheque payable to “The Edge Publishing Pte Ltd” is enclosed

Cheque no

3. Online. Visit subscribe.theedgesingapore.com

4. Phone. Please call 6232 8622 (Monday to Friday 9am to 5.30pm)

Mail the duly completed subscription form and cheque to:

The Edge Publishing Pte Ltd

150 Cecil Street #13-01 Singapore 069543

Tel: 6232 8622 Fax: 6232 8630 Email: hotlinespore@bizedge.com

*This special promotion ends on September 30, 2017. Subscription to The Edge Collection is non-cancellable and non-refundable.

The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for non-Singapore

addresses. LABSERIES redemption limited to fi rst 200 subscribers for the $238 plan. Terms and conditions apply

** You hereby authorize The Edge Publishing Pte Ltd to charge to your credit card

for automatic subscription renewal as per the selected plan until you cancel your subscription.

If you wish to opt out of the auto-renewal, please check this box:

TES795/LABSERIES

SUBSCRIBENOW!COLLECTION

3-Year plan at

$238 onlyThe Edge Singapore

(print + 3 digital access)+ The Edge Malaysia

(1 digital access)

WORTH $105Future RescueRepair Serum

WORTH $50Travel

Essentials Kit

REDEEM EITHER1. LAB SERIES – FUTURE RESCUE Repair SerumOR2. Travel Essential Kit with every 3-year subscription.

Visit subscribe.theedgesingapore.com to subscribe now!

*Terms and Conditions apply. Limited 200 redemptions. While stocks last.*FUTURE RESCUE Serum is limited to the fi rst 100 redemptions at LAB SERIES ION outlet.

FUTURE RESCUE Repair Serum is an ultra-potent treatment that helps to protect and repair the look of skin. Skin receives an antioxidant protection that creates a barrier to help it defend against pollutants and promotes skin’s natural repair process.

Travel Essential Kit consists of the basic skincare regime needed for the man on the go. Travel light and fuss free with  a set ofhigh-performance travel-size skincare essential s from Lab Series.

TES796/LABSERIES

EP14 • THEEDGE SINGAPORE | SEPTEMBER 11, 2017

THEEDGE SINGAPORE | SEPTEMBER 11, 2017 • EP15

EP16 • THEEDGE SINGAPORE | SEPTEMBER 11, 2017