PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of August 24, 2020 | ISSUE 947-169

MCI (P) 045/08/2019 PPS 1519/09/2012 (022805)

OfficeTwo floors at Samsung Hub on the market for record $4,000 psf ep3

HDB WatchHigh ceiling, high

demand: HDB lofts fetch million-dollar prices ep5

PropTechDigital experience at

Allgreen’s Fourth Avenue sales gallery ep6

Bungalow WatchBungalow deals see a

jump after circuit breaker pause ep7

SAM

UEL

ISAA

C C

HUA

/TH

E ED

GE

SIN

GAP

ORE

GuocoLand unveils Guoco Midtown II,

emphasises liveability and sustainability features

Turn to our Cover Story on Pages 8 & 9.

Cheng Hsing Yao, group managing director of GuocoLand Singapore

EP2 • EDGEPROP | AUGUST 24, 2020

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PROPERTY BRIEFS

August BTO launch sees highest application rate for Kebun Bahru Edge flats The HDB Build-To-Order (BTO) sales exercise for Au-gust 2020 closed with over 38,998 applications for the 7,862 BTO flats launched across eight different HDB towns.

Based on application numbers when applications closed on Aug 18, the BTO project with the highest application rate is the 380-unit Kebun Bahru Edge along Ang Mo Kio Avenue 1. The project is a 10-min-ute walk to the upcoming Mayflower MRT Station on the Thomson-East Coast Line, and within 1km to Ai Tong Primary School and CHIJ St Nicholas Girls Pri-mary School.

The overall application rate for five-room flats at Kebun Bahru Edge is 19.6 times, with the application rate from second-timers at 168.3 times. The indica-tive selling price of a four-room flat at Kebun Bahru Edge starts from $423,000, while a five-room is priced from $571,000.

“Even though the five-room flats at Kebun Bahru Edge are the most expensive flats in this BTO exer-cise, buyers were still enticed by the favourable loca-tion of this project,” says Nicholas Mak, head of re-search and consultancy at ERA Realty.

Other popular units are the four-room flats at Dako-ta One with an application rate of 17.8, as well as the five-room flats at Urbanville @ Woodlands that have an application rate of 9.3. Both projects are close to MRT stations, namely Dakota on the Circle Line and Woodlands on the North-South Line.

“Overall, the larger flats garnered higher applica-tion rates than the smaller flats, even though the for-mer come with larger price tags. The application rates of five-room flats were higher than that of three-room and four-room flats across all HDB towns except for BTO projects in Tampines,” says Mak.

The rising trend of working from home may influ-ence some home buyers to desire a more spacious liv-ing area that could be converted into a home office if needed. It indicates that some home buyers, includ-ing first-timers, have larger housing budgets after the government raised the income ceiling for eligible BTO applicants, says Mak.

The five-room flats in the BTO projects in Tampines had the lowest overall application rate of 1.8 times. The projects are Tampines Green Crest, Tampines Green Glade, and Tampines Green Opal.

“Not all BTO projects that are located near to MRT stations garner high application rates. To attract more applicants, the BTO projects need other attributes, such as proximity to popular schools or the CBD,” says Mak.

He adds that this BTO sales launch also shows that larger flats are more popular even among first-time home buyers.

Freehold shophouse in Geylang sold for $3.7 milOn Aug 12, a freehold shophouse at 219 Geylang Road was sold for $3.7 million. The agent for the seller was Cruz Phua, associate senior sales director at SRI, who says that the property took less than a week to find a new owner.

The property was listed for sale on July 23 for $4.2 million and the first viewing took place on July 25. This prospective buyer then agreed to purchase the property on July 28, and the sales option was exer-cised on Aug 12.

The shophouse sits on a 1,273 sq ft plot and has a total built-up area of about 3,000 sq ft. The buy-er is reportedly acquiring it as an investment asset, but may utilise it as his own office space in the fu-ture, says Phua.

In July, three neighbouring shophouses at 223, 225, and 227 Geylang Road were collectively put up for sale at a guide price of $12 million by CBRE. Af-

ter factoring in an estimated development charge of $3.2 million, the price worked out to be $1,172 psf per plot ratio (ppr).

Phua is also marketing a 999-year leasehold shop-house at 79 South Bridge Road that is on the market for $13.8 million. The property is in the Boat Quay Conservation Area and close to the junction of South Bridge Road and South Canal Road.

The shophouse sits on a 1,595 sq ft plot and has a built-up area of 5,051 sq ft. The space is currently tenanted until 2024, says Phua, adding that the aver-age rental yield for shophouses in the area is about 3%. He says that this property will appeal to inves-tors looking for a stable, long-term asset.

“The impact of the Covid-19 pandemic has placed pressure on some owners to sell some of their com-mercial properties, and I expect we will see more com-mercial listings appear on the market over the next few months,” says Phua.

“Buyers are on the hunt for reasonably priced, free-hold commercial assets, and although they are still very discerning I wouldn’t describe it as frenzied buying at the moment,” he says. Most are looking for prop-erties that have full commercial zoning, and tenanted properties are highly desirable, he adds.

Two adjacent factory sites at Jalan Lembah Kallang for $17 mil Two adjacent factory sites at 1 and 3 Jalan Lembah Kallang are on sale for $17 million in an expression of interest (EOI) exercise. Savills Singapore is the sole marketing agent for the properties.

Both plots are zoned under Business 1 Industri-al, and the surrounding area includes light industri-al, commercial, and some residential developments. The sites are close to Bendeemer and Boon Keng MRT Stations, and are connected to the Kallang-Paya Lebar Expressway and Pan-Island Expressway.

The site at 1 Jalan Lembah Kallang has a land area of 8,475 sq ft and a 99-year lease that began on Sept 1, 1964. It comprises a detached factory with a three-sto-rey front office building and a rear single-storey work-shop. The buildings have a gross floor area of about 6,000 sq ft. The floor area of this site can potentially be redeveloped up to 21,000 sq ft.

The neighbouring site at 3 Jalan Lembah Kallang has a land area of 8,544 sq ft, and a 99-year lease that began on July 1, 1964. The site has a detached two-sto-rey factory of 5,600 sq ft and an open yard workshop of 950 sq ft. The total gross floor area is 6,550 sq ft.

“With an allowable gross plot ratio of 2.5 [for both sites], and a long remaining land lease with no ground rent payable for either property, we expect interest from buyers seeking to redevelop the site into their customised corporate headquarters in a superior city-fringe locality,” says Sharon Teo, managing director of business space at Savills Singapore.

The EOI exercise closes on Sept 30.

Knight Frank Singapore appoints Evan Chung to lead brokerage arm Knight Frank Singapore has appointed Evan Chung as the head of KF Property Network (KFPN), a subsidiary brokerage arm with about 450 salespersons. Chung will take up his new position with effect from August.

Chung has been with the associate network since 2016 and has more than 12 years of experience in the real estate industry. While at Knight Frank Singapore, Chung was a senior division director at KFPN, where he led two divisions and held roles as an in-house trainer to associates. He has also been a senior pro-ject IC since 2016.

Before joining Knight Frank Singapore, Chung was a vice-president at Edmund Tie & Co, which he joined in 2008.

With his recent promotion at Knight Frank Singa-pore, Chung will chart the direction of the business

and spearhead training activities, leadership devel-opment, and explore avenues to expand the associ-ate network’s breadth of transactional capabilities.

“Evan’s depth of experience and expertise on the ground and with his fellow associates has been estab-lished, and we look forward to an empowered KFPN that will gear towards providing a holistic environment for all aspiring and veteran salespersons to learn and grow in, developing and supporting our people in all the ways that matter,” says Wendy Tang, group man-aging director at Knight Frank Singapore.

UOL Group suffers $82 mil loss in 1H2020 Listed developer UOL Group has reported a loss of $82.1 million in 1H2020 due to “fair value losses on its investment properties, including retail malls and serviced suites, which were severely affected by Cov-id-19”, according to a press release dated Aug 13.

Property development remains the largest contrib-utor to the group’s revenue at 42% in 1H2020. The Tre Ver at Potong Pasir, launched in August 2018, is 94.5% sold. Amber45, which was launched in 2Q2018, is 87.1% sold.

Avenue South Residence, launched in August last year, is 47% sold, whereas 56-unit luxury project Mey-er House is 12.5% sold.

UOL also announced Clavon, an upcoming resi-dential launch in 4Q2020. A 80:20 joint venture be-tween UOL and UIC comprising 640 units, it will be built on the Clementi Avenue 1 government land sale (GLS) site acquired in July last year for $491 million or $788 psf per plot rratio (psf ppr).

The developer was also awarded a GLS site near Canberra MRT Station in March for $270.2 million or $650 psf ppr. The project is a joint venture between UOL, UIC and Kheng Leong, with a total gross floor area of 38,593 sq m (415,412 sq ft), which will yield an estimate of 448 residential units. It is targeted to be launched in 2021.

Property investments contribute 26% of total rev-enue in 1H2020, up from 22% in 1H2019. Occupancy rates for office properties remain strong at 94.5% for Singapore’s market, while retail properties see high committed occupancy at 94.4% in 1H2020.

On the other hand, hotel operations contributed 15% in 1H2020, down from 25% in 1H2019. UOL’s hotel operations comprise the Pan Pacific brand, Parkroyal and Parkroyal Collection. There was a drop in contri-bution due to the closure of Parkroyal Collection Ma-rina Bay and Parkroyal KL for refurbishment works. Pan Pacific Suzhou was also divested in December last year. Parkroyal Collection Marina Bay, compris-ing 575 keys, is expected to be completed in 1H2021.

Due to higher borrowings for the acquisition of the residential site at Canberra Drive and the devel-opment of Clavon at Clementi Avenue 1, UOL Group’s net debt to equity ratio is at 0.32 as at June 30, up from 0.30 as at Dec 31, 2019. — Compiled by Valerie Kor and Timothy Tay E

CRUZ PHUA/SRI

The shophouse at 219 Geylang Road (in blue) took less than a week to find a new owner

SAVILLS SINGAPORE

The two industrial sites have a total land area of 17,019 sq ft

Correction

In Property Briefs in Issue 946 (Aug 17), the headline of the AIMS APAC REIT article should have been “AIMS APAC REIT to buy property in Jurong for $129.6 mil”. AIMS APAC REIT does not own Raymond Construction or any prop-erty at 57 Kaki Bukit Place.

The error is regretted.

EDGEPROP | AUGUST 24, 2020 • EP3

BY TIMOTHY TAYtimothy.tay@edgeprop.sg

Two consecutive office floors at Samsung Hub, a Grade-A commercial development at 3 Church Street, are on sale at a record $4,000 psf. The office spaces on the ninth and 10th floors have a strata area of 13,110 sq ft each, and the indicative price translates to a total

of $104.88 million.If the two office floors are successfully sold at the indica-

tive price, it would be the highest psf price achieved for an of-fice floor in the 999-year leasehold commercial development. The office floors can be acquired collectively or individually, and both are currently tenanted.

CBRE is the sole marketing agent for the properties. The owner of the two office floors is Sun Venture, a local real es-tate developer with other investment interests in 71 Robin-son, Westgate Tower, and the retail mall at Paya Lebar Square.

The current record price at Samsung Hub was set in Febru-ary this year when the strata office on the 11th floor fetched $49.78 million. It comprises four strata units of 13,100 sq ft in total, and the $3,800 psf is the highest psf price for a sin-gle strata office floor within the CBD in the last five years. CBRE was the broker of this deal and the buyer is a South Korean family office.

“Ownership within Samsung Hub is tightly held as the various owners have been able to continuously enjoy capi-tal growth over the years; for instance, capital appreciation has been about 10% to 15% over the last two years. As such, the 999-year leasehold office floors at Samsung Hub are sel-dom traded,” says Michael Tay, head of capital markets, Sin-gapore, at CBRE.

Completed in 2006, the 30-storey Samsung Hub was joint-ly developed by CapitaLand, OCBC Properties, the Singapore Chinese Chamber of Commerce, and South Korean conglom-erate Samsung Group, which is also the anchor tenant. As a prime Grade-A office tower in the CBD, Samsung Hub is also a rare commercial development with a 999-year leasehold tenure. The building features excellent attributes such as a double volume entrance lobby, 177 car park lots, and office spaces that comprise regular, column-free layout with floor-to-ceiling height of 2.7 metres.

Keen interest from Chinese and Hong Kong investorsAccording to Tay, most office floors in Samsung Hub have dif-ferent owners, and this sale is a rare chance to acquire two consecutive floors within the highly sought-after building. “We expect keen interest from a wide range of owner-occupiers and investors such as boutique real estate funds, family offic-es, local companies, and high net-worth investors,” says Tay.

He anticipates interest from buyers based in Hong Kong and mainland China. “We cannot overemphasise what is cur-rently happening in Hong Kong, as well as [the impact on] Chinese capital based in Hong Kong, and I think Singapore is still a very natural alternative choice for these investors. We are seeing enquiries, and we think that due to the size of [Samsung Hub] and the nature of this asset, it may be pos-sible to attract some buyers without them inspecting the de-velopment,” says Tay.

According to Clemence Lee, senior director of capital mar-kets at CBRE, Samsung Hub has a track record of attracting Ko-rean and Chinese firms and family offices. “This is due to the fact that the development has a 999-year lease, is a Grade-A development, and boasts a relatively large floor plate,” he says.

For example, the office space on the 20th floor changed hands for $46 million ($3,550 psf) in April 2018. The seller was a Hong Kong-based Chinese company who sold the prop-erty to another Chinese company, says Lee.

On top of the potential capital appreciation, many high net-worth family offices are on the hunt for stable, high-qual-ity assets, says Lee. “A freehold asset tends to retain its value very well over the long term. This is another reason why they choose to invest in Singapore, given that we are a politically stable financial hub in the region,” he adds.

Supply crunch supports rental growthCBRE says that its current projection of the local commercial real estate market over the next few years casts favourable conditions in which to market a big-ticket asset like the two

office floors at Samsung Hub.Tay says: “Despite the current Covid-19 situation, the of-

fice sector has proven its resilience due to a tight office sup-ply which will lend support to rental growth over the mid- to long-term. Investors’ unwavering confidence in the Singapore office market is evident by the recent sale of Robinson Point at $500 million ($3,720 psf on nett lettable area), and the sale of the 11th floor at Samsung Hub at $49.8 million ($3,800 psf on strata area).”

Recently announced redevelopment plans for AXA Tow-er will also displace several companies such as e-commerce group Lazada. According to Tay, Lazada is considering prem-ises such as One Raffles Place and 30 Raffles Place, although it has yet to decide on a location. In May, a consortium of in-vestors led by mainboard-listed Perennial Real Estate Holdings announced the sale of a 50% stake in AXA Tower to Alibaba Singapore, a subsidiary of Chinese e-commerce giant Aliba-ba Group Holding. The deal is based on a property purchase price of $1.68 billion.

“There has been a healthy body of tenants looking for space in the city, and part of this is driven by the rejuvenation of buildings including AXA Tower and Fuji Zerox Tower. Many tenants there have been in the CBD for a long time and they prefer to be located in the CBD,” says Tay. This could form the base of the office demand for the next 12–18 months, he says.

Office supply in fringe CBD locations is also very tight, in-cluding areas such as Labrador, Buona Vista, Alexandria, Har-bourfront, and Paya Lebar, says Tay. “There is a gap in terms of the supply of new office space and business parks in the city-fringe locations. Thus, some tenants may be driven, from a supply perspective, into office spaces in the CBD,” he adds.

No more exponential growth from co-workingThe pandemic has hit co-working operators particularly hard, on the back of the sector’s exponential growth in Singapore over the last three years, says Tay, noting that average occupancy has dropped from about 90% to close to 60% in some cases.

“There is stress in the market but we have not seen any co-working operator go under in Singapore. All of them are still holding onto the space they have leased, with some help from landlords and government support packages,” he says. Even before the full economic impact of the pandemic hit, co-work-ing operators here had begun to taper their office space de-mand and become more selective in their choices, Tay observes.

Demand for office space from co-working operators is ex-pected to moderate in the short term, and the office space that these operators have leased over the past two years is unlikely to return to the market anytime soon, says Tay.

Looking ahead, one of the big changes from commercial occupiers could be the density of office workers in an office building due to safe distancing and heightened awareness of health and wellness factors, says Tay.

“The last four years has seen average office space usage gone down, and in extreme cases to about 70 sq ft per person. Historically, offices in Singapore tend to offer on average 100 to 120 sq ft per person, and in some cases even up to 150 sq ft per person. But I think going forward, the market will try to find a new compromise in light of what we have learnt from this pandemic,” he says.

This is influencing consolidation plans as some tenants re-evaluate if they should continue to lease separate locations or to consolidate. Many companies have shared that having separate teams is not ideal for them in the long term, says Tay.

“These are important questions that need to be answered, but it will take more time for companies to come to terms with what is the most balanced and best approach for their people,” he adds. E

Two office floors in Samsung Hub going for record $4,000 psf

Completed in 2006, the 30-storey Samsung Hub was jointly developed by CapitaLand, OCBC Properties, the Singapore Chinese Chamber of Commerce, and South Korean conglomerate Samsung Group

CBRE

Tay: Despite the current Covid-19 situation, the office sector has proven its resilience due to a tight office supply which will lend support to rental growth

Lee: Samsung Hub is highly desirable due to its 999-year leasehold land tenure, Grade-A specifications, and relatively large office floor plate

OFFICE

Resale transactions at Samsung Hub

Floor Area (sq ft) Price ($) Price ($psf) Contract date

11th 13,100 49,780,000 3,800 February 2020

17th 3,595 11,863,500 3,300 October 2019

14th 13,110 44,000,000 3,356 April 2019

12th 3,132 10,805,400 3,450 October 2018

20th 13,132 46,618,600 3,550 April 2018

URA REALIS

CBRE

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP4 • EDGEPROP | AUGUST 24, 2020

BY VALERIE KOR valerie.kor@edgeprop.sg

Since the easing of the “circuit breaker” re-strictions on June 19, sales momentum of private homes has continued to pick up steam. A total of 1,080 new homes (ex-cluding executive condominiums or ECs)

were sold in July, up by 8.2% from 998 units sold in June and the highest since November last year. The figure is 8.4% lower y-o-y.

Despite the lack of major launches in July, Is-mail Gafoor, CEO of PropNex Realty, notes that the market has continued to absorb units from previously launched projects at a pace that is “commendable given the substantial economic headwind from the pandemic”.

He attributes the higher sales figure to “un-derlying housing demand, ample liquidity in the system, low interest rates, and attractively priced projects”.

Deals were done for balance units at projects such as Treasure at Tampines (112 units sold), Parc Clematis (87 units sold), JadeScape (75 units sold) and Daintree Residences (56 units sold), observes Desmond Sim, head of research (Southeast Asia) at CBRE. He attributes the up-tick in sales to anecdotal evidence of developer discounts and incentives, as well as a low-inter-est rate environment.

“Surprisingly, developers did not rush to launch new projects in the month of July be-fore the seventh lunar month that stretches from Aug 19 to Sept 16,” says Ong Teck Hui, senior director of research and consultancy at JLL. The absence of new launches in July shows a hint of caution on the part of developers, although some appear more confident, he says, pointing to an additional 400 units at Treasure at Tamp-ines and 191 units at Avenue South Residences that were recently released for sale.

Ong notes that in August, Forett at Bukit Ti-mah is the only new launch to date. The pro-ject sold 190 units, or 30% of total units, during a virtual booking day event, at an average psf price of $1,880 psf. PropNex’s Gafoor expects sales at Forett at Bukit Timah to “prop up over-

all new home sales in August”. Tricia Song, head of research for Singapore

at Colliers International, says that as of Aug 9, 543 new sales have been recorded this month. She expects sales to slow down after Aug 19 as the seventh lunar month is traditionally quieter for property sales.

Surge in CCR sales Sales in the Core Central Region (CCR) increased 43% m-o-m. Gafoor observes that this result may be spurred by the right pricing strategy at pro-jects including Kopar at Newton, Fourth Avenue Residences, The Avenir, and The M. At Kopar at Newton, one of the more popular launches in the CCR in July, the median transacted price was $2,292 psf in July, which was lower than the median transacted price range of $2,600–$3,400 psf in District 9’s new launches in 2019, Gafoor observes.

The percentage of local buyers in the CCR has also increased since two years ago, from 48.3% in 2018 to 63.2% in 2019. For this year, Singa-poreans contributed 77.8% of total CCR transac-tions in the first seven months of 2020.

Gafoor says: “This could be because of a pull-back in foreign purchases, following the increase in additional buyer’s stamp duty [ABSD] for for-eigners in 2018 and, more recently, the travel bans due to the pandemic.”

Colliers’ Song also observes that sales in the high-end luxury segment in the CCR main-tained momentum in July. The Avenir moved 11 units at a median price of $2,992 psf, a 7.8% drop from the median price of $3,245 psf in January. Cuscaden Reserve sold three units at a median price of $3,622 psf, while Boulevard 88 sold two units at a median price of $3,489 psf.

Still, the mass market segment leads the ma-jority of private home sales. Leonard Tay, head of research at Knight Frank Singapore, says that excluding ECs, the majority of units transacted in July were in the Outside Central Region (OCR), which accounted for 548 units. There were 419 transactions in the Rest of Central Region (RCR) and 113 deals in the CCR.

Higher-quantum units soldCBRE’s Sim notes that there is an increased inter-est in higher-quantum units in July, where 147 homes were sold at above $2 million. This fig-ure is up from 118 in June. “Buyers with liquid-ity are still seeking opportunities in the residen-tial market, motivated by the low-interest rate environment and increased incentives offered by developers,” says Sim.

Even as the majority of buyers bought homes

in the suburban and city-fringe areas in July, sales of landed properties and pricier homes rose last month, notes Christine Sun, head of research and consultancy at OrangeTee & Tie.

“This came as a surprise as most buyers, espe-cially those purchasing homes in the mass-mar-ket region, would be expected to prefer more affordable housing options, given the current macroeconomic uncertainties,” she says.

Sun highlights two top deals in the RCR made at above $10 million: a 5,672 sq ft unit at Meyer House that was sold for $13.8 million ($2,434 psf) and a 4,973 sq ft unit at 15 Holland Hill that transacted at $13.4 million ($2,700 psf). “The in-creasing demand for such luxurious homes attests to the resilience and attractiveness of residential properties in Singapore,” she adds.

Meanwhile, Huttons noticed a preference for larger homes, perhaps due to the prevalence of working from home. In April, the average size of new homes purchased was 72.7 sq m or 782.5 sq ft. In August, this has increased to 89.7 sq m or 901 sq ft.

Locals form majority of buyers The number of new, non-landed homes (ex-cluding ECs) bought by Singaporeans rose fur-ther from 785 units in June to 884 units in July, which constitutes 84.4% of total new non-land-ed homes, comments Orange Tee & Tie’s Sun.

The number of homes bought by Singapore permanent residents (PRs) rose further from 123 units in June to 130 units in July, while those bought by foreigners fell slightly from 46 units in June to 34 units in July, she adds.

At top-selling projects Treasure at Tampines, Parc Clematis and The Florence Residences, 85% of the units sold were bought by Singapo-reans, 13% by PRs and 2% by foreigners, notes Knight Frank’s Tay.

Sun adds that for non-landed new private homes (excluding ECs) that were sold above $2 million in July 2020, 76% (114 units) were bought by Singaporeans, 18.7% (28 units) by PRs and 5.3% (eight units) by foreigners.

CBRE’s Sim concludes that the impact of Cov-id-19 is not immediate and a slowdown of sales momentum could be seen in 2H2020, following weak economic sentiment and employment fig-ures. He predicts that new home sales volume may reach about 7,000 units, excluding ECs, for the whole of 2020.

However, other consultants are more optimistic. Knight Frank’s Tay projects total new home sales to hit 7,000–8,000 for 2020, while OrangeTee & Tie’s Sun projects that around 7,500–8,500 new private homes could be sold this year. E

The 1,468-unit Parc Clematis, which previewed in August last year, is the second top-selling project in July

NEW HOME SALES

1,080 private new homes sold in July, highest in 2020

New home sales in Core Central Region by nationality

Nationality 2018 2019 2020 (Jan–July)

Singaporeans 47.3 % 63.2% 77.8%

Singapore permanent residents 18.1% 13.1% 12.4%

Foreigners 33.6% 23.7% 9.8%

TOTAL SALES 553 864 834

PROPNEX RESEARCH, URA REALIS, AS AT AUG 17, 2020

Average size of new homes purchased (April–August 2020)

April May June August

Average size (sq m) 72.7 73.3 80.9 83.7

URA, HUTTONS RESEARCH

Top 10 best-selling private residential projects in July 2020 (excluding executive condominiums)Project Units sold Region* Launch date Median launch

price ($ psf)Median price in July ($psf)

Price change (%)

Treasure at Tampines 112 OCR March 2019 1,335 1,344 0.7

Parc Clematis 87 OCR August 2019 1,615 1,649 2.1

The Florence Residences 78 OCR March 2019 1,434 1,559 8.7

JadeScape 75 RCR September 2018 1,667 1,739 4.3

Daintree Residence 56 RCR July 2018 1,699 1,641 -3.4

Parc Esta 50 RCR November 2018 1,703 1,710 0.4

The Tapestry 44 OCR March 2018 1,408 1,365 -3.1

Stirling Residences 38 RCR July 2018 1,749 1,979 13.2

Affinity At Serangoon 34 OCR June 2018 1,590 1,534 -3.5

The Woodleigh Residences 34 RCR November 2018 2,007 1,875 -6.6

PROPNEX RESEARCH, URA

*OCR: Outside Central Region; RCR: Rest of Central Region

THE EDGE SINGAPORE

EDGEPROP | AUGUST 24, 2020 • EP5

BY VALERIE KOR valerie.kor@edgeprop.sg

HDB loft units on the market typically get snapped up within a few viewings. With high ceilings and a sec-ond level, such units are in scarce supply.

This month, a 2,012 sq ft loft unit at Sin Ming Av-enue has been sold for around a million dollars to a

young couple. The unit is classified as an executive maisonette. The living

room, bedrooms and washrooms are located on the first level. Upstairs, there is an open-plan family area about 40% of the space on the lower level. “It can be used as a guest room, a gym or an entertainment room,” says Laura Moo, marketing manager at PropNex Realty.

The unit could be one of the largest HDB flats ever built, Moo says. “The ceiling height of the apartment is six to sev-en metres at its peak and the slanted roof gives it a cathedral feel,” she adds.

The block of flats was built in 1990 and has 69 years left on its 99-year lease. The previous owner purchased the 11th-floor unit in 1997 for $600,000, and has lived in it since. Now semi-retired, he is looking to downsize to a smaller unit that requires less maintenance.

The flat enjoys an unblocked view of greenery and looks towards the swimming pool and tennis courts of the neigh-bouring private condominium, The Gardens at Bishan. It also has a pocket view of Upper Peirce Reservoir.

Sin Ming Avenue, being a mature estate, has shown resil-ience in terms of property prices, says Moo. She attributes it to the city-fringe location, the proximity to the upcoming Bright Hill MRT Station on the Thomson-East Coast Line, as well as amenities such as malls, eateries and schools.

Punggol loft sold to family of fourOver in Punggol, a five-room loft unit transacted for $900,000 earlier this month at Punggol Field in the Punggol Sapphire es-tate. Measuring 1,065 sq ft, it is the first loft unit to be sold since

May last year, when a similar five-room loft sold at $900,000. The 16th-floor loft unit is designed such that the master

bedroom is on the upper level, while the living and dining area as well as two other bedrooms are on the first level. The previ-ous owner purchased the flat directly from HDB for $468,000 in May 2008 during the Build-To-Order (BTO) exercise. The project was completed seven years ago, and the multi-gen-erational family has been living there since. The family now wants to move into a simplex unit for the convenience of age-ing parents. And they have since upgraded to a ground-floor

unit in the neighbouring executive condo at Punggol Walk, namely Twin Waterfalls.

The buyers, on the other hand, are a couple with two children who are moving from Punggol Emerald Estate, just a few blocks away from their new home. They viewed the unit once Singapore entered Phase Two reopening after the “circuit breaker”, and exercised the option to purchase with-in a fortnight.

The unit has a southwest facing, which means it can get

High ceiling, high demand: HDB lofts fetch million-dollar prices

PICTURES: PROPNEX REALTY

HDB WATCH

The Sin Ming Avenue loft unit boasts an unblocked view of greenery and looks towards the swimming pool and tennis courts of The Gardens at Bishan condomiminum

CONTINUES ON PAGE EP16

All the rooms at the Sin Ming Avenue loft unit are located on the lower floor, and there is space for a family room or entertainment area upstairs

A five-room loft unit at SkyTerrace @ Dawson has received 20 to 30 enquiries since being put up for sale a month ago

EP6 • EDGEPROP | AUGUST 24, 2020

BY CECILIA CHOWcecilia.chow@edgeprop.sg

It wasn’t Covid-19 that triggered the team at Allgreen Properties to adopt a 270-degree, mul-ti-sensory, immersive digital experience for the new Fourth Avenue Residences sales gallery. Rather, it was science fiction; to be exact, the

2002 Steven Spielberg science fiction movie Mi-nority Report set in 2054. The human-computer interface created by then MIT PhD research stu-dent John Underkoffler for the movie 20 years ago has become very real today.

Anson Lim, senior general manager for res-idential marketing and sales at Allgreen Prop-erties, describes the version at Fourth Avenue Residences sales gallery as “reimagining Tom Cruise in Minority Report”. Unlike Minority Re-port, which cost US$102 million to make, All-green Properties invested about $300,000 in its “270-degree multi-sensory immersive theatre, holographic showflat displays and Interactive 3-D project model app” for the sales gallery. “We thought of doing a total digital experience even before Covid-19, but the timing turned out to be good,” he says.

For instance, the 3D holographic, 16-inch (40.6-cm) displays were imported from the US, and use hand gestures to navigate around six differ-ent showflats. One can also zoom into a specific

unit in the project and see the actual view from the unit as one moves up each floor – from the fourth, fifth or 10th floor, explains Lim. The good thing about using hand gestures (in this case, one’s fist) instead of touchscreen in this Covid-19 era is that it is contactless, he adds. “We are the first developer to adopt this cutting-edge technology.”

The move towards a digital experience was also motivated by a very practical reason: site constraint. This is because the original sales gal-lery was situated on the actual site of the pro-ject, and had to be demolished last December to make way for construction of the 476-unit, high-end private condo. It is located on Fourth Avenue, just off Bukit Timah Road in prime District 10. “We needed to have another sales gallery to con-tinue with our marketing efforts,” explains Lim.

The developer also wanted a location close to the actual project. Fortunately, just across the road on Fourth Avenue is a piece of vacant land that Allgreen Properties had leased from the Sin-gapore Land Authority under a Temporary Oc-cupation Licence (TOL). It was used to build the sales gallery of its other project under the Bukit Timah Collection, namely the 285-unit Royal-green, which was launched last October. That led to the idea of carving up part of the TOL site, specifically the car park, to be developed into the new gallery for Fourth Avenue Residences. This also makes it convenient for marketing agents

to “cross-sell” the projects, says Lim. The land area that was carved up was only

250 sq m (2,691 sq ft) – about 20% to 25% of a typical sales gallery that can accommodate three showflats. Without the luxury of space for phys-ical showflats, Allgreen opted for “a new digital experiential journey” for the new gallery. “While it was planned last December — even before the Covid-19 circuit breaker measures — it turned out to be the right move to leverage the digital platform for our marketing and sales efforrts,” adds Lim. “The Covid-19 pandemic has accel-erated the digital transformation and unlocked new growth opportunities.”

However, Covid-19 did cause a delay in the opening of the new sales gallery by some three to four months. “Because of the circuit breaker, we only completed the carcass of the sales gal-lery in early April,” recounts Lim. “We had orig-inally targeted to open the new sales gallery in April.” But the circuit breaker had meant the clo-sure of all sales galleries and suspension of phys-ical viewing and sales activity for 2½ months.

Since the opening of the sales gallery on Aug 1, Allgreen has sold 20 units at Fourth Avenue Residences. This is a pick-up in sales momen-tum compared to July, when 11 units were sold; and June, when seven units were sold. Average price of units sold to date is $2,371 psf, based on caveats lodged with URA Realis. “The overall

average price has been maintained, even though there were some price adjustments for different units,” notes Lim.

For instance, Allgreen is currently offering buyers a selection of one- and two-bedroom units where maintenance fees will be waived for the first two years. “We believe buyers of such units tend to be investors who want to rent out their apartments,” explains Lim. “With two years’ complimentary maintenance fees, they will be able to enjoy a better rental yield.”

One-bedroom units are priced from $1.1 mil-lion, and two-bedroom units from $1.4 million. These entry prices have enticed those from the Outside Central Region (OCR) areas of Bukit Batok, Hillview Avenue and Upper Bukit Ti-mah, as well as those from the city-fringe or Rest of Central Region (RCR), for instance, the Serangoon area. “About 40% of the buyers are those from OCR, with another 30% from RCR and 30% from the Core Central Region, includ-ing those in Districts 9, 10 and 11,” notes Lim.

Fourth Avenue Residences is also benefitting from the buzz in the Bukit Timah area, follow-ing the launch of a residential and commercial site at Jalan Anak Bukit in June. The govern-ment land sales (GLS) site is located near the up-coming Beauty World integrated transport hub.

In the future, Fourth Avenue Residences will be linked to the adjacent Sixth Avenue MRT Sta-tion on the Downtown Line. The MRT station will also be directly connected to an upcom-ing 1.4km sky park that will be built above the Bukit Timah canal, and will also stretch to Elm Avenue and the Rail Corridor. It will form part of the Bukit Timah-Rochor Green Corridor be-tween Bukit Timah Road and Dunearn Road and extended to the Kallang Riverside in the future.

Lim foresees there could be some delay in the project completion period, which was original-ly scheduled for August 2022, as a result of the Covid-19 outbreak in the foreign workers’ dor-mitories over the past four months. “The con-struction workforce hasn’t fully resumed work yet, and some of the workers have also opted to return to their home country,” he says. “That will affect the construction period for projects, and we think the delay could be more than six months.”

However, the residential market appears to be resilient despite Covid-19, observes Lim. The URA private residential property price index actu-ally showed a 0.3% q-o-q uptick in 2Q2020 com-pared to a 1% drop q-o-q in 1Q2020. “It shows that prices have stabilised,” notes Lim. Mean-while, 2Q2020 clocked total private new home sales of 1,713 units, which actually surpassed what analysts had predicted, he points out. E

Digital experience at Allgreen’s Fourth Avenue sales gallery

The new sales gallery for the Fourth Avenue Residences project is on the same site as the Royalgreen sales gallery

PROPTECH

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The holographic virtual display at the sales gallery Lim: We thought of doing a total digital experience even before Covid-19, but the timing turned out to be good

EDGEPROP | AUGUST 24, 2020 • EP7

BY CECILIA CHOWcecilia.chow@edgeprop.sg

In the rarefied world of the rich, transaction activity in the bungalow market has picked up in the past two months. Recently, a Good Class Bungalow (GCB) on Cable Road, lo-cated opposite the High Commission of Ma-

laysia in the Jervois area was sold for $18.9 million ($1,456 psf). The two-storey, five-bed-room detached house with swimming pool sits on a freehold land site of 12,981 sq ft. It was a mortgagee sale, and had been on the market since last year.

On Chatsworth Road, off Tanglin Road, a GCB sitting on a 14,995 sq ft, freehold site was sold for $28 million ($1,867 psf), also in early August. The deal was brokered jointly by Ste-ve Tay, senior associate vice president of List Sotheby’s International Realty, who represent-ed the buyer, and KH Tan, managing director of Newsman Realty, who represented the seller.

Just off Jervois Road is Mount Echo Park, where another GCB changed hands recently for about $27 million ($1,781 psf), although a cave-at has not been lodged. List Sotheby’s Tay and Newsman Realty were also said to have acted jointly on the sale, on behalf of the owner and

the buyer respectively. These deals were all completed in Phase Two

reopening on June 19 after the “circuit break-er” period, when prospective buyers and agents were allowed to visit the property and gauge the suitability for their requirements, notes List Sotheby’s Tay. No matter how affluent, these buyers prefer to view the physical property be-fore making a purchase, especially given that these are big-ticket purchases. “Sometimes, the views may be blocked, or there could be build-ing limitations to the site, which are not evident from the plans alone,” he explains.

Pent-up demand, realistic pricingTay credits the spike in transactions partly to pent-up demand that had built up during the two-month-long circuit breaker. “Big families felt a greater need for space and privacy with everyone working from home and children doing home-based learning, especially those living in apartments and even penthouses,” he says. “Being confined together also rein-forced the thought of owning a landed proper-ty, which spurred many into action when the lockdown measures were eased and property viewings allowed.”

Owners have also become more realistic

in their pricing given the Covid-19 pandemic. “Rather than holding onto a bullish outlook, they are more prepared to consider a fair and reasonable offer,” acknowledges Tay. Given the healthy demand, many of the GCBs sold recently were done at prices that were higher than the offers received towards the end of 2019 and early 2020, he notes. He attributes this to the recovering equities market and low inter-est rate environment.

Most of the buyers today are Singaporean families, who are upgrading from a smaller bun-galow to a GCB or transitioning from another GCB area to a more central location, says Tay. The buyers of the GCB at both Chatsworth and Mount Echo Park are Singaporeans.

“They have been waiting to buy for the last few years, and given that prices have softened a little, they feel that it’s a good time to re-en-ter the market,” says Newsman’s Tan. “There’s confidence in Singapore’s long-term prospects.”

Newly-minted Singapore citizens remain “se-rious buyers”, notes Tan, especially former Chi-nese and Indonesian nationals, who have tra-ditionally gravitated towards the GCB market.

‘Seizing opportunities’William Wong, managing director of Realstar

Premier Group, says his firm brokered the sale of five GCBs in the last two months, mainly in the $20–$30 million range. They include GCBs on Old Holland Road, Garlick Avenue and Mar-goliouth Road.

“Some of these buyers had been waiting on the sidelines as they initially thought the mar-ket might tank, but when they saw good plots emerge on the market for sale, they decided to seize the opportunity,” says Wong. “Good plots in good locations don’t come by that of-ten. There’s a belief that a lot of the ultra high net worth capital has made its way to Singa-pore, hence, the optimism in the luxury bun-galow segment.”

Sales momentum in the GCB market had been slow in 1H2020, largely due to the Covid-19 cir-cuit breaker measures that had put a pause on most property market activity for much of the second quarter. However, Wong expects the cur-rent pick-up in activity and sales momentum to gain traction at least for the rest of the year.

It is not just GCBs that have seen a bounce in activity — even those in the established pri-vate estates outside the Central area are expe-riencing one. For instance, in the Katong area in prime District 15, a bungalow sitting on a freehold site of 7,352 sq ft on Goodman Road was sold for $9.08 million ($1,235 psf) in July. Meanwhile, also in the Katong area, another bungalow sitting on a 6,017 sq ft, freehold site on Crescent Road fetched $9.08 million ($1,509 psf), according to a caveat lodged in June.

In the Sunset area, off Clementi Road, a bun-galow at Sunset Walk recently changed hands for $10 million ($953 psf). The double-storey house has a built-up area of about 7,000 sq ft and sits on a freehold land area of 10,495 sq ft. The buyer is a Singaporean.

Sentosa Cove — silver lining ahead?Even in Sentosa Cove, activity has picked up, with bungalow viewings and offers made show-ing an increase, notes Tay. “Besides the high networth clients from China, there has also been an increase in enquiries from Indonesia, India, Malaysia and Europe,” he adds. “Some of these buyers are already permanent residents [PRs] in Singapore and currently residing in an apartment on the mainland. They now appre-ciate the value of having more space in a bun-galow, especially during the circuit breaker.”

Clouds had gathered at Sentosa Cove since 2018, when mortgagee sales of bungalows start-ed to surface at Coral Island, Paradise Island and Sandy Island. “That has led to a misconception on the perceived value of waterfront bunga-lows in Sentosa Cove,” says List Sotheby’s Tay.

Sentosa Cove is still the only residential

Bungalow deals see a jump after‘circuit breaker’ pause

THE EDGE SINGAPORE

LIST SOTHEBY’S SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

BUNGALOW WATCH

View from the roof terrace of the bungalow on Pearl Island that was sold for $25 million

The bungalow at Lakeshore View that was sold for $14 million at the start of the year The bungalow at Chatsworth Road that was sold recently for $28 million

CONTINUES ON PAGE EP15

EP8 • EDGEPROP | AUGUST 24, 2020

BY CECILIA CHOWcecilia.chow@edgeprop.sg

Cheng Hsing Yao, group managing director of GuocoLand Singapore, is convinced that as a developer, one has to look beyond Covid-19 pandemic and take a long-term view. He be-lieves it is more important to ensure that build-

ings can withstand the test of time and be adaptable for its occupants.

“There will be all kinds of shocks going forward,” says Cheng. “But the concepts of sustainability and live-ability are evergreen — how people live and work, how we build a community and create an environment that is safe and promotes wellness,” he adds.

Now, part of that future has arrived in the form of GuocoLand’s Guoco Midtown which was envisioned as a “City of the Future” even before the Covid-19 outbreak. And Cheng believes Guoco Midtown will demonstrate how cities of the future can be liveable and sustainable while engaging its occupants and the community.

On Aug 20, GuocoLand unveiled its plan for the 124,122 sq ft, residential development site on Tan Quee Lan Street. Called Guoco Midtown II, the new develop-ment will be an extension of GuocoLand’s Guoco Mid-town mixed-use development located directly opposite on Beach Road. By linking the two sites with an under-ground tunnel, the result is a mega development with an enlarged footprint of 3.2ha and maximum gross floor area of 1.5 million sq ft.

At Guoco Midtown II, the residential component is Midtown Modern, comprising two 30-storey residential towers with over 500 apartments. The apartments are a

mix of one- to four-bedroom units, catering to singles, couples, families and even empty-nesters. The develop-ment will focus on wellness, with large green spaces and a wide range of recreational facilities.

Adaptable living spacesThe apartments at Midtown Modern are designed with spaces that are adaptable to meet changing lifestyle needs. For instance, parents working from home with children on home-based learning, would require multiple work-spaces, not just one, says Cheng. “The most important is to ensure that the space is convertible — whether for sleeping or as a workspace,” he says.

The other issue that Cheng has been thinking about is the location of power points within the home. “Typ-ically, because they are on the walls, you will have to drag a cable from the power point to the dining area if you’re working there and need to charge your laptop,” he says. “It’s dangerous because you might trip.” The solution? Power points integrated with the dining space which can be used for work devices and equally, for the hotpot, he adds.

Naming the project “Midtown Modern” was inten-tional as the concept is about living in a garden, which is similar to Martin Modern, GuocoLand’s other pro-ject in Martin Place, which is about living in a Botan-ic Gardens setting in prime District 9, relates Cheng. Both are centred around the idea of the modern, hec-tic lifestyle, where coming home represents a complete change of pace, where one can relax and connect with nature. “Even for those who work from home, there’s a need to wind down after work,” he adds. “The quality of life is enhanced if there’s a lot of greenery and recre-ational facilities.”

COVER STORY

GUOCOLAND

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Cheng: Even at this stage where we are two years away from completion, we are already getting very strong interest and are in advanced discussions with several prospective tenants

Guoco Midtown and the upcoming Guoco Midtown II and Midtown Modern that will sit on the Tan Quee Lan Street site

GuocoLand unveils Guoco Midtown II, emphasises liveability and

sustainability features

EDGEPROP | AUGUST 24, 2020 • EP9

At Midtown Bay, the 30-storey residen-tial tower at Guoco Midtown, the theme cen-tres around “live, work and entertain”, says Cheng. “It caters for urbanites who don’t sleep much, but work a lot, play and enter-tain a lot.” The 219 units at Midtown Bay are a mix of one- and two-bedroom units of 409 to 753 sq ft; and two- and three-bedroom du-plexes of 990 to 1,324 sq ft. The duplexes are designed with bedrooms on the upper level, and the living, dining and kitchen area on the lower floor. “This allows owners to con-vert the lower floor into a home office with one or two staff, while retaining their priva-cy,” explains Cheng.

Retail clusters, MRT accessHaving amenities at one’s doorstep is equally important. At Guoco Midtown and Midtown II, there will be three low-rise, retail and F&B clusters, each fronting a public space. Two of the retail clusters are at Guoco Midtown: Midtown Garden along Beach Road, and Mid-town Market directly behind the conserved Old Beach Road Police Station building. The third retail cluster is Midtown Square at Mid-town II and is located above the Bugis inter-change MRT Station and fronting Tan Quee Lan Street.

“Each cluster will be different in charac-ter and atmosphere, with distinctive retail and F&B offerings,” says Cheng. These pub-lic areas will be naturally ventilated, he adds. GuocoLand will carry out active place man-agement of these public spaces.

“The Beach Road-Bugis area has all the lo-cational characteristics of a ‘Midtown’, with the confluence of business, entertainment, culture and the arts as well as residential, but it lacked an anchor point,” says Cheng. Guo-coLand wants Guoco Midtown and Midtown II to be the anchor of the area. “The heart of activity is usually centred around the MRT

station,” he adds.As such, GuocoLand had been eyeing the

site at Tan Quee Lan Street ever since it ac-quired the commercial site on Beach Road for the upcoming Guoco Midtown in Octo-ber 2017 for $1.622 billion. The site at Tan Quee Lan Street was purchased jointly with Hong Leong Holdings for $800.2 million last September. “It was important to acquire this second site as it allows us to control access to the MRT station,” says Cheng.

The site at Tan Quee Lan Street is adjacent to the Bugis MRT interchange station for the Downtown and East West Line. From Guoco Midtown, the Esplanade MRT station on the Circle Line is accessible via overhead pedestri-an bridge to Shaw Towers (which is being rede-veloped) and South Beach. From South Beach, there is an overhead bridge to Suntec City too, where the offices and the Suntec City Mall is, as well as the Promenade MRT interchange station for the Downtown and Circle Lines.

For those who work in the city area, it is an added convenience being located within a five- to 10-minute walk of 7 million sq ft of offices, over 3 million sq ft of shopping and F&B spaces as well as 10 five-star hotels. For families with children in secondary or tertiary levels, being close to an MRT interchange sta-tion with access to different lines is an added convenience, says Cheng.

Shift towards activity-based workingEven before Covid-19, many multinational firms were already adopting a “core and flex” strategy, says Cheng. Covid-19 merely accel-erated that trend. Guoco Midtown is offering this office concept for its 30-storey, Grade-A office tower with 770,000 sq ft of space. The new concept will give tenants the flexibili-ty to have both long-term dedicated office space (core) and shorter-term dedicated of-fices (flex) for special project teams and sit-

uations requiring shorter-term offices. “As companies will need to be nimble with

their business plans in a more uncertain en-vironment, this concept offers them flexibil-ity and cost savings,” says Cheng.

Should office tenants need to reduce their office space requirements by 15% to 20%, the core and flex concept provides that flexibili-ty, points out Cheng. Safe distancing meas-ures also means that if, say, 40% of a compa-ny’s staff work should from home, it does not necessarily translate to 40% less space. Even when there is space contraction, commpanies require a flex and core option too, adds Cheng.

Cheng believes there will be a shift to-wards activity-based working and a hybrid of office- and home-based working in the fu-ture. “The office space thus plays a critical role to encourage collaboration and innova-tion among staff,” he says. “The longer peo-ple work from home full time, the more they will appreciate an office space.”

Guoco Midtown is also incorporating features such as contactless lifts, turnstiles and fittings. Its HVAC (Heating, Ventilation and Air-Condi-tioning) system prevents cross-contamination between floors, says Cheng. The HVAC system comes with carbon dioxide sensors to manage fresh air intake, MERV 14 (Minimum Efficien-cy Reporting Value) high performance filters with dust spot efficiency up to 95% and is able to carry out UVGI (Ultraviolet Germicidal Ir-radiation) that can remove more than 90% of pathogens, including viruses.

Within Guoco Midtown is the Network Hub, designed as a members-only business and social club that caters to both office ten-ants at Guoco Midtown and residents at Mid-town Bay and Midtown Modern. The five-sto-rey network hub has 80,000 sq ft of space including members’ lounges, meeting rooms that are virtual-technology ready, private din-ing rooms with kitchens and travellers’ loung-

es for busy executives to freshen up when they arrive from the airport. The Network Hub is also directly connected to the 30-sto-rey office tower.

Covid-19 has made staff well-being and safety a priority for companies. Even within flex offices, tenants are mindful that their staff have dedicated spaces rather than shared spac-es. “Companies usually sign on leases nine to 12 months ahead of the completion of a project,” says Cheng. “But even at this stage where we are two years away from comple-tion, we are already getting very strong in-terest and are in advanced discussions with several prospective tenants.” Guoco Midtown is expected to be completed in phases from 2022 to 2024.

Dedicated facilities, wellnessWithin the development are 20 thematic gar-dens and landscaped public spaces spread across Guoco Midtown and Midtown II. They cover the ground floor, various podium levels and even the rooftops of the towers and add up to 3.8 ha, which is bigger than the com-bined footprint of the site. “These gardens give a sense of living and working in nature and promotes well-being,” says Cheng.

GuocoLand has also ensured that the of-fice and residential towers have dedicated facilities. The office tower for instance has its own gardens on levels 7 and 30, a 40m lap pool, a 100m jogging track, an event pla-za and party pavilions on the rooftop of the tower, with views of Marina Bay and Kallang Basin. Even entrances are separate for each of the different components. There also mul-tiple drop-off points.

“People shouldn’t overreact and look at things solely from the Covid-19 lenses,” says Cheng. “A good mixed-use development has to be synergistic, and yet have exclusivity for each component.” E

COVER STORY

SAMUEL ISAAC CHUA/THE EDGE SINGAPORESAMUEL ISAAC CHUA/THE EDGE SINGAPORE

GUOCOLAND

Showflat of a two-bedroom unit at Midtown Bay, which offers versatility in space use Showflat of a one-bedroom unit at Midtown Bay

The network hub of Guoco Midtown, which is accessible to residents at Midtown Bay and at Midtown ModernThe landscaped garden at Midtown Modern

EP10 • EDGEPROP | AUGUST 24, 2020

BY VALERIE KOR valerie.kor@edgeprop.sg

The Covid-19 pandemic has catalysed the growth of delivery-only online restaurants in Singapore, which op-erate out of “cloud kitchens”— also commonly referred to as “dark kitch-

ens” or “virtual kitchens”. Since such restaurants send food directly

to customers via delivery apps, they circum-vent two perennial problems faced by con-ventional restaurants: high shopfront rental costs and manpower crunch for service staff. The business model also rides on an increas-ing demand for food delivery since the “cir-cuit breaker” period from April to May, dur-ing which dining-out was not allowed and more people worked from home.

This year, the online food delivery mar-ket is projected to reach US$4.6 billion ($6.3 billion) in Singapore and will have an annu-al growth rate of 10.8%, according to global research firm Statista. Worldwide, China is leading with a projected market volume of US$51.5 billion this year.

Major food delivery app companies De-liveroo, Foodpanda and Grab already have their own shared kitchens in Singapore before the pandemic hit. Deliveroo was the first to launch a Deliveroo Editions site at Katong in 2017 and since then, it has opened two more locations at CT Hub 2 and ALICE@Media-polis, both spanning over 3,000 sq ft. They offer virtual kitchen spaces as well as seats for 20 to 40 diners.

In 2018, food delivery app Foodpanda also launched Favourites by Foodpanda at Wood-lands, offering a small dine-in area in order to comply with canteen space regulations. From its location, the restaurants can deliv-er to areas within a 5km radius such as Sem-bawang and Yishun. There is also an option for self-collection.

This year, Grab has joined the fray with the launch of the first GrabKitchen space in Singapore, located in an industrial build-ing at Hillview Avenue. The space houses 10 F&B brands, including three delivery-on-ly restaurants. The company already has 50 cloud kitchens in the Southeast Asia region.

Delivery companies are not the only ones interested in the cloud kitchen market. Last month, property mogul Kishin RK announced that he will create a network of 1,000 cloud

kitchens across Asia, Europe and the US. Kish-in is starting with TiffinLabs in Singapore, which currently has nine restaurant brands under its belt, including Publico Pasta Bar and Huraideu Korean Fried Chicken.

Arin Aghazarian, general manager at Smart City Kitchens, the largest cloud kitch-en operator in Singapore, says the main ben-efit of using their space is low set-up costs. “Our shared kitchens are already fitted out with air-conditioning, exhaust pipes, power sockets and basic equipment. All the licen-see needs to do is to bring specific equip-ment,” she adds.

Counting Jollibean, Ayam Penyet President and subscription catering business Ketomei among their licensees, Smart City Kitchens’ packages start from six-month subscriptions. A 150 sq ft space starts from $3,300 per month in a heartland location, while a prime loca-tion starts from $4,500 per month. This is excluding a processing fee of 3%. Due to Covid-19, the company has also introduced shorter packages where the contracts are more flexible, on a case-by-case basis.

Smart City Kitchen also helps to run or-ders by collecting food from multiple kitch-ens and bringing them to a collection point. Aghazarian says that this is done manually

at the moment, but the operator is testing out robots for this task.

For delivery-only businesses, using a dark kitchen not only lowers upfront costs, but al-lows them to create different “food concepts” from one kitchen space, as well as test fla-vours and marketing strategies.

This was what Dark Kitchen Lab, a cloud kitchen start-up under Ebb & Flow Group, did with Wrap Bstrd in 2017. Based on data collected by Singapore-based AI company SQREEM, the start-up discovered that their customers, who were based in the CBD, en-joy local comfort food, care about health, and want to eat in a convenient way.

Therefore, Wrap Bstrd was created to of-fer wraps inspired by local flavours, such as Spicy Chicken Indomie and Char Siew Rice wraps. When more people worked from home during the circuit breaker, Wrap Bstrd received requests for delivery beyond the CBD, says Kian Chun Lim, CEO of Ebb & Flow Group, which prompted the brand to offer islandwide delivery. The success of Wrap Bstrd has “validated the firm’s strat-egy to merge AI technology with creative F&B concepts”, he adds.

Dark Kitchen Lab now has four other brands: Love Handle Burgers, Kaiju Kaiju, Nasi Nuri and Sunny Slices, operating from across three dark kitchens at Ann Siang Hill, Tampines and Orchard.

Kishin’s TiffinLabs is also planning to use data analytics to identify food trends and con-sumer preferences, as well as to use “smart kitchens” under its network to fill gaps in delivery zones, according to their website.

Positioning the cloud While cloud kitchens do not require prime re-tail space, they still need to be near residential areas, says Desmond Sim, head of research and consultancy of CBRE. “Cloud kitchen op-erators would rather take up cheaper retail space — in suburban malls, for example — due to the need for networks and penetration into neighbourhoods where the demand is lo-cated,” he adds. This is unlike central kitch-ens that are used by large restaurant groups to prepare ingredients in bulk, which can be located in faraway industrial areas.

Smart City Kitchen’s Aghazarian concurs and adds that being near to where expats stay is important. “Expats are a key segment of our customers. They have smaller fami-

lies, cook less, and are willing to spend on food delivery. The average order for expats is higher as well,” she adds.

Therefore, aside from suburban facilities at Tampines, Clementi and Sembawang, Smart City Kitchens also has a facility at Orchard Tower and invested into a space at Telok Ayer Street last year. “The investment was made before Covid-19 hit, but we believe there are quite a bit of people who live near the CBD, especially expats. From our location, we can deliver to Bugis and Outram Park, so we still cover quite a bit of population,” says Aghazarian.

Ebb & Flow also has three dark kitchens at Ann Siang Hill, Tampines and Orchard, to be close to residential areas. It will be launching two new kitchens in Katong and Hongkong Street and will have four more F&B brands by the end of 4Q2020.

While the growth of cloud kitchens is ac-celerating, cloud kitchens will not eliminate conventional restaurants anytime soon. CBRE’s Sim says, “Cloud kitchens deliver food that fulfills the need for convenience, but it will never achieve the same plating and pres-entation as with dining in. Aside from the sizzling sounds and the smell of hot food in the air, you also cannot replace the need for socialising.”

Ebb & Flow’s Lim also concurs and says, “We believe the F&B industry of the future will be divided into two main categories: brands that offer value and convenience via home deliveries, and those that provide ex-ceptional dining experiences at physical lo-cations.” Having established previous brands at physical locations, Lim adds it was now vital for the company to expand and grow its footprint in the delivery-only space.

Delivery-only restaurants also face their own set of problems. Sim says, “Certain foods do not maintain well when delivered, such as crunchy food, or cuisines like claypot rice. Cloud kitchens will need to research on how to package food for freshness and optimise delivery times.”

A reliance on food delivery apps can also lead to high platform costs, says Christine Li, head of business development services at Cushman & Wakefield. “The virtual plat-forms take a substantial cut of the order as commission, reducing profitability.”

“They are the new landlords in the digi-tal age,” she adds. E

MARKET TRENDS

Lim: We believe that the F&B industry will be divid-ed into two categories: those that provide excep-tional dining experiences at physical locations, and brands that offer convenience via home deliveries

EBB & FLOW GROUP

GRAB

More room to grow for cloud kitchens in Singapore

GRAB

The first GrabKitchen in Singapore was launched in January in an industrial building at Hillview Avenue, housing 10 F&B brands, including three delivery-only restaurants

EDGEPROP | AUGUST 24, 2020 • EP11

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DONE DEALS

LEONIE GARDENS Condominium 99 years Aug 4 2,540 3,918,000 - 1,542 1993 ResalePARC EMILY Condominium Freehold Aug 4 1,076 1,970,000 - 1,830 2008 ResaleROBERTSON 100 Apartment Freehold Aug 6 1,033 2,000,000 - 1,935 2004 ResaleTHE AVENIR Condominium Freehold Aug 5 2,067 6,651,300 - 3,218 Uncompleted New SaleTHE AVENIR Condominium Freehold Aug 5 829 2,573,500 - 3,105 Uncompleted New SaleTHE AVENIR Condominium Freehold Aug 7 2,411 7,893,200 - 3,274 Uncompleted New SaleTHE AVENIR Condominium Freehold Aug 7 2,411 8,023,680 - 3,328 Uncompleted New SaleTHE VERMONT ON CAIRNHILL Apartment Freehold Aug 5 915 1,950,000 - 2,131 2013 ResaleWATERFORD RESIDENCE Apartment 999 years Aug 11 1,389 2,100,000 - 1,512 2010 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Aug 7 1,076 2,120,000 - 1,970 2008 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Aug 7 1,302 2,480,000 - 1,904 2008 ResaleDistrict 10 3 CUSCADEN Apartment Freehold Aug 6 463 1,940,308 - 4,192 Uncompleted New SaleD’LEEDON Condominium 99 years Aug 7 635 1,088,000 - 1,713 2014 ResaleDRAYCOTT EIGHT Condominium 99 years Aug 6 2,896 5,500,000 - 1,899 2005 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 4 646 1,398,000 - 2,165 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 4 646 1,508,000 - 2,335 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 4 646 1,508,000 - 2,335 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 7 646 1,508,000 - 2,335 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 7 484 1,068,000 - 2,205 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 7 484 1,118,000 - 2,308 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 9 646 1,508,000 - 2,335 Uncompleted New SaleGLENTREES Condominium 999 years Aug 6 1,991 2,810,000 - 1,411 2005 ResaleHOLLAND GROVE Semi-Detached 99 years Aug 7 2,519 2,950,000 - 1,172 1997 ResaleJADE GARDEN Apartment Freehold Aug 5 1,270 1,950,000 - 1,535 2012 ResaleLEEDON GREEN Condominium Freehold Aug 9 1,044 2,764,300 - 2,648 Uncompleted New SaleMILL POINT Apartment 999 years Aug 6 1,206 2,009,888 - 1,667 2004 ResaleMILL POINT Apartment 999 years Aug 7 915 1,720,000 - 1,880 2004 ResaleCHATSWORTH ROAD Detached Freehold Aug 4 14,994 28,000,000 - 1,867 1988 ResaleLEWIS ROAD Apartment Freehold Aug 4 1,335 2,200,000 - 1,648 Unknown ResaleCABLE ROAD Detached Freehold Aug 6 12,981 18,900,000 - 1,456 1997 ResaleNATHAN RESIDENCES Apartment Freehold Aug 6 592 1,000,000 - 1,689 2013 ResaleORANGE GROVE RESIDENCES Condominium Freehold Aug 7 1,981 3,630,000 - 1,833 2009 ResalePINEWOOD GARDENS Condominium Freehold Aug 6 1,249 2,100,888 - 1,683 1990 ResaleTHE LEGEND Condominium Freehold Aug 7 1,475 2,250,000 - 1,526 1996 ResaleTHE TRIZON Condominium Freehold Aug 11 2,314 3,680,000 - 1,590 2012 ResaleZENITH Apartment 999 years Aug 5 1,130 1,800,000 - 1,593 2011 ResaleDistrict 11 AMANINDA Condominium Freehold Aug 5 1,270 1,968,000 - 1,549 2005 ResaleDUNEARN 386 Apartment Freehold Aug 5 667 1,645,000 - 2,465 Uncompleted New SaleLINCOLN SUITES Condominium Freehold Aug 7 1,561 3,100,000 - 1,986 2014 ResaleMULBERRY TREE Apartment Freehold Aug 5 441 800,000 - 1,813 2010 ResaleMERRYN ROAD Detached Freehold Aug 7 4,618 8,028,000 - 1,739 2000 ResaleNEU AT NOVENA Apartment Freehold Aug 4 646 1,672,000 - 2,589 Uncompleted New SaleNEWTON SUITES Apartment Freehold Aug 5 1,238 2,606,000 - 2,105 2007 ResalePULLMAN RESIDENCES NEWTON Apartment Freehold Aug 4 667 1,773,000 - 2,657 Uncompleted New SalePULLMAN RESIDENCES NEWTON Apartment Freehold Aug 7 667 1,795,000 - 2,690 Uncompleted New SalePULLMAN RESIDENCES NEWTON Apartment Freehold Aug 8 463 1,278,000 - 2,761 Uncompleted New SalePULLMAN RESIDENCES NEWTON Apartment Freehold Aug 9 667 1,820,000 - 2,727 Uncompleted New SaleSOLEIL @ SINARAN Condominium 99 years Aug 7 581 960,000 - 1,652 2011 ResaleDistrict 12 BEACON HEIGHTS Condominium 999 years Aug 5 926 1,070,000 - 1,156 2012 ResaleBEACON HEIGHTS Condominium 999 years Aug 6 893 988,000 - 1,106 2012 ResaleJUI RESIDENCES Apartment Freehold Aug 5 893 1,456,640 - 1,630 Uncompleted New SaleONE ST MICHAEL’S Condominium Freehold Aug 7 1,259 1,750,000 - 1,390 2009 ResaleRIVERBAY Apartment 999 years Aug 4 926 1,180,000 - 1,275 2014 ResaleTHE ARTE Condominium Freehold Aug 7 1,055 1,500,000 - 1,422 2010 ResaleVERTICUS Apartment Freehold Aug 9 441 990,000 - 2,243 Uncompleted New SaleWAI WING CENTRE Apartment Freehold Aug 4 1,292 1,252,000 - 969 1991 ResaleDistrict 13 BARTLEY RIDGE Condominium 99 years Aug 4 1,173 1,620,000 - 1,381 2016 ResaleBARTLEY RIDGE Condominium 99 years Aug 7 850 1,220,000 - 1,435 2016 ResaleBRADDELL HEIGHTS ESTATE Detached Freehold Aug 4 5,608 6,750,000 - 1,204 2009 ResaleJALAN GIRANG Semi-Detached Freehold Aug 5 3,886 6,100,000 - 1,570 1972 ResaleSENNETT RESIDENCE Condominium 99 years Aug 5 710 1,100,000 - 1,548 2016 ResaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 4 700 1,327,000 - 1,897 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 6 689 1,284,000 - 1,864 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 6 592 1,090,000 - 1,841 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 8 689 1,294,000 - 1,878 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 8 958 1,913,000 - 1,997 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 8 958 1,963,000 - 2,049 Uncompleted New SaleDistrict 14 ARENA RESIDENCES Apartment Freehold Aug 4 883 1,659,000 - 1,880 Uncompleted New SaleESCADA VIEW Condominium Freehold Aug 4 1,195 1,020,000 - 854 1997 ResaleEUHABITAT Condominium 99 years Aug 4 527 655,000 - 1,242 2015 ResaleLORONG 28 GEYLANG Terrace Freehold Aug 5 2,239 2,500,000 - 1,119 Unknown ResaleLORONG MARZUKI Semi-Detached Freehold Aug 7 2,174 3,020,000 - 1,388 1994 ResalePARC ESTA Apartment 99 years Aug 5 700 1,241,000 - 1,774 Uncompleted New SalePARC ESTA Apartment 99 years Aug 5 1,023 1,681,000 - 1,644 Uncompleted New SalePARC ESTA Apartment 99 years Aug 6 926 1,558,000 - 1,683 Uncompleted New SalePARC ESTA Apartment 99 years Aug 7 861 1,410,000 - 1,637 Uncompleted New SalePARC ESTA Apartment 99 years Aug 7 861 1,410,000 - 1,637 Uncompleted New SalePARC ESTA Apartment 99 years Aug 8 624 1,077,000 - 1,725 Uncompleted New SalePARC ESTA Apartment 99 years Aug 9 926 1,584,000 - 1,711 Uncompleted New SalePARC ESTA Apartment 99 years Aug 9 743 1,359,000 - 1,830 Uncompleted New SaleREZI 24 Apartment Freehold Aug 5 484 761,600 - 1,572 Uncompleted New SaleREZI 24 Apartment Freehold Aug 6 452 738,500 - 1,634 Uncompleted New SaleREZI 24 Apartment Freehold Aug 8 657 1,004,200 - 1,529 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Aug 4 463 755,000 - 1,631 2017 ResaleSIN CHUAN GARDEN Terrace Freehold Aug 5 2,347 3,520,000 - 1,500 Unknown ResaleTHE ALCOVE Apartment 99 years Aug 5 2,368 1,610,500 - 680 2004 ResaleURBAN TREASURES Condominium Freehold Aug 4 700 1,314,200 - 1,878 Uncompleted New SaleVACANZA @ EAST Condominium Freehold Aug 5 807 870,000 - 1,078 2014 ResaleDistrict 15 COASTLINE RESIDENCES Apartment Freehold Aug 7 452 1,196,000 - 2,646 Uncompleted New SaleELLIOT AT THE EAST COAST Condominium Freehold Aug 5 1,356 1,875,000 - 1,382 2012 ResaleEMERALD EAST Apartment Freehold Aug 4 2,056 2,750,000 - 1,338 1999 ResaleGOLDLEAF GARDENS Terrace Freehold Aug 7 1,615 2,900,000 - 1,796 1991 ResaleMAYFAIR RESIDENCES Apartment Freehold Aug 7 1,184 1,800,000 - 1,520 2017 ResaleMEYER MANSION Apartment Freehold Aug 7 1,496 3,835,300 - 2,563 Uncompleted New SaleMODA Apartment Freehold Aug 7 764 1,245,000 - 1,629 2014 ResaleEAST COAST ROAD Terrace Freehold Aug 6 2,303 3,088,000 - 1,343 1966 ResaleSTANGEE PLACE Apartment Freehold Aug 6 1,389 1,588,000 - 1,144 Unknown ResaleBRANKSOME ROAD Semi-Detached Freehold Aug 7 7,018 9,300,000 - 1,325 Unknown ResaleJOO CHIAT PLACE Apartment Freehold Aug 11 1,507 1,520,000 - 1,009 Unknown ResaleOLLOI Apartment Freehold Aug 7 1,378 2,256,000 - 1,637 Uncompleted New SaleRESIDENCE TWENTY-TWO Apartment Freehold Aug 5 1,216 2,060,000 - 1,694 Uncompleted New SaleSANCTUARY GREEN Condominium 99 years Aug 5 1,399 1,690,000 - 1,208 2003 ResaleSEASIDE RESIDENCES Apartment 99 years Aug 8 506 1,006,800 - 1,990 Uncompleted New SaleSEAVIEW PARK Semi-Detached Freehold Aug 6 3,832 6,500,000 - 1,696 Unknown ResaleSEAVIEW POINT Apartment Freehold Aug 6 1,389 2,050,000 - 1,476 1994 ResaleSPRING @ LANGSAT Apartment Freehold Aug 6 969 985,000 - 1,017 2010 ResaleSTILL MANSIONS Apartment Freehold Aug 6 1,141 1,160,000 - 1,017 1967 ResaleTHE SEAWIND Condominium Freehold Aug 7 915 1,558,000 - 1,703 2015 ResaleTHE SUNNIFLORA Apartment Freehold Aug 5 818 945,000 - 1,155 2005 ResaleVIBES @ EAST COAST Apartment Freehold Aug 5 624 810,000 - 1,297 2014 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years Aug 7 1,324 1,200,000 - 906 2001 ResaleARCHIPELAGO Condominium 99 years Aug 6 1,184 1,390,000 - 1,174 2015 ResaleCASA MERAH Apartment 99 years Aug 5 1,281 1,450,000 - 1,132 2009 ResaleCASCADALE Condominium Freehold Aug 5 1,012 928,000 - 917 1994 ResaleCOSTA DEL SOL Condominium 99 years Aug 6 1,313 1,475,000 - 1,123 2004 ResaleEVERGREEN GARDEN Terrace Freehold Aug 11 2,734 3,300,000 - 1,206 Unknown ResaleKEW GREEN Condominium 99 years Aug 7 2,906 1,850,000 - 637 1997 ResaleKEW VALE Semi-Detached 99 years Aug 5 2,400 2,150,000 - 898 1996 ResaleHARVEY AVENUE Semi-Detached Freehold Aug 5 4,639 3,788,888 - 817 1984 ResalePARBURY HILL CONDOMINIUM Condominium Freehold Aug 11 1,033 1,200,000 - 1,161 1997 ResaleTANAH MERAH GREEN Terrace 99 years Aug 6 1,668 2,120,000 - 1,272 2000 ResaleWATERFRONT WAVES Condominium 99 years Aug 7 1,249 1,400,000 - 1,121 2011 ResaleDistrict 17 FERRARIA PARK CONDOMINIUM Condominium Freehold Aug 4 646 600,000 - 929 2009 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years Aug 6 484 548,888 - 1,133 2015 Resale

Residential transactions with contracts dated Aug 4 to 11

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

District 1 MARINA ONE RESIDENCES Apartment 99 years Aug 7 743 1,791,920 - 2,413 2017 ResaleTHE SAIL @ MARINA BAY Apartment 99 years Aug 11 678 1,000,000 - 1,475 2008 ResaleDistrict 2 SPOTTISWOODE RESIDENCES Condominium Freehold Aug 6 603 1,200,000 - 1,991 2013 ResaleDistrict 3 AVENUE SOUTH RESIDENCE Apartment 99 years Aug 5 1,109 2,204,200 - 1,988 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 8 1,109 2,005,200 - 1,809 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 8 689 1,458,200 - 2,117 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 8 947 2,067,400 - 2,183 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 9 1,109 2,196,200 - 1,981 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Aug 6 689 1,298,800 - 1,885 2017 ResaleCOMMONWEALTH TOWERS Condominium 99 years Aug 7 474 780,000 - 1,647 2017 ResaleECHELON Condominium 99 years Aug 11 1,572 2,510,000 - 1,597 2016 ResaleONE PEARL BANK Apartment 99 years Aug 6 700 1,660,000 - 2,373 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 6 700 1,676,000 - 2,395 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 6 743 1,917,000 - 2,581 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 8 1,152 2,670,000 - 2,318 Uncompleted New SaleQUEENS Condominium 99 years Aug 7 2,336 2,320,000 - 993 2002 ResaleSTIRLING RESIDENCES Apartment 99 years Aug 4 624 1,263,000 - 2,023 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 4 678 1,428,000 - 2,106 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 5 1,055 2,111,000 - 2,001 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 5 506 1,041,000 - 2,058 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 6 1,055 2,094,000 - 1,985 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 7 635 1,273,000 - 2,004 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 7 635 1,278,000 - 2,012 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 7 678 1,393,000 - 2,054 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 8 635 1,278,000 - 2,012 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 8 506 1,018,000 - 2,012 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 8 678 1,407,000 - 2,075 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 9 635 1,283,000 - 2,020 Uncompleted New SaleTHE CREST Condominium 99 years Aug 6 786 1,590,000 - 2,023 2017 ResaleTHE CREST Condominium 99 years Aug 6 797 1,562,120 - 1,961 2017 ResaleTHE CREST Condominium 99 years Aug 11 797 1,550,000 - 1,946 2017 ResaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years Aug 7 1,399 2,028,000 - 1,449 2009 ResaleTWIN REGENCY Condominium Freehold Aug 6 1,442 2,500,000 - 1,733 2007 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Aug 7 893 1,470,000 - 1,645 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years Aug 11 893 1,460,000 - 1,634 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years Aug 4 872 1,560,000 - 1,789 2016 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 4 1,076 1,680,000 - 1,561 2011 ResaleDistrict 5 LANDRIDGE CONDOMINIUM Condominium Freehold Aug 6 1,830 2,368,000 - 1,294 1993 ResaleJUBILEE ROAD Semi-Detached Freehold Aug 4 2,153 3,230,000 - 1,500 2008 ResaleONE-NORTH RESIDENCES Apartment 99 years Aug 4 1,109 1,500,000 - 1,353 2009 ResaleONE-NORTH RESIDENCES Apartment 99 years Aug 7 1,012 1,480,000 - 1,463 2009 ResalePARC CLEMATIS Apartment 99 years Aug 4 893 1,486,500 - 1,664 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 4 1,044 1,767,500 - 1,693 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 5 710 1,207,000 - 1,699 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 5 721 1,188,000 - 1,647 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 5 700 973,500 - 1,391 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 6 893 1,450,500 - 1,624 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 7 915 1,500,500 - 1,640 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 7 861 1,412,500 - 1,640 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 8 721 1,139,000 - 1,579 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 8 1,076 1,780,500 - 1,654 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 8 1,292 2,217,500 - 1,717 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 8 721 1,203,000 - 1,668 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 8 1,044 1,770,500 - 1,696 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 8 689 1,194,000 - 1,733 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 9 893 1,503,500 - 1,683 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 9 506 877,500 - 1,735 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 9 1,044 1,769,500 - 1,695 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 9 710 1,211,000 - 1,705 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 9 710 956,500 - 1,346 Uncompleted New SalePARC RIVIERA Condominium 99 years Aug 7 1,679 1,780,000 - 1,060 2019 Sub SaleTHE ROCHESTER RESIDENCES Apartment 99 years Aug 6 1,948 2,550,000 - 1,309 2011 ResaleTHE TRILINQ Condominium 99 years Aug 4 1,518 1,900,000 - 1,252 2017 ResaleTHE TRILINQ Condominium 99 years Aug 7 936 1,539,000 - 1,643 2017 ResaleTWIN VEW Apartment 99 years Aug 5 1,518 2,366,000 - 1,559 Uncompleted New SaleTWIN VEW Apartment 99 years Aug 8 1,141 1,670,000 - 1,464 Uncompleted New SaleWEST BAY CONDOMINIUM Condominium 99 years Aug 6 893 775,000 - 867 1993 ResaleWHISTLER GRAND Apartment 99 years Aug 4 764 1,201,300 - 1,572 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 4 850 1,271,820 - 1,496 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 5 506 785,560 - 1,553 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 6 764 1,102,080 - 1,442 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 7 506 796,220 - 1,574 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 7 506 788,020 - 1,558 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 8 764 1,204,580 - 1,576 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 9 614 923,320 - 1,505 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 9 441 738,000 - 1,672 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 9 441 740,460 - 1,678 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 9 1,098 1,558,820 - 1,420 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 9 614 927,420 - 1,512 Uncompleted New SaleDistrict 7 MIDTOWN BAY Apartment 99 years Aug 7 463 1,421,200 1,385,200 2,993 Uncompleted New SaleSOUTH BEACH RESIDENCES Apartment 99 years Aug 5 2,067 7,052,760 - 3,413 2016 ResaleTHE M Apartment 99 years Aug 4 667 1,651,700 - 2,475 Uncompleted New SaleDistrict 8 UPTOWN @ FARRER Apartment 99 years Aug 7 700 1,298,000 - 1,855 Uncompleted New SaleUPTOWN @ FARRER Apartment 99 years Aug 7 700 1,341,550 - 1,917 Uncompleted New SaleDistrict 9 ASPEN HEIGHTS Condominium 999 years Aug 4 1,313 2,398,000 - 1,826 1998 ResaleCAIRNHILL ASTORIA Apartment Freehold Aug 6 1,830 3,250,000 - 1,776 1983 ResaleCAVENAGH GARDENS Apartment Freehold Aug 4 1,550 1,870,000 - 1,206 Unknown ResaleCAVENAGH GARDENS Apartment Freehold Aug 4 1,550 1,880,000 - 1,213 Unknown ResaleHAUS ON HANDY Condominium 99 years Aug 8 560 1,542,000 - 2,755 Uncompleted New SaleKOPAR AT NEWTON Apartment 99 years Aug 5 689 1,690,000 - 2,453 Uncompleted New SaleKOPAR AT NEWTON Apartment 99 years Aug 7 1,055 2,573,000 - 2,439 Uncompleted New SaleKOPAR AT NEWTON Apartment 99 years Aug 8 689 1,705,000 - 2,475 Uncompleted New Sale

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

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

EDGEPROP | AUGUST 24, 2020 • EP13

DONE DEALS

Residential transactions with contracts dated Aug 4 to 11

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

PARC KOMO Apartment Freehold Aug 5 614 920,000 - 1,499 Uncompleted New SalePARC OLYMPIA Condominium 99 years Aug 5 1,023 880,000 - 861 2015 ResaleSANDY PALM Condominium 99 years Aug 7 1,346 900,000 - 669 2002 ResaleTHE JOVELL Condominium 99 years Aug 4 904 1,127,000 - 1,246 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 4 721 951,000 - 1,319 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 5 904 1,077,000 - 1,191 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 8 635 836,000 - 1,316 Uncompleted New SaleDistrict 18 ARC AT TAMPINES EC 99 years Aug 4 797 770,000 - 967 2014 ResaleARC AT TAMPINES EC 99 years Aug 6 1,173 1,056,888 - 901 2014 ResaleBELYSA EC 99 years Aug 4 969 860,000 - 888 2014 ResaleCHANGI RISE CONDOMINIUM Condominium 99 years Aug 6 1,281 945,000 - 738 2004 ResaleELIAS GREEN Condominium 99 years Aug 6 1,668 1,082,000 - 649 1994 ResaleMY MANHATTAN Condominium 99 years Aug 5 883 1,200,000 - 1,360 2014 ResaleSAVANNAH CONDOPARK Condominium 99 years Aug 11 2,303 1,650,000 - 716 2005 ResaleSIMEI GREEN CONDOMINIUM EC 99 years Aug 5 1,755 1,280,000 - 730 1999 ResaleTHE TAMPINES TRILLIANT EC 99 years Aug 5 872 960,000 - 1,101 2015 ResaleTHE TAMPINES TRILLIANT EC 99 years Aug 6 1,130 1,155,000 - 1,022 2015 ResaleTHE TAMPINES TRILLIANT EC 99 years Aug 7 1,302 1,419,000 - 1,089 2015 ResaleTHE TAMPINES TRILLIANT EC 99 years Aug 7 1,001 1,050,000 - 1,049 2015 ResaleTREASURE AT TAMPINES Condominium 99 years Aug 4 678 938,000 - 1,383 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 4 915 1,178,000 - 1,288 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 4 657 954,000 - 1,453 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 5 1,033 1,366,000 - 1,322 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 5 1,033 1,450,000 - 1,403 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 5 1,033 1,366,000 - 1,322 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 5 1,033 1,329,000 - 1,286 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 6 850 1,179,000 - 1,386 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 6 1,722 2,079,000 - 1,207 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 6 1,012 1,372,000 - 1,356 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 6 678 976,000 - 1,439 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 7 678 966,000 - 1,425 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 7 915 1,236,000 - 1,351 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 8 678 972,000 - 1,433 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 8 678 917,000 - 1,352 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 8 678 910,000 - 1,342 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 8 850 1,167,000 - 1,372 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 8 1,722 2,089,000 - 1,213 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 9 657 925,000 - 1,409 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 9 657 921,000 - 1,403 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 9 1,012 1,384,000 - 1,368 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 9 1,033 1,442,000 - 1,395 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 9 1,238 1,540,000 - 1,244 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 9 1,033 1,355,000 - 1,311 Uncompleted New SaleWATERCOLOURS EC 99 years Aug 5 861 750,000 - 871 2014 ResaleWATERVIEW Condominium 99 years Aug 11 786 725,000 - 923 2014 ResaleDistrict 19 A TREASURE TROVE Condominium 99 years Aug 7 1,184 1,050,000 - 887 2015 ResaleAFFINITY AT SERANGOON Apartment 99 years Aug 4 732 1,186,000 - 1,620 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 4 1,410 2,247,300 - 1,594 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 6 474 754,380 - 1,593 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 7 474 756,000 - 1,596 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 7 732 1,119,000 - 1,529 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 8 1,152 1,774,000 - 1,540 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 8 732 1,143,000 - 1,562 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 8 624 1,050,000 - 1,682 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 8 474 781,110 - 1,649 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 9 904 1,461,000 - 1,616 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 9 904 1,452,330 - 1,606 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 9 732 1,157,000 - 1,581 Uncompleted New SaleBARTLEY RESIDENCES Apartment 99 years Aug 5 807 1,140,000 - 1,412 2015 ResaleBOATHOUSE RESIDENCES Condominium 99 years Aug 7 624 666,888 - 1,068 2015 ResaleBOTANIQUE AT BARTLEY Condominium 99 years Aug 11 657 930,000 - 1,416 2019 Sub SaleESPARINA RESIDENCES EC 99 years Aug 5 1,001 1,080,000 - 1,079 2013 ResaleFLO RESIDENCE Condominium 99 years Aug 11 1,012 938,000 - 927 2016 ResaleKOVAN REGENCY Condominium 99 years Aug 7 2,142 2,480,000 - 1,158 2015 ResaleLA FIESTA Condominium 99 years Aug 4 732 930,000 - 1,271 2016 ResaleLA FIESTA Condominium 99 years Aug 6 431 625,000 - 1,452 2016 ResaleRICHARDS AVENUE Terrace Freehold Aug 4 1,862 2,273,000 - 1,224 Unknown ResaleEE TEOW LENG ROAD Terrace Freehold Aug 7 1,873 2,630,000 - 1,407 1993 ResaleOLA EC 99 years Aug 4 1,055 1,190,000 - 1,128 Uncompleted New SaleOLA EC 99 years Aug 4 926 936,000 - 1,011 Uncompleted New SaleOLA EC 99 years Aug 6 1,055 1,130,000 - 1,071 Uncompleted New SaleOLA EC 99 years Aug 7 1,055 1,249,000 - 1,184 Uncompleted New SaleOLA EC 99 years Aug 8 1,389 1,529,000 - 1,101 Uncompleted New SalePARC VERA Condominium 99 years Aug 5 1,410 1,368,000 - 970 2014 ResalePARKWOOD COLLECTION Semi-Detached 99 years Aug 8 4,510 3,404,000 - 755 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 4 1,561 1,574,640 - 1,009 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 5 990 1,074,060 - 1,085 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 8 872 996,300 - 1,143 Uncompleted New SaleRESIDENCES @ JANSEN Apartment 999 years Aug 4 1,615 1,520,000 - 941 2008 ResaleRIVER ISLES Condominium 99 years Aug 4 1,475 1,408,000 - 955 2015 ResaleRIVERFRONT RESIDENCES Apartment 99 years Aug 4 517 759,000 - 1,469 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 6 463 733,000 - 1,584 Uncompleted New SaleRIVERVALE CREST Apartment 99 years Aug 4 1,206 780,800 - 648 2002 ResaleSENGKANG GRAND RESIDENCES Apartment 99 years Aug 5 474 851,200 - 1,797 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Aug 8 764 1,280,800 - 1,676 Uncompleted New SaleSERANGOON GARDEN ESTATE Semi-Detached 999 years Aug 4 4,123 3,900,000 - 947 Unknown ResaleSTADIA Apartment Freehold Aug 7 560 710,000 - 1,268 2010 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 4 980 1,442,000 - 1,472 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 4 936 1,372,000 - 1,465 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 4 753 1,178,000 - 1,563 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 4 484 782,000 - 1,614 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 5 484 803,000 - 1,658 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 6 667 1,100,000 - 1,648 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 7 484 797,000 - 1,645 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 9 936 1,447,000 - 1,545 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 4 1,195 1,853,500 - 1,551 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 4 614 1,026,300 - 1,673 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 5 786 1,237,200 - 1,575 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 1,195 1,935,000 - 1,620 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 1,119 1,693,000 - 1,512 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 614 984,300 - 1,604 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 614 1,045,900 - 1,705 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 797 1,305,100 - 1,638 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 786 1,214,300 - 1,545 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 786 1,225,200 - 1,559 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 786 1,189,100 - 1,513 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 517 854,300 - 1,653 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 689 1,100,800 - 1,598 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 8 1,195 1,915,000 - 1,603 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 9 549 865,100 - 1,576 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 9 786 1,248,600 - 1,589 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 9 689 1,093,800 - 1,588 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 9 1,195 1,948,000 - 1,630 Uncompleted New SaleTWIN WATERFALLS EC 99 years Aug 6 1,970 1,490,000 - 756 2015 ResaleTWIN WATERFALLS EC 99 years Aug 7 1,593 1,358,000 - 852 2015 ResaleTWIN WATERFALLS EC 99 years Aug 7 1,238 1,250,000 - 1,010 2015 ResaleTWIN WATERFALLS EC 99 years Aug 11 1,001 985,000 - 984 2015 ResaleWATERTOWN Apartment 99 years Aug 6 1,356 1,850,000 - 1,364 2017 ResaleDistrict 20 BRADDELL VIEW Apartment 103 years Aug 4 1,701 1,410,000 - 829 1981 ResaleGOLDENHILL PARK CONDOMINIUM Condominium Freehold Aug 5 936 1,420,000 - 1,516 2004 ResaleHORIZON GARDENS Terrace 99 years Aug 11 3,014 1,700,000 - 564 2002 ResaleJADESCAPE Condominium 99 years Aug 4 1,647 2,844,800 - 1,727 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 4 527 898,000 - 1,703 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 5 764 1,432,400 - 1,874 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 5 764 1,370,000 - 1,793 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 5 527 953,000 - 1,807 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 7 764 1,354,700 - 1,773 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 7 1,259 2,153,000 - 1,710 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 7 764 1,447,900 - 1,895 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 7 527 967,000 - 1,833 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 7 1,259 2,231,600 - 1,772 Uncompleted New Sale

JADESCAPE Condominium 99 years Aug 7 764 1,375,100 - 1,799 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 8 1,421 2,434,800 - 1,714 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 8 527 947,000 - 1,795 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 9 764 1,344,500 - 1,759 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 9 1,259 2,168,800 - 1,722 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 9 527 924,800 - 1,753 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 9 764 1,385,000 - 1,812 Uncompleted New SaleNEW SOO CHOW GARDENS Terrace Freehold Aug 6 1,808 3,190,000 - 1,767 1991 ResaleTHE GARDENS AT BISHAN Condominium 99 years Aug 11 1,206 1,425,000 - 1,182 2004 ResaleTHE PANORAMA Condominium 99 years Aug 4 431 628,000 - 1,459 2017 ResaleTHE PANORAMA Condominium 99 years Aug 5 1,163 1,600,000 - 1,376 2017 ResaleTHE PANORAMA Condominium 99 years Aug 7 431 675,000 - 1,568 2017 ResaleTHOMSON GRAND Condominium 99 years Aug 4 1,410 1,800,000 - 1,277 2015 ResaleTHOMSON HILLS ESTATE Semi-Detached Freehold Aug 6 3,584 4,280,000 - 1,194 1980 ResaleDistrict 21 BUKIT REGENCY Condominium Freehold Aug 7 1,399 1,650,000 - 1,179 1995 ResaleCLEMENTI PARK Detached Freehold Aug 4 10,495 10,000,000 - 953 Unknown ResaleDAINTREE RESIDENCE Condominium 99 years Aug 5 560 1,070,790 - 1,913 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 6 700 1,216,380 - 1,739 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 7 1,485 2,508,000 - 1,688 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 7 775 1,399,760 - 1,806 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 7 678 1,185,050 - 1,748 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 7 710 1,150,000 - 1,619 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 8 1,485 2,523,070 - 1,699 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 8 1,055 1,711,230 - 1,622 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 8 775 1,305,770 - 1,685 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 8 1,055 1,879,860 - 1,782 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 9 775 1,328,810 - 1,715 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 743 1,398,000 - 1,882 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 904 1,581,000 - 1,749 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 753 1,482,000 - 1,967 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 753 1,466,000 - 1,946 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 1,313 2,768,000 - 2,108 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 947 1,743,000 - 1,840 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 732 1,398,460 - 1,911 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 1,033 1,897,000 - 1,836 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 689 1,320,000 - 1,916 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 570 1,123,000 - 1,968 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 474 871,000 - 1,839 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 980 1,905,000 - 1,945 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 721 1,361,000 - 1,887 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 721 1,341,000 - 1,859 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 721 1,374,000 - 1,905 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 474 882,000 - 1,862 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 474 908,000 - 1,917 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 570 1,122,000 - 1,967 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 474 918,000 - 1,938 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 7 947 1,689,000 - 1,783 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,076 2,065,000 - 1,918 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,076 2,080,000 - 1,932 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,351,000 - 1,873 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,432,000 - 1,986 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,341,000 - 1,859 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 923,000 - 1,949 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 880,000 - 1,858 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 908,000 - 1,917 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,375,000 - 1,907 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,411,000 - 1,956 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,349,000 - 1,871 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,430,000 - 1,983 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,338,000 - 1,855 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,456,000 - 2,019 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,389,000 - 1,926 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,468,000 - 2,036 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,478,000 - 2,049 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,499,000 - 2,079 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,430,000 - 1,983 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,440,000 - 1,997 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 732 1,433,000 - 1,958 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,076 2,050,000 - 1,904 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,087 2,242,000 - 2,062 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 689 1,349,000 - 1,958 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 689 1,331,000 - 1,932 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 700 1,238,000 - 1,769 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,104,000 - 1,935 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,135,000 - 1,990 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,159,000 - 2,032 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,113,000 - 1,951 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,147,000 - 2,011 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 969 1,863,000 - 1,923 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 969 1,828,000 - 1,887 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 969 1,914,000 - 1,976 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 969 1,887,000 - 1,948 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 969 1,839,000 - 1,898 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 969 1,900,000 - 1,961 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 856,000 - 1,807 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 925,000 - 1,953 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 848,000 - 1,790 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 892,000 - 1,883 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 863,000 - 1,822 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,882,000 - 1,921 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,893,000 - 1,933 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,503,000 - 2,084 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,389,000 - 1,926 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,351,000 - 1,873 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,410,000 - 1,955 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 918,000 - 1,938 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 928,000 - 1,959 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 940,000 - 1,985 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 891,000 - 1,881 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,175,000 - 2,060 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,132,000 - 1,984 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,200,000 - 2,103 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,187,000 - 2,081 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,163,000 - 2,039 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,123,000 - 1,968 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 721 1,420,000 - 1,969 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 942,000 - 1,989 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 474 926,000 - 1,955 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,846,000 - 1,885 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,442 2,886,000 - 2,001 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,442 2,906,000 - 2,015 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,442 2,950,000 - 2,045 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,442 2,928,000 - 2,030 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,847,000 - 1,886 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 732 1,456,000 - 1,989 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 732 1,456,000 - 1,989 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 732 1,445,000 - 1,974 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,281 2,483,000 - 1,938 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,281 2,483,000 - 1,938 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,163 1,927,000 - 1,658 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,803,000 - 1,841 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 743 1,420,000 - 1,912 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,067,000 - 1,870 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,098,000 - 1,925 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,129,000 - 1,979 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,117,000 - 1,958 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,141,000 - 2,000 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 570 1,077,000 - 1,888 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 753 1,398,000 - 1,855 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 753 1,438,000 - 1,908 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 753 1,450,000 - 1,924 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 753 1,416,000 - 1,879 Uncompleted New Sale

CONTINUES ON PAGE EP15

EP14 • EDGEPROP | AUGUST 24, 2020

GAINS AND LOSSES

BY CHARLENE CHINcharlene.chin@edgeprop.sg

The seller of a unit at Cairnhill Astoria, located along Cairnhill Rise, made the top gain of $2.11 million over the week of Aug 4 to 11. The 1,830 sq ft unit on the eighth floor was bought for $1.14

million ($623 psf) in March 2005 and sold for $3.25 million ($1,776 psf) on Aug 6. The sell-er therefore made a 185% profit, or an annu-alised profit of 7% over 15 years.

Located in District 9, Cairnhill Astoria was completed in 1983. The development compris-es 36 freehold units, and is a 15-minute walk to Newton MRT Interchange Station on the Downtown and North-South Lines.

A unit sold at Twin Regency — a freehold condominium development located along Kim Tian Road in District 3 — made the second largest gain over the week, netting an 85% profit of $1.15 million for the seller. The 1,442 sq ft unit on the 33rd floor was purchased in December 2006 for $1.35 million ($936 psf), and sold for $2.5 million ($1,733 psf) on Aug 6. The seller therefore made an annualised profit of 5% over almost 14 years.

Twin Regency comprises 234 units and was completed in 2007. It is a five-minute walk to Tiong Bahru MRT Station on the East-West Line.

Meanwhile, the third top gain made over the week — a 121% profit of $1.09 million — was at Robertson 100. The 1,033 sq ft unit on the third floor was purchased for $905,500 ($876 psf) in June 2002 and sold for $2 mil-

lion ($1,935 psf) on Aug 6. This means that the seller made an annualised profit of 4% over 18 years.

Robertson 100, located along Robertson Quay in District 9, comprises 186 freehold units. It was completed in 2004 and is a 14-minute walk to the upcoming Havelock MRT Station on the Thomson-East Coast Line, which is slated to open in 2021.

On the other hand, the biggest loss in-

curred over the week in review was for the resale of a 2,895 sq ft unit at Draycott Eight in District 10. Having sold the property for $5.5 million ($1,899 psf) on Aug 6, the sell-er suffered a 13% loss of $800,000. The unit was purchased in July 2009 for $6.3 million ($2,176 psf). Over a holding period of 11 years, this translates into an annualised loss of 1%.

Draycott Eight, located along Draycott Park near the Orchard area, comprises 136

units in three blocks of 24 storeys each. It is on a 99-year leasehold. Completed in 2005, it is a 15-minute walk to Newton MRT Inter-change Station on the Downtown and North-South Lines. E

Top 15 gains and losses from Aug 4 to 11

Non-profitable deals PROJECT DISTRICT AREA

(SQ FT)SOLD ON

(2020)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

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

(YEARS)

1 DRAYCOTT EIGHT 10 2,895 Aug 6 1,899 Jul 16, 2009 2,176 800,000 13 1 11.12 THE VERMONT ON CAIRNHILL 9 915 Aug 5 2,131 Sep 2, 2010 2,589 418,800 18 2 9.93 SOLEIL @ SINARAN 11 581 Aug 7 1,652 Sep 18, 2012 2,047 230,000 19 3 7.94 SKIES MILTONIA 27 1,130 Aug 11 947 Nov 1, 2012 1,145 224,000 17 2 7.85 THE SAIL @ MARINA BAY 1 678 Aug 11 1,475 Aug 3, 2009 1,770 200,000 17 2 11.06 REGENT GROVE 23 1,259 Aug 7 695 Feb 21, 2013 809 143,888 14 2 7.57 ZENITH 10 1,130 Aug 5 1,593 Feb 5, 2008 1,681 99,709 5 0.4 12.58 VACANZA @ EAST 14 807 Aug 5 1,078 Oct 17, 2012 1,183 85,000 9 1 7.89 THE ROCHESTER RESIDENCES 5 1,948 Aug 6 1,309 Feb 27, 2015 1,335 50,000 2 0.4 5.410 CARIBBEAN AT KEPPEL BAY 4 893 Aug 11 1,634 Aug 2, 2012 1,679 40,000 3 0.3 8.011 CHANGI RISE CONDOMINIUM 18 1,281 Aug 6 738 Aug 17, 2015 765 35,000 4 1 5.012 ORANGE GROVE RESIDENCES 10 1,981 Aug 7 1,833 Aug 12, 2009 1,850 34,800 1 0.1 11.013 STILL MANSIONS 15 1,141 Aug 6 1,017 Dec 6, 2013 1,034 20,000 2 0.3 6.714 VIBES @ EAST COAST 15 624 Aug 5 1,297 Jun 9, 2011 1,327 18,700 2 0.2 9.215 THE CREEK @ BUKIT 21 1,249 Aug 7 1,570 Nov 26, 2013 1,595 14,610 1 0.1 6.7

Unit at Cairnhill Astoria reaps $2.1 mil profitTHE EDGE SINGAPORECOLLIERS INTERNATIONAL

The seller of the unit at Cairnhill Astoria made a 185% profit, or an annualised profit of 7% over 15 years

The biggest loss made over the week was for the resale of a 2,895 sq ft unit at Draycott Eight

Most profitable deals PROJECT DISTRICT AREA

( SQ FT)SOLD ON

(2020)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

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

(YEARS)

1 CAIRNHILL ASTORIA 9 1,830 Aug 6 1,776 Mar 1, 2005 623 2,110,000 185 7 15.4

2 TWIN REGENCY 3 1,442 Aug 6 1,733 Dec 12, 2006 936 1,150,000 85 5 13.7

3 ROBERTSON 100 9 1,033 Aug 6 1,935 Jun 13, 2002 876 1,094,500 121 4 18.24 WATERMARK ROBERTSON QUAY 9 1,076 Aug 7 1,970 May 3, 2006 985 1,060,000 100 5 14.35 KEW GREEN 16 2,906 Aug 7 637 Mar 31, 2003 277 1,045,000 130 5 17.46 PINEWOOD GARDENS 10 1,249 Aug 6 1,683 Jul 5, 1999 881 1,000,888 91 3 21.17 SELANTING GREEN 21 1,389 Aug 7 1,073 Jul 6, 2004 421 915,000 159 6 16.18 MILL POINT 10 915 Aug 7 1,880 May 17, 2002 961 841,200 96 4 18.29 GOLDENHILL PARK

CONDOMINIUM20 936 Aug 5 1,516 Apr 20, 2001 686 778,000 121 4 19.3

10 CASA MERAH 16 1,281 Aug 5 1,132 May 16, 2007 651 615,530 74 4 13.211 THE METROPOLITAN

CONDOMINIUM3 1,399 Aug 7 1,449 Jul 23, 2007 1,028 590,000 41 3 13.1

12 ELLIOT AT THE EAST COAST 15 1,356 Aug 5 1,382 Oct 5, 2009 949 588,000 46 4 10.813 WATERFRONT WAVES 16 1,249 Aug 7 1,121 May 6, 2009 650 573,800 69 5 11.314 PARC PALAIS 21 1,356 Aug 5 1,128 Aug 23, 1996 739 511,200 50 2 24.015 MEADOWS @ PEIRCE 26 1,216 Aug 11 1,299 Aug 26, 2009 890 498,000 46 4 11.0

Source: URA, EdgeProp SingaporeNote: 1. Computed based on URA caveat data as at Aug 18 for private non-landed houses transacted between Aug 4 and 11 2. The profit and loss computation excludes transaction costs such as stamp duties.

EDGEPROP | AUGUST 24, 2020 • EP15

enclave with walkways along the oceanfront, gated community with 24-hour security and direct access to beaches and amenities on the island, reasons Tay. Sentosa Cove is also the only area where foreigners and PRs are al-lowed to buy bungalows and landed proper-

ty with views overlooking the sea, waterway, lakes or golf course. “Some residents have said that it’s like living on a holiday resort island, especially during the circuit-breaker when they can enjoy a stroll along the land-scaped paths or cycle to the beach,” he adds.

Another upside to Sentosa Cove is the mas-

ter plan for the Greater Southern Waterfront, which includes the development of Sentosa Is-land and Pulau Brani into a leisure and tour-ism destination in the future. Genting Singapore has committed to a $4.5-billion expansion and revamp of Resorts World Sentosa, its integrat-ed development on the island, even though it will be delayed due to construction disruption caused by Covid-19.

Demand driven by owner-occupiersList Sotheby’s Tay remains confident in the fu-ture growth of Sentosa Cove. Based on cave-ats lodged to date, there were five bungalow deals in Sentosa Cove in the first five months of 2020 (See Table). This is one more than the total deals done for the whole of 2019, points out Han Huan Mei, director of research at List Sotheby’s International Realty.

The latest transaction was for a bungalow on Pearl Island that was sold for $25 million ($2,002 psf), with a caveat lodged in May. Pri-or to that, a bungalow on Cove Grove fetched $24 million ($2,464 psf). The other three deals

were done in January: One was a bungalow on Sandy Island that was sold for $16.8 million ($2,043 psf), with the remaining two, bunga-lows on Lakeshore View — one was sold for $14 million ($1,198 psf) while the other fetched $10 million ($1,414 psf).

Word around the cove is that there were about eight or nine deals that were done even though they were not reflected in the caveats lodged. These are said to be pur-chases by Chinese nationals. As foreigners, they had to pay a 24% buyer’s stamp duty on their purchases.

“I believe values at Sentosa Cove have fall-en sharply from the frothy $3,000 psf level in the 2010–2011 period,” says List Sotheby’s Tay. “Prices are just starting to find a new equilib-rium. This time, they are driven by owner oc-cupier demand, unlike speculative demand in the past.” He believes sales momentum in Sentosa Cove has just started to pick up. Pric-es remain attractive compared to some of the 99-year leasehold offerings on the mainland, he adds. E

DONE DEALS

FORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,884 3,993,000 - 2,120 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,884 3,953,000 - 2,099 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 689 1,370,000 - 1,989 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 689 1,435,000 - 2,083 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 947 1,790,000 - 1,890 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 947 1,780,000 - 1,879 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 947 1,734,000 - 1,831 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,055 2,027,000 - 1,922 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,055 2,007,000 - 1,903 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,055 2,017,000 - 1,912 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 732 1,432,000 - 1,956 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 904 1,529,000 - 1,691 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 732 1,407,000 - 1,922 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 732 1,360,000 - 1,858 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,033 1,958,000 - 1,895 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,033 1,908,000 - 1,846 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 743 1,449,000 - 1,951 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,892,000 - 1,932 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,879,000 - 1,918 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,899,000 - 1,939 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,163 2,007,000 - 1,726 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 980 1,906,000 - 1,946 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,302 2,459,000 - 1,888 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,302 2,447,000 - 1,879 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 947 1,789,000 - 1,889 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 947 1,798,000 - 1,898 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 732 1,427,000 - 1,950 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,281 2,403,000 - 1,876 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,281 2,415,000 - 1,885 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,561 2,570,000 - 1,647 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,281 2,411,000 - 1,882 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 947 1,825,000 - 1,927 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 947 1,835,000 - 1,937 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,356 2,564,000 - 1,890 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,356 2,670,000 - 1,969 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,356 2,640,000 - 1,947 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,356 2,580,000 - 1,902 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,356 2,498,020 - 1,842 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,087 2,169,000 - 1,995 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 8 1,087 2,144,000 - 1,972 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 947 1,845,000 - 1,948 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 1,119 1,947,000 - 1,739 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 570 1,152,000 - 2,019 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 570 1,057,000 - 1,853 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 753 1,408,000 - 1,869 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 732 1,419,000 - 1,939 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 732 1,351,000 - 1,846 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 1,302 2,435,000 - 1,870 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 1,281 2,391,000 - 1,867 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 1,356 2,534,000 - 1,868 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 1,356 2,610,000 - 1,924 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 570 1,103,000 - 1,933 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 474 905,000 - 1,911 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 474 880,000 - 1,858 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 980 1,870,000 - 1,909 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 861 1,489,000 - 1,729 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 721 1,456,000 - 2,019 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 721 1,430,000 - 1,983 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 570 1,142,000 - 2,002 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 474 978,000 - 2,065 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 980 1,898,000 - 1,938 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 721 1,456,000 - 2,019 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 721 1,392,000 - 1,930 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 721 1,412,000 - 1,958 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 721 1,402,000 - 1,944 Uncompleted New Sale

FORETT AT BUKIT TIMAH Apartment Freehold Aug 9 721 1,361,000 - 1,887 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 9 764 1,575,000 - 2,061 Uncompleted New SaleMAPLE WOODS Condominium Freehold Aug 7 850 1,520,000 - 1,787 1997 ResaleMAYFAIR MODERN Condominium 99 years Aug 6 517 978,120 - 1,893 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years Aug 7 969 1,764,477 - 1,821 Uncompleted New SaleMAYFAIR MODERN Condominium 99 years Aug 8 1,206 2,250,000 - 1,866 Uncompleted New SaleENG KONG PLACE Semi-Detached Freehold Aug 6 3,369 5,880,000 - 1,745 Unknown ResalePARC PALAIS Condominium Freehold Aug 5 1,356 1,530,000 - 1,128 1999 ResaleSELANTING GREEN Apartment Freehold Aug 7 1,389 1,490,000 - 1,073 1998 ResaleSHERWOOD CONDOMINIUM Condominium Freehold Aug 11 1,238 1,310,000 - 1,058 1998 ResaleSIGNATURE PARK Condominium Freehold Aug 7 1,399 1,735,000 - 1,240 1998 ResaleTHE BLOSSOMVALE Condominium 999 years Aug 6 1,711 2,358,888 - 1,378 1998 ResaleTHE CREEK @ BUKIT Condominium Freehold Aug 7 1,249 1,960,000 - 1,570 2017 ResaleTHE HILLFORD Apartment 60 years Aug 4 398 465,000 - 1,168 2016 ResaleVIEW AT KISMIS Apartment 99 years Aug 8 710 1,217,000 - 1,713 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 8 893 1,480,000 - 1,657 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 9 883 1,515,000 - 1,716 Uncompleted New SaleDistrict 22 LAKESIDE TOWER Apartment 99 years Aug 5 1,970 1,090,000 - 553 Unknown ResaleLAKEVILLE Condominium 99 years Aug 4 732 968,000 - 1,322 2017 ResaleSUMMERDALE EC 99 years Aug 7 1,216 900,000 - 740 2000 ResaleTHE FLORAVALE EC 99 years Aug 7 1,238 825,000 - 666 2000 ResaleDistrict 23 BLOSSOM RESIDENCES EC 99 years Aug 6 753 730,000 - 969 2014 ResaleCENTURY MANSIONS Apartment Freehold Aug 4 915 890,000 - 973 1998 ResaleCHESTERVALE EC 99 years Aug 7 1,453 955,000 - 657 1999 ResaleDAIRY FARM RESIDENCES Apartment 99 years Aug 7 710 1,159,900 - 1,633 Uncompleted New SaleDAIRY FARM RESIDENCES Apartment 99 years Aug 8 936 1,550,000 - 1,655 Uncompleted New SaleECO SANCTUARY Condominium 99 years Aug 6 990 1,130,000 - 1,141 2016 ResaleFORESQUE RESIDENCES Condominium 99 years Aug 6 1,432 1,630,000 - 1,139 2014 ResaleHILLSTA Condominium 99 years Aug 4 990 955,000 - 964 2016 ResaleHILLVIEW HEIGHTS Condominium Freehold Aug 5 1,216 1,500,000 - 1,233 1996 ResaleMERA GARDENS Terrace 99 years Aug 5 2,400 1,900,000 - 792 1998 ResaleMONT BOTANIK RESIDENCE Condominium Freehold Aug 4 775 1,286,800 - 1,660 Uncompleted New SaleMONT BOTANIK RESIDENCE Condominium Freehold Aug 8 775 1,301,900 - 1,680 Uncompleted New SalePALM GARDENS Condominium 99 years Aug 11 1,206 870,000 - 722 2000 ResaleREGENT GROVE Condominium 99 years Aug 7 1,259 875,000 - 695 2000 ResaleREGENT HEIGHTS Condominium 99 years Aug 6 1,023 813,000 - 795 1999 ResaleTHE LANAI Condominium 999 years Aug 4 947 1,294,000 - 1,366 2014 ResaleTHE RAINFOREST EC 99 years Aug 5 1,152 1,080,000 - 938 2015 ResaleTHE WARREN Condominium 99 years Aug 11 1,033 905,000 - 876 2004 ResaleDistrict 25 WOODSVALE EC 99 years Aug 6 2,626 1,270,000 - 484 2000 ResaleDistrict 26 MEADOWS @ PEIRCE Condominium Freehold Aug 11 1,216 1,580,000 - 1,299 2012 ResaleDistrict 27 LILYDALE EC 99 years Aug 6 1,195 775,000 - 649 2003 ResaleWAK HASSAN DRIVE Detached 99 years Aug 4 5,425 4,480,000 - 827 2013 ResaleSEMBAWANG PLACE Terrace Freehold Aug 5 3,509 2,580,000 - 736 1989 ResaleNORTHWOOD Condominium Freehold Aug 4 1,313 1,200,000 - 914 2009 ResalePARC CANBERRA EC 99 years Aug 7 926 1,030,000 - 1,113 Uncompleted New SalePARC CANBERRA EC 99 years Aug 9 1,001 1,158,000 - 1,157 Uncompleted New SaleSKIES MILTONIA Condominium 99 years Aug 11 1,130 1,070,000 - 947 2016 ResaleDistrict 28 MIMOSA TERRACE Terrace Freehold Aug 4 1,615 2,450,000 - 1,515 2000 ResaleYIO CHU KANG ROAD Semi-Detached 999 years Aug 4 3,810 5,528,888 - 1,453 Unknown ResaleRIVERBANK @ FERNVALE Condominium 99 years Aug 6 807 913,000 - 1,131 2017 ResaleSUNRISE VILLA Terrace Freehold Aug 5 1,722 2,200,000 - 1,281 1988 Resale

Residential transactions with contracts dated Aug 4 to 11

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

Source: URA Realis. Updated Aug 18, 2020EC stands for executive condominium

DISCLAIMER:The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

BUNGALOW WATCH

FROM PAGE EP7

Bungalow transactions in GCB areas: 2020 year to date

Address Land area(sq ft)

Transacted price ($ mil)

psf price$

Sale date

1 Wilmonar Avenue 5,608 9.3 1,658 Jan 2

2 Oriole Crescent 9,795 15.5 1,582 Jan 13

3 Dalvey Estate 18,223 36 1,976 Jan 31

4 Holland Road 9,053 15.5 1,713 Feb 5

5 Old Holland Road 10,237 13.38 1,307 Feb 7

6 Oei Tiong Ham Park 15,220 19.5 1,281 Feb 19

7 Cornwall Gardens 20,161 28 1,389 Feb 25

8 Swiss Club Avenue 8,826 13 1,472 Feb 28

9 Cluny Park 20,365 40 1,964 Mar 18

10 Windsor Park Road 21,097 21.68 1,028 Apr 17

11 Gentle Road 6,534 9 1,379 May 5

12 Woollerton Park 14,316 19.5 1,362 May 6

13 Oei Tiong Ham Park 10,064 16.2 1,610 May 12

14 Windsor Park Road 19,989 21.25 1,063 Jun 16

15 Oei Tiong Ham Park 13,229 15 1,134 Jul 7

16 Garlick Avenue 19,246 16.8 873 Jul 17

17 Chestnut Avenue 5,996 6.3 1,051 Jul 21

18 Chatsworth Road 14,994 28 1,867 Aug 4

19 Cable Road 12,981 18.9 1,456 Aug 6

URA, LIST SIR

Bungalow transactions in Sentosa Cove: 2020 year to date

Address Land area(sq ft)

Transacted price ($ mil)

psf price$

Sale date

1 Sandy Island 8,224 16.8 $2,043 Jan 8

2 Lakeshore View 11,690 14 $1,198 Jan 31

3 Lakeshore View 7,072 10 $1,414 Jan 31

4 Cove Grove 9,741 24 $2,464 Feb 21

5 Pearl Island 12,486 25 $2,002 May 18

2020YTD 49,213 89.8 $1,825

URA, LIST SIR

FROM PAGE EP13

EP16 • EDGEPROP | AUGUST 24, 2020

a little hot during the day, especially in the afternoon, says Tracey Yeo, associate senior sales director at SRI.

“But the upside is the view towards Twin Waterfalls and unblocked views of the surrounding fields,” she adds.

HDB blocks in the Punggol area that have reached their five-year minimum occupation period (MOP) and are locat-ed within 500m of an MRT station tend to be highly sought after, says Abigail Tang, associate division director at SRI, who concluded the deal together with Yeo. She sees strong demand from young couples and their families, who want to be near amenities.

Loft at Dawson attracts young couples A five-room loft unit at SkyTerrace @ Dawson has also come onto the market for $1.25 million. The low-floor unit overlooks a garden on the fourth floor of the 43-storey block.

The 1,313 sq ft unit was put on the market a month ago, and received 20 to 30 enquiries. When it opened for viewing, the unit saw 10 interested parties. Such units are popular with young couples because of the layout and the city-fringe location, says Ivy Ng, associate marketing director at PropNex Realty.

On the first level, there is a living and dining area, master bedroom with en suite bathroom, a common bedroom and a common toilet. Upstairs, there is a common bedroom.

SkyTerrace @ Dawson is a 10-minute walk to Queens-town MRT Station, and next to Alexandra Canal Linear Park. It is a 15-minute drive to the CBD, and less than 10 minutes by car to the Orchard Road shopping belt and Singapore Bo-tanic Gardens.

The five towers, which comprise 758 units, were designed by renowned architectural firm SCDA Architects. There are communal sky gardens on various floors. Nearby at Block 85, there is a supermarket, childcare centre and various eat-eries and bakeries.

Units at SkyTerrace obtained MOP this year. In April, a 1,065 sq ft, five-room unit on a high floor fetched $1.01 million. E

UNDER THE HAMMER

FROM PAGE EP5

HDB WATCH

PICTURES: AT HOMEZ

The master bedroom of the Punggol loft unit is on the upper floor, while the other rooms are on the first floor The view from the Punggol unit towards Twin Waterfalls and the surrounding fields is totally unblocked

BY VALERIE KOR valerie.kor@edgeprop.sg

A two-bedroom apartment at The Rochester Residenc-es is on the market at a guide price of $2 million or $1,273 psf. An owner’s sale, the 1,571 sq ft unit is sit-uated on the ninth floor. It was put up for auction by Knight Frank on Aug 18, but was not sold.

The owner bought the unit for $1.77 million ($1,126 psf) when the 366-unit project was launched in 2007. The unit is current-ly being tenanted to an expat family until the end of this year. “The rooms are very spacious. The master bedroom can fit in two queen-sized beds and a baby cot comfortably, while the common bedroom can fit in a king-sized bed with two side-tables,” says Gwen Lim, senior manager at Knight Frank.

Excluding the patio space, the internal area is about 1,100 sq ft. The management allows owners to install vertical awnings, so the patio can be enclosed and used as additional space, says Lim.

Facilities at The Rochester Residences include a swimming pool, fitness gym, barbecue pits and a children’s playground. The project was completed in 2011, and was developed by Unit-ed Engineers as part of a mixed-use development together with Rochester Mall. Rochester Mall is currently anchored by enrich-ment centres such as The Learning Lab and Chengzhu Manda-rin centres. The development is also located opposite The Star Vista mall and near the Buona Vista MRT Interchange Station.

The Rochester Residences sits within the one-north area, a work-live-play environment under the JTC master plan featuring Biopolis, where the biomedical research and development cen-tre for biomedical sciences is located; and Fusionopolis, where infocomm tech companies and Lucasfilm Singapore’s The Sand-crawler building is located.

The Metropolis, a Grade-A office development where many multinational firms are tenants, is also nearby. One-north is also near tertiary institutions such as Insead Asia Campus, Essec Busi-ness School and National University of Singapore.

There are not many other condominiums in the area, notes Lim. Besides the 99-year leasehold The Rochester Residences, the other is One-North Residences, developed jointly by UOL

Group, Kheng Leong and Low Keng Huat. One-North Residenc-es overlooks Nepal Park on one side, and the one-north Park on the other. The 405-unit private condo project was launched just a few months ahead of The Rochester Residences, fully sold and completed in 2009.

Next door to One-North Residences is the upcoming One-North Eden, a project by TID, a joint venture between Hong Leong Holdings and Mitsui Fudosan. The upcoming project was purchased in a government land tender that closed last September. The 165-unit private condominium is expected to be launched sometime in the coming months.

In the nearby Dover Park area, the condominiums are at least 20 years old, for instance, the 99-year, leasehold 618-unit Herit-age View, which was completed in 2000; and the neighbouring 686-unit, 999-year leasehold Dover Park View, which was com-pleted in 1997.

Two recent transactions at The Rochester Residences were for the sizeable 1,948 sq ft, three-bedroom units on the 35th and 32nd floors that changed hands in July and August respectively. The 35th-floor unit fetched $2.6 million ($1,335 psf), while the unit on the 32nd floor was sold for $2.55 million ($1,309 psf).

Meanwhile, at One-North Residences, there were two transac-tions in the month of August. One was for a 1,012 sq ft, two-bed-room-plus study on the 11th floor that was sold for $1.48 million ($1,463 psf); while the other was for a 1,109 sq ft, two-bedroom-plus-study unit on the ninth floor that fetched $1.5 million ($1,353 psf), based on caveats lodged. E

Two-bedder with patio at The Rochester Residences on sale for $2 mil

ALBERT CHUA/THE EDGE SINGAPORE

Recent transactions at The Rochester Residences

Contract date (2020)

Area (sq ft) Price ($) Price ($ psf)

Aug 6 1,948 2,550,000 1,309

Jul 7 1,948 2,600,000 1,335

Mar 30 1,862 2,580,000 1,385

Feb 13 1,862 2,450,000 1,316

Feb 5 1,206 1,830,000 1,518

Jan 6 872 1,200,000 1,376

URA REALIS

Rental transactions at The Rochester Residences for units above 1,300 sq ft

Lease month (2020)

Unit size (sq ft) Bedrooms Monthly rent ($)

June 1,300 to 1,400 2 $5,150

May 1,600 to 1,700 2 $4,500

EDGEPROP SINGAPORE

The Rochester Residences is part of a mixed-use development that includes Rochester Mall