samuel isaac chua/the edge singapore getting creative to ...s3-ap-southeast-1.amazonaws.com/... ·...

CONTINUES ON PAGE EP4

360o viewExamining all angles to pinpoint opportunities PG2

Home ideasContemporising a charming classic PG6

Deal watchFreehold District 10 condo selling at 2010 prices PG7

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news

A PULLOUT WITH

M A K E B E T T E R D E C I S I O N SMCI (P) 046/03/2015 PPS 1519/09/2012 (022805)

THE WEEK OF APRIL 11, 2016 723

Getting creative tomove unsold units

| BY FEILY SOFIAN |

One developer has got

crea tive to clear its un-

sold units. According to

market sources, OUE Ltd

is offering two new pay-

ment schemes for OUE Twin Peaks,

a 462-unit condominium develop-

ment on Leonie Hill Road.

The schemes are considered a

private arrangement between the

buyer and seller as the project has

obtained the Certificate of Statutory

Completion (CSC).

Under the first scheme, also

referred to as the delayed pay-

ment scheme, buyers can make

a 20% upfront payment and ex-

ercise the option to purchase by

Dec 30. Buyers who are liable to

pay additional buyer’s stamp duty

today would stand to gain if the

government tweaks the ABSD re-

quirement.

On the second day of the Budget

debate on April 5, Member of Par-

liament Christopher de Souza urged

the government to remove the ABSD

for Singaporeans.

The second scheme allows buy-

ers to pay a 20% upfront payment

for the issuance of the options to

purchase and to pay the balance

two or three years later. It is similar

to the deferred payment scheme,

which the government withdrew

in 2007 for properties that have

not obtained CSC.

Buyers have to exercise the

option within two weeks and

pay the normal stamp duty plus

ABSD where applicable. They

can collect the keys to their units

and occupy or rent them out im-

mediately.

Both schemes are considered

private treaties between buyer and

seller. Under the second scheme,

the title deed is understood to be

held by the developer until the buy-

er pays the balance of 80%.

One advantage of the second

scheme is a two- to three-year sav-

ings in interest payment. At the

same time, buyers can continue

earning interest on their CPF and

receive rental income. Buyers who

are currently constrained by the to-

tal debt servicing ratio or loan to

value requirements can also take

advantage of this scheme. This gives

them more time to dispose of oth-

er properties and secure a higher

loan quantum when the 80% pay-

ment is due.

The second scheme has one

drawback. According to market

sources, units offered under this

scheme will be pricier than in the

first scheme.

Under the Qualifying Certificate

rules, OUE is liable to pay exten-

sion fees for OUE Twin Peaks if the

project fails to sell out within two

years of receiving its Temporary

Occupation Permit (TOP). The fees

are computed based on 8%, 12%,

16% and 24% of the land cost, for

the first, second, third and subse-

quent years respectively after the

deadline, pro-rated on the percent-

age of unsold units.

OUE paid $625 million, or $1,810

psf per plot ratio, in 2007 for the

site, the location of the former

Grange ford Apartment. The pro-

ject received its TOP in February

2015. Based on this, the developer

has until February 2017 to finish

selling all the units to avoid pay-

ing extension fees.

As at September 2015, there

were still 392 unsold units in the

development. No record was avail-

able after September, presumably

because the project had obtained

its CSC. Upon obtaining CSC, de-

velopers are no longer required to

OUE is offering two new payment schemes at OUE Twin Peaks

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

EP2 • THEEDGE SINGAPORE | APRIL 11, 2016

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

HEAD OF RESEARCH | Feily Sofi an SENIOR ANALYST | Esther HoonANALYSTS | Lin Zhiqin, Tan Chee Yuen

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Choy Wai FongPHOTO EDITOR | Samuel Isaac ChuaEDITORIAL COORDINATOR | Rahayu MohamadDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry,Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING THE EDGE SINGAPORE

ADVERTISING SALES

CHIEF MARKETING OFFICER | Cecilia KaySENIOR MANAGERS | Windy Tan, Kevin SimMANAGERS | Danna Pusta, Elaine Tan, Junda LinEVENTS

SENIOR MANAGER | Sivam KumarMARKETING

SENIOR MANAGER | Duanyi AngEXECUTIVES | Tim Jacobs, Sam Ridzam

THE EDGE PROPERTY

ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanSENIOR MANAGER | Diana LimACCOUNT MANAGERS | Ken Tan, Priscilla Wong, Jon Tan

COORDINATOR | Nor Aisah Bte Asmain

CIRCULATIONMANAGER |Cesar Banzuela De Jesus, Jr EXECUTIVES | Keith Lee, Malliga Muthusamy,Sandrine Gerber

CORPORATE CHIEF EXECUTIVE OFFICER | Ben PaulDIRECTOR | Anne Tong CORPORATE AFFAIRS DIRECTOR | Ng Say Guan

PUBLISHERThe Edge Publishing Pte Ltd150 Cecil Street #08-01Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620

PRINTERKHL Printing Co Pte Ltd57 Loyang DriveSingapore 508968Tel: (65) 6543 2222Fax: (65) 6545 3333

We welcome your commentsand criticism: [email protected]

Pseudonyms are allowed but please state your full name, address and contact number for us to verify.

Examine all angles to pinpoint opportunities

THEEDGE PROPERTY EVENT

| BY LIN ZHIQIN |

At the inaugural The Edge Property 360°

event held on April 2, a panel of speakers

gave pointers on how to examine all an-

gles of the property market to uncover

opportunities. The event was held in part-

nership with CapitaLand, Far East Organization,

MCC Land, JForte Holdings and Teambuild Land.

CIMB Private Banking director and economist

Song Seng Wun kicked off the session with a

snapshot of the global economy, which showed

that “global trade volume has fallen below the

long-term trendline, reflecting the soft consum-

er sentiment”. The Markit’s Global PMI, which

is based on a survey of businesses in the servic-

es and manufacturing sectors, shows that these

sectors are slowing down.

“The US economy is still in a lukewarm state

and whether people want to spend depends on

whether they feel that they have money in their

pocket and food on the table. Then, they will look

at whether they need to change their TV or buy

a new phone,” said Song.

“The US labour market is recovering, but there

is still plenty of slack. This leads to central banks

around the world keeping the cost of funding low

to try to get people to spend.

“There is uneven wage growth across job sec-

tors, including those in the resources sector, such

as oil and gas, where employees have been laid

off. So, it is not a broad-based recovery.

“In China, there is fiscal boost from govern-

ment spending, which is what countries should

do — complement monetary policy with spending.

If they cut rates, whether businesses will want to

spend will be helped if the government steps in.”

‘Cooling measures have created opportunities to buy’On the property cooling measures, Song said the

finance minister does not have to wait for the next

budget to tweak the measures if there is a need

to do so, based on the underlying market condi-

tions (see Chart 1).

“The debt servicing ratio or the leveraging

level of the household sector has gone up and

not come down yet. The chances of the govern-

ment relaxing measures anytime soon in an or-

derly market correction is unlikely. As the cost

of funding is still very cheap, the risk of relax-

ing is that leveraging will rise. This is one of the

considerations,” Song said. “In terms of price,

analysts are predicting a 15% decline from the

peak of the index.”

Ooi Yi Tung, director of The Edge Property,

said, “The cooling measures have not had the

same impact on all the segments of the property

market. It makes sense to look at segments that

have been affected more.

“Prices of some sites sold post-total debt ser-

vicing ratio were 10% to 20% lower than those

sold pre-TDSR, meaning the developer has the

option to sell at a lower price. These develop-

ments could be comparable, such as being next

to each other or with similar characteristics and

proximity to MRT.”

Based on his study, there are only two such new

developments in the Central Region — Principal

Garden and The Poiz Residences, which is a mixed-

use development.

Principal Garden is located between the Red-

hill and Tiong Bahru MRT stations. There are four

other new launches in the area with prices above

$1,700 psf for two-bedroom units, while similar

units are priced below $1,700 psf at Principal Gar-

den. According to Ooi, this is good for investors

as “you have room to price your rent lower and

not be hurt that much”.

The Poiz Residences is located beside the Po-

tong Pasir MRT station. It has a retail component

that will be managed by the developer, which is

advantageous. “Developers can get the tenant mix

right from day one, compared with some strata

malls that don’t work and are empty because they

are not well managed,” Ooi explained.

Other plus points for The Poiz Residences in-

clude rental resilience, owing to proximity to retail

and the MRT station. “For the same budget, ten-

ants will move towards convenience, closer to the

mall and MRT. In difficult times, rent might come

down, but at least it will be occupied,” he said.

One- and two-bedroom units at The Poiz Resi-

dences are priced at $1,400 to $1,500 psf. In com-

parison, completed mixed-use developments in

the Outside Central Region, such as Watertown in

Punggol, have asking prices of $1,300 to $1,400

psf for such units.

Resale opportunitiesOoi cited Vida in the Cairnhill area and Jardin along

Bukit Timah Road as examples of developments that

have seen rock-bottom prices in recent transactions.

Based on past resale transactions, a buyer who

pays $2,020 psf for a one- or two-bedroom unit at

Vida today would be paying a price that is lower

than that paid by 80% of his neighbours. “If you

can negotiate the price down to $1,900 psf, you

will enjoy a price that is lower than that paid by

85% of your neighbours,” said Ooi.

At Jardin, a price of $1,675 psf for a two-bed-

room unit is the target to negotiate for. “At $1,650

psf, the price is cheaper than what 95% of your

neighbours paid,” he added. A unit was recently

transacted at $1,400 psf.

In identifying resale opportunities for rent-

al investors, Ooi said the rental yield should

be above 3.5%. “Yield is very important. If

you have good cash flow, you have nothing to

worry about.”

His list of freehold developments in the Cen-

tral Region include Alexis in Queenstown, Parc

Imperial in Pasir Panjang, Prestige Heights in Bal-

estier, and La Fleur, Melosa and Treasures @ G20

in Geylang. These developments were selected

based on their rental yield of between 3.5% and

4.2% for one-bedroom units.

Leasehold developments that meet the crite-

rion are Icon, One Shenton, Skysuites @ Anson

and The Sail @ Marina Bay, all of which are lo-

cated in the CBD. Other developments in the Cen-

tral Region with rental yield of above 3.5% are

Waterbank at Dakota and Citylights in Lavender.

“If you are buying for rental, the best is to buy

it tenanted. Ideally, the lease only expires in 2018,

so you won’t have to worry about finding tenants

for two years,” Ooi said.

Upcoming developments worth waiting forIn addition to the opportunities that are already

in the market, Ooi also identified some upcom-

ing launches that investors might want to consid-

er. They include a residential site in East Coast

with superb seaview owing to the location, and

a mixed-use development beside the Redhill MRT

station that will have a supermarket that is inte-

grated with the station. The white site in Paya

Lebar that is slated to have office, retail and resi-

PICT

URES

: SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE


THEEDGE SINGAPORE | APRIL 11, 2016 • EP3

dential components is another development

that investors can anticipate.

Lastly, there is an upcoming Government

Land Sale in April for a site at Martin Place,

which is in the Core Central Region. According

to Ooi, it is rare for sites in the CCR to be put

up for sale. “If the developer can buy at a good

price, this will potentially be a good bargain.”

Should you buy, sell or hold?For those looking to buy, ERA key execu-

tive officer Eugene Lim said, “Now is the

best time. Sellers are more realistic and you

would probably be able to get a good deal

with some market research. With the loan

curbs here to stay, it would be a good idea

to get the necessary financing approvals be-

fore going house-hunting.

“If your house serves your needs and you

are not pressured to sell, then hold. Don’t be

pressured into thinking that the price will drop.

The measures are not designed to crash the

market but to stabilise prices that have risen

too fast for too long. Prices will be flat.”

He added, “Over the longer term, the growth

in population towards 2030 is expected to in-

crease the demand for housing and would

therefore provide the headroom for a meas-

ured capital appreciation.

“Prices have basically stabilised and the

trend is flat now. Today’s market price is very

realistic. In order to sell your house, the pric-

ing will have to be very realistic.”

According to Lim, ERA projects a total price

decline of less than 1% in 2016 for HDB resale.

HDB resale transactions rebounded 11.5% from

the historical low of 17,318 in 2014 to 19,306

in 2015. “ERA expects transactions in 2016 to

cross 20,000, probably closer to 21,000.”

To those who are committed to sell, Lim said,

“Realistic pricing is the way to go. Buyers are

very price-sensitive and if you go to the market

with a high asking price, no buyer would be

interested to make an offer for your flat. This

will increase the length of time your unit stays

on the market and this would probably work

against you in the end. Remember, based on

today’s resale prices, which have gained 75%

over the past 10 years, nobody is really mak-

ing a loss if you sell at market value”.

Lim’s advice to potential upgraders was:

“If you are buying today, you are buying at

2011 prices, as prices have come down. Pric-

es will go down further, but it is very difficult

to catch the bottom. If you look at the tail end

of the curve, it is quite stable.”

‘Invest in smaller commercial units’Knight Frank director and head of consultan-

cy and research Alice Tan said, “Office prices

came down in the global financial crisis and

it took over three years to recover. Last year,

we started to see prices coming down, main-

ly owing to the moderation in rentals. We are

seeing a softening in rentals because of the

economic outlook. Banks are consolidating

their office spaces, with some of them mov-

ing their back office to the city fringe or even

suburbs.” (See Charts 2 and 3.)

“The retail picture doesn’t look so rosy. Rent-

als are coming down steeply because the occu-

pancy rates are coming off quickly. In 1H2015,

rentals were still fine, but in 2H2015, we start-

ed to see steeper decline owing to the weak-

ening consumer sentiment and lower tourist

receipts,” she added.

Tan also pointed out that more Singapore-

ans are doing online shopping, which nega-

tively impact retailers. The labour crunch is

another factor impacting retailers. “This is not

an easy time for retailers,” she said.

“[Despite the challenges in the office and

retail sectors, there are still opportunities.]

Many investors think commercial property is

out of reach, but you can either invest in small-

er commercial units or commercial real estate

investment trusts.”

Strata offi ces may have niche appealAccording to Tan, sale prices for new freehold

strata offices have held firm at about $3,500 psf

mainly owing to transactions at Crown at Rob-

inson in the Tanjong Pagar area. “All the trans-

actions in 1Q2016 were for resale freehold offic-

es and prices are still holding up, although they

have come off from a high of $2,500 psf in the

heyday.” (See Chart 4 on Page EP4.)

For new leasehold strata offices, sale prices

have trended up. According to Tan, this was

due to two new sale caveats in 1Q2016, name-

ly a large-ticket transaction at SBF Center for

27,000 sq ft of space at $85 million and anoth-

er transaction for a smaller unit at GSH Plaza.

“In terms of resale, prices have started fall-

ing, but are still quite stable. The transactions

that contributed to this were at developments

such as The Central, where prices are stable at

$2,400 to $2,500 psf, and Suntec City, which

is a very resilient development,” noted Tan.

She also emphasised the importance of the

balance lease tenure for commercial property

as “prices can come off quite a fair bit to be-

low $2,000 psf if the balance lease is very low,

such as below 70 years”.

In terms of price quantum, “$1 million to

$2 million is the sweet spot price range for en-

try-level investors. The size range can be as

small as 300 to 400 sq ft or up to 1,000 sq ft,

depending on the location”, she said.

Retail is about people coming to shopThe sale prices of new freehold strata retail

have declined along with the prices for resale

units. According to Tan, this is a reflection of

the challenging retail market. “Prices for free-

hold resale transactions remained fairly stable,

such as those for old units at Coronation Plaza

and Queensway Shopping Centre,” she said.

Tan identified F&B and education and enrich-

ment as retail trades that are resilient against

the online shopping threat. “One potential

source of tenants is trendy start-up cafés that

are very budget-conscious. You might be able

to negotiate better with them, to compete with

big landlords for these retailers.”

A possible source of opportunities is the

Downtown Line, which cuts down the travel-

ling time to the city. “The MRT effect is very

powerful, not just on commercial but also on

residential property. The Downtown Line acti-

vates a lot of shops that are near the exit points

of the stations,” she added.

Tan said that one of the key findings of the

Knight Frank Wealth Report released last month

was that many ultra-high-net-worth clients were

Singapore policy planners watching the property market

DEPA

RTM

ENT

OF

STAT

ISTI

CS, C

IMB

PRIV

ATE

BAN

KIN

GFrom left: CapitaLand senior manager, marketing (residential), Ng Jing Tian; Far East Organization director, property sales, Quek Ai Ling; Far East Organization chief operating officer, property sales, Shaw Lay See; The Edge Property managing director Bernard Tong; The Edge Singapore managing director Anne Tong; MCC Land deputy marketing director Eunice Lau; JForte Holdings group CFO Darren Wang; and The Edge Property director, advertising and sales, Cowie Tan

Offi ce prices have generally held fi rm

Rentals softening because of the economic outlook

CHAR

TS: R

EALI

S, K

NIG

HT F

RAN

K RE

SEAR

CH

CONTINUES NEXT PAGE

Chart 1 Chart 2

Chart 3



COVER STORY

Demand still consistent for resale freehold offi ces

REAL

IS (A

S AT

MAR

CH 3

0), K

NIG

HT F

RAN

K RE

SEAR

CH

Lim: If you are buying today, you are buying at 2011 prices, as prices have come down

Ooi cited The Poiz Residences and Principal Garden as examples of developers paying relatively lower price for the sites

Song: The debt servicing ratio or the leveraging level of the household sector has gone up

Tan: Despite the challenges in the office and retail sectors, there are still opportunities

F&B and education and enrichment are resilient retail trades

deterred from investing in commercial property.

These clients cited lack of knowledge about the

sector and insufficient market research.

According to her, it is important for investors

to gather more knowledge about retail, which is

“a very challenging sector”. She said that some

strata-titled retail malls are not very well-run com-

pared with developer-run malls. Naming Bukit

Timah Plaza and Thomson Plaza as two strata

retail malls that are well-managed, she suggest-

ed for investors to observe the trade mix and

“observe the crowd and traffic, and talk to peo-

ple and retailers to get a better feel before invest-

ing. Retail is all about people coming to shop”.

Shophouses, a very specialised sectorTan revealed that shophouses in District 2, on

Anson Road and in Tanjong Pagar, enjoy high

demand from companies. “Tanjong Pagar shop-

houses are very highly priced because it is an

established watering hole. The typical buyers

are companies and family offices. Shophouses

are like collectibles because there is no up-

coming supply. The downside to shophouses

is the difficulty in maintenance and conserva-

tion requirements,” she said.

“The number of shophouse transactions are

quite low compared with the past and prices

are at a more affordable level. In the active

years, a lot of foreign investors came to in-

vest in shophouses and it is not good for the

market when prices go too high,” she added.

“Companies continue to comprise a significant

proportion of buyers as the hefty price quan-

tum deters individual borrowing with TDSR.”

For investors interested in shophouses, Tan

suggested looking into those in the Down-

town Core, Marine Parade and Rochor plan-

ning areas.

All units to be sold by February 2017 to avoid extension feesreport their sale status by the Con-

troller of Housing.

Based on caveat records published

by URA, there have been four transac-

tions since October. Two were lodged

this year, both involving 570 sq ft units.

One of the units, on the 35th floor,

fetched $2,918 psf. The other, on the

14th floor, was sold for $2,629 psf. An-

ecdotal evidence shows these prices

are at a 5% discount to peak prices

in 2013. In May that year, a 570 sq ft

unit on the 16th floor changed hands

for $2,805 psf.

According to marketing agents,

some third-floor units in the project

are being offered as star buys with a

price tag of $2,300 psf net. How ever,

the star buys are not eligible for the

second payment scheme.

Units on the fourth floor and

above are eligible for the second

payment scheme. The cheapest

unit available under this scheme is

understood to be a one-bedroom,

549 sq ft unit on the fourth floor

that is going for $1.5 million, or

$2,728 psf, after discount. Going

by the latest comparable transac-

tion, the unit for the second pay-

ment scheme is priced at a premi-

um. Potential buyers should weigh

their potential interest rate savings

and net rental yield against this pre-

mium to estimate the net gain from

the second scheme.

The 462 units in the project are

housed in two 35-storey towers. All

are fully furnished by designers, in-

cluding Charles & Ray Eames, Gerrit

T Rietveld, Hans Wegner, Matthew

Hilton and Tom Dixon.

The developer could not be reached

for comment.

FROM PAGE EP1

E

FROM PREVIOUS PAGE

Chart 4

E

KIM

SY


THEEDGE PROPERTY HOME IDEAS

Contemporisinga charming classic| BY TAN CHER MING & STEPHANIE GAUTAMA |

Home is a place of memories, and some of us wish that our cherished place will never change. As with all

things however, houses age and become dilapidated over time: Waterproofing starts to fail; plumbing,

sanitary and electrical infrastructure needs to be replaced; and floor and wall finishes need to be periodically

refreshed to keep up with the times. For some, this is a good excuse to demolish the house and rebuild it

completely. But for other homeowners who feel attached to their abode, a light-handed approach might

be more appropriate. And they can integrate new design elements into their beloved home.

Ming Architects recently completed renovation works for a Good Class Bungalow (GCB) on Swettenham Road

that was built in the early 1990s. The success of the project lay in achieving a perfect balance between the classical

style of the original bungalow and the introduction of contemporary design elements.

Here are key considerations for homeowners looking for a similar upscale makeover for their homes:

DEFINE YOUR COLOUR

and material palette to

create a consistent look

throughout the house.

Materials such as black-

stained walnut, white

Italian Carrara marble

and polish ed gold accents

lend the spaces elegance

and class, and serve to

unify both the classical

and modern elements of

the design. Stainless steel

and low-emissive glass are

utilised to suit the owner’s

requirements.

CELEBRATE YOUR HERITAGE by reinvigorating the existing features

of your estate. Seize the chance to redo the electrical wiring and sanitary

plumbing, revamp floor and wall finishes, and use modern lighting tech-

niques such as concealed LED cove lights and light fittings to accentuate

your house’s classical architecture and highlight its best features.

CHERISH HEIRLOOMS and restore them as accents for your new home. The grand crystal chandelier as well

as all the existing pendant alabaster lamps in the GCB underwent a complete restoration with polishing of the

crystals and stones, and replating of the gold finish. Many of the timber doors were restored and reused as well.

INVEST IN A TECHNOLOGICAL upgrade by using energy-saving appliances

and embedding a smart automated system in everyday living. For a large

bungalow, consider using exclusively LED lights, a VRV [variable refrigerant

volume] air-conditioning system as well as a good home automation sys-

tem that can control your lighting, blinds/curtains and air conditioning

from anywhere within the house or even remotely via your smart phone.

Here, Ming Architects has integrated classy technological features to suit

the client’s lifestyle, including a custom temperature-controlled wine cellar,

glass lift shaft and home theatre room.

DREAM OF SPACES TO ENJOY! Home-

owners who relish being outdoors can

gather family and friends at a poolside pa-

vilion that comes fully equipped with air

condition ing, a bar fridge, digital TV and

state-of-the-art karaoke system. It’s the

ideal place to entertain.

Tan Cher Ming, principal of Ming Architects,

is passionate about the process of creating

well-designed homes that suit individual

homeowners. He can be reached at ming@

mingarchitects.com.

Stephanie Gautama is a freelance land-

scape architect and design writer. She

can be reached at stephaniegautama@

gmail.com.

E

THEEDGE SINGAPORE | APRIL 11, 2016 • EP7

THEEDGE PROPERTY DEAL WATCH

E

Recent rental contracts for 600 to 700 sq ft units at Spanish Village Historical transactions of 700 to 800 sq ft

units at Spanish Village

Table 1Table 2

TABL

ES: U

RA, T

HE E

DGE

PRO

PERT

Y

MONTHLY RENTLEASE DATE $ PRICE PSF ($)January 2016 2,500 3.80January 2016 2,550 3.90January 2016 2,400 3.70December 2015 2,500 3.80December 2015 2,250 3.50December 2015 2,600 4.00December 2015 2,550 3.90

CONTRACT DATE PRICE ($ MIL) PRICE PSF ($)March 25, 2014 1.22 1,553Nov 15, 2013 1.20 1,527Aug 19, 2013 1.00 1,429April 25, 2013 1.27 1,639Jan 23, 2013 1.10 1,572April 5, 2010 1.10 1,400

Freehold District 10 condo selling at 2010 prices| BY METTA LEE |

A 786 sq ft, one-bedroom

unit at Spanish Village on

Farrer Road has been list-

ed on TheEdgeProperty.

com at $1.1 million, or

$1,399 psf. The Edge Fair Value, a

valuation tool on The EdgeProper-

ty.com, puts the indicative value of

the property at $1,514 psf. The ask-

ing price is on a par with 2010 pric-

es. In April 2010, a comparable unit

was sold for $1,400 psf.

The property’s last transaction

for a similar-sized unit was in March

2014, when a unit on the same floor

was sold for $1.22 million, or $1,553

psf. This represents an 11% premium

above the subject property’s asking

price of $1,399 psf.

Spanish Village is a freehold pro-

ject in District 10 that was completed

in 1987. The 226-unit development

is located across the road from the

Farrer Road MRT station of the Cir-

cle Line and Empress Road Market

and Food Centre. More amenities

are found in Holland Village, which

is within 1km of the development.

Schools within a 1km radius of

Spanish Village include Nanyang Pri-

mary School, St Margaret’s Secon dary

School and Anglo-Chinese School

(International) Singapore.

There were seven rental contracts

for 600 to 700 sq ft units at Span-

ish Village from December 2015 to

January 2016. Monthly rents for

these contracts averaged $2,440,

or $3.74 psf. The subject proper-

ty is understood to be tenanted at

$2,700 a month.

For more information, call mar-

keting agent Danis E T Lim at 9222

8999.

Scan the QR code for value deals at Spanish Village and nearby pro-jects

As TheEdgeProperty.com is not party

to the contract between the client and

agent, it is unable to verify informa-

tion provided by the agent

E

Spanish Village is a freehold project that was completed in 1987

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

1 KM RADIUS

Most affordable listingsnear Bartley MRTon TheEdgeProperty.com

Bartley Residences clocked up the most rental transactions in February. The median rent for

the 49 contracts was

$3.50/psf per month.

CASA ROSA

Size: 1,130 sq ft

Asking price: $1,050,000

Marketed by: Michelle Goh

Contact no: 9088 2384 418 SERANGOON CENTRAL(Jumbo)

Size: 1,571 sq ft

Asking price: $890,000

Marketed by: Dorothy Chua

Contact no: 9144 8100

THE VUE

Size: 1,098 sq ft


Marketed by: Verooda Leong


EVANIA

Size: 980 sq ft


Marketed by: Louis Tey


13 JOO SENG ROAD(4-room)

Size: 1,022 sq ft


Marketed by: Parthiban


2 UPPER ALJUNIED LANE(3-room)

Size: 613 sq ft


Marketed by: Salihin


Condo

By: Metta LeeGraphics by: Lem Chern Jiang

BARTLEYRESIDENCES

Size: 797 sq ft


Marketed by: Ryan Lee


HDB

Scan the QR code for condo listings near Bartley MRT

51 8899

da Leong

22

Scan the QR code for HDB listings near Bartley MRT

10 JOO SENG ROAD(5-room)

Size: 1,281 sq ft


Marketed by: Sui San Ng


BARTLEY

SUITES@PAYA LEBAR

Size: 614 sq ft


Marketed by: Drake Woon

Contact no: 9150 7233Contact


New caveats uploaded on March 25 and 29

TABL

ES: U

RA, T

HE E

DGE

PRO

PERT

Y

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

NON-LANDED

1 Holt Residences 10 2,067 21-Mar-16 2,850,000 19-Jul-05 1,446,900 1,403,100 97 7 10.7

2 Equatorial Apartments 15 2,411 22-Mar-16 2,750,000 22-May-06 1,350,000 1,400,000 104 7 9.8

3 Glentrees 10 1,711 10-Mar-16 2,280,000 21-Dec-05 1,350,900 929,100 69 5 10.2

4 Sky@Eleven 11 2,820 21-Mar-16 4,260,000 26-Mar-07 3,369,900 890,100 26 3 9.0

5 Citylights 8 1,421 17-Mar-16 1,830,000 11-Apr-07 988,200 841,800 85 7 8.9

6 Chapel Lodge 15 1,593 4-Feb-16 1,580,000 15-Mar-07 760,000 820,000 108 9 8.9

7 Jervois Jade Apartments 10 1,496 3-Mar-16 1,796,000 18-Apr-07 1,000,000 796,000 80 7 8.9

8 Avalon 10 1,582 17-Mar-16 2,230,000 15-Feb-05 1,447,530 782,470 54 4 11.1

9 The Sunny Spring 14 1,195 15-Mar-16 1,185,000 3-Oct-05 480,000 705,000 147 9 10.5

10 Hillington Green 23 2,594 18-Mar-16 2,018,000 3-Jul-00 1,407,600 610,400 43 2 15.7

LANDED

1 Detached/Gallop Road 10 15,888 21-Mar-16 27,000,000 10-Sep-09 14,500,000 12,500,000 86 10 6.5

2 Detached/Jalan Kakatua 21 8,288 4-Mar-16 8,600,000 1-Feb-00 3,200,000 5,400,000 169 6 16.1

3 Semi-detached/Bee San Avenue 21 2,594 16-Mar-16 4,600,000 2-May-06 2,180,000 2,420,000 111 8 9.9

4 Semi-detached/Meng Suan Road 26 4,510 18-Mar-16 3,300,000 5-Dec-06 1,100,000 2,200,000 200 13 9.3

5 Terrace/Pasir Panjang Hill 5 4,327* 18-Mar-16 3,220,000 3-Sep-96 1,950,000 1,270,000 65 3 19.6

Non-profi table deals

* Refers to strata area. Otherwise, area stated for landed homes refers to land area. Tables compiled by Tan Chee Yuen

PROJECT DISTRICT AREA SOLD ON SALES PRICE BOUGHT ON PURCHASE PRICE PROFIT PROFIT ANNUALISED PROFIT HOLDING PERIOD (SQ FT) ($) ($) ($) (%) (%) (YEARS)

1 The Ritz-carlton Residences

Singapore Cairnhill 9 2,831 18-Mar-16 7,100,000 10-Jun-13 10,800,000 3,700,000 34 14 2.8

2 Robertson Blue 9 1,432 18-Mar-16 1,800,000 22-Aug-12 2,778,080 978,080 35 11 3.6

3 Detached/Dunsfold Drive 13 4,564* 15-Mar-16 2,700,000 14-Dec-07 3,350,000 650,000 19 3 8.3

4 Residences @ Evelyn 11 2,250 21-Mar-16 3,600,000 17-Mar-10 3,825,000 225,000 6 1 6.0

5 The Bencoolen 7 1,044 3-Feb-16 1,200,000 28-Mar-11 1,380,000 180,000 13 3 4.9

6 Signature Residence 15 2,314 3-Mar-16 2,100,000 19-Apr-10 2,250,000 150,000 7 1 5.9

7 Aspen Heights 9 2,702 18-Mar-16 3,800,000 7-Apr-08 3,900,000 100,000 3 0.3 8.0

8 Caribbean At Keppel Bay 4 1,475 21-Mar-16 2,000,000 29-Jun-11 2,080,000 80,000 4 1 4.7

9 Cyan 10 657 14-Mar-16 1,200,000 24-Nov-09 1,258,660 58,660 5 1 6.3

10 The Bayshore 16 1,012 18-Mar-16 893,000 23-Jun-11 950,000 57,000 6 1 4.7

THEEDGE PROPERTY FACTS + FIGURES

Most-viewed listings on TheEdgeProperty.com (The week of March 21 to March 27)

TABL

ES: T

HE E

DGE

PRO

PERT

Y

PROJECT NAME ASKING PRICE ASKING PRICE PROPERTY TYPE AREA TENURE COMPLETION DATE DISTRICT PLANNING AREA MARKETED BY CONTACT NO. ($) ($PSF) (SQ FT)

NON-LANDED Core Central Region

1 The Equatorial 1,850,000 1,481 Condominium 1,249 99 Years 2001 10 Tanglin Hamilton Tang 8182 26682 6 Derbyshire 1,850,000 1,828 Condominium 1,012 Freehold Uncompleted 11 Novena Harry Chong 9773 18313 Botanika 6,280,000 1,907 Apartment 3,294 Freehold 2008 10 Tanglin Richard Jany 9007 83984 Leedon Residence 5,670,000 2,132 Condominium 2,659 Freehold 2015 10 Bukit Timah Jamie Yoeng 8180 77725 The Serenade @ Holland 1,788,888 1,162 Condominium 1,539 99 Years 2004 10 Bukit Timah Clarence Goh 9022 8286Rest of Central Region

1 Ava Towers 1,350,000 1,099 Apartment 1,228 Freehold 1993 12 Novena Alan Lim HM Lim 9763 32072 Sant Ritz 1,495,933 1,188 Condominium 1,259 99 Years Uncompleted 13 Toa Payoh Eddie Khoo 8138 23453 Floridian 4,100,000 1,740 Condominium 2,357 Freehold 2012 21 Bukit Timah James Sim 8363 82604 Chen Fang Mansions 850,000 908 Apartment 936 Freehold 1997 14 Geylang Jolyn Tan 9011 80285 Atrium Residences 1,100,000 1,043 Apartment 1,055 Freehold 2008 14 Geylang Jimmy Lee 9145 3108Outside Central Region

1 Lakeholmz 1,248,000 1,008 Condominium 1,238 99 Years 2005 22 Jurong West Xavier Aw 9828 89982 Riversails 1,160,000 1,047 Condominium 1,108 99 Years Uncompleted 19 Hougang Jasmine Chen 8282 73043 Livia 1,000,000 794 Condominium 1,259 99 Years 2011 18 Pasir Ris Vince Lee 8101 05554 The Topiary 1,059,440 820 Executive Condominium 1,292 99 Years Uncompleted 28 Sengkang Andy Chua Kiong 9785 8090 Meng Chua 5 Signature At Yishun 530,000 684 Executive Condominium 775 99 Years Uncompleted 15 Yishun Kai Chen 9430 8252LANDED

STREET NAME ASKING PRICE ASKING PRICE PROPERTY TYPE AREA NUMBER OF TENURE DISTRICT PLANNING MARKETED BY CONTACT NO ($) ($PSF) (SQ FT) BEDROOMS AREA1 Lorong H Telok Kurau 3,600,000 900 Semi-Detached 4,000 5 Freehold 15 Bedok Johnny Chua 8268 68172 Inggu Road 2,100,000 505 Terrace 4,160 6 99 Years 27 Sembawang Jeslyn Lim 9760 27113 Gardenia Road 2,500,000 1,604 Terrace 1,559 4 Freehold 20 Bishan Tina Shum 9191 78064 Dunbar Walk 6,480,000 1,976 Semi-Detached 5,558 5 Freehold 15 Bedok Johnny Chua 8268 68175 Upper Serangoon View 1,908,000 1,198 Semi-Detached 1,593 3 99 Years 19 Hougang Harry Chong 9773 1831HDB STREET NAME ASKING PRICE ASKING PRICE FLAT TYPE AREA TENURE COMPLETION DATE DISTRICT TOWN MARKETED BY CONTACT NO ($) ($PSF) (SQ FT)1 210C Compassvale Lane 390,000 533 3-Room 732 99 Years 2013 19 Sengkang Chin Yun Chai 9630 31372 503C Canberra Link 460,000 389 5-Room 1,184 99 Years 2001 27 Sembawang Lynn Chia 9327 55883 359 Admiralty Drive 580,000 405 Executive 1,431 99 Years 2001 27 Sembawang Hazel Lim 9878 34994 504C Canberra Link 420,000 355 5-Room 1,184 99 Years 2001 27 Sembawang Bob Leung KH 9068 29665 352 Hougang Avenue 7 350,000 357 4-Room 980 99 Years 1986 19 Hougang Chin Hin 8222 1842 (Stanley) Tan

samuel isaac chua/the edge singapore getting creative to ...s3-ap-southeast-1.amazonaws.com/... ·...

Documents