2017 kicks off on positive note with new launches · 2017. 2. 10. · a pullout with mci (p)...

A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF FEBRUARY 13, 2017 | ISSUE 766

M A K E B E T T E R D E C I S I O N S

2017 kicks off on positive note with new launchesLarger-scale projects in the pipeline, starting with The Clement Canopy,are expected to buoy buyer sentiment over the next few monthsSee our Cover Story on Pages 8 and 9.

Offi ce TrendsFrasers Tower expects to

see strong leasing activityEP4

ResearchNew home supply

continues to put pressure on rents EP6

Gains & LossesPenthouse at The Trevose snapped up at a bargain

EP13

Done DealsPickup in sales of

new luxury condosEP14&15

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

EP2 • THEEDGE SINGAPORE | FEBRUARY 13, 2017

Freehold detached house in District 15 up for sale by auctionA freehold redevelopment site with a

total land area of 7,615 sq ft located on

Bournemouth Road in District 15 (right)

has been put up for sale by auction. Ac-

cording to Edmund Tie & Co, the ap-

pointed marketing agent for the sale,

the indicative price for the site is $1,200

psf, or around $9 million.

The site is occupied by an old post-

war 2,000 sq ft detached house, which

has a car porch, living and dining areas,

two bedrooms and a kitchen space. Un-

der URA’s Master Plan 2014, the site is

zoned “residential” within “two-storey

semi-detached”.

“The property can be subdivided

and redeveloped into a pair of semi-de-

tached houses or rebuilt into a bunga-

low,” says Joy Tan, head of auction at

Edmund Tie & Co.

According to ET&Co, the site would

then represent an excellent opportuni-

ty for both occupiers and investors to

own a property in a coveted East Coast

location. The auction will take place on

Feb 28 at The Amara Hotel.

Grade-A office floor at Samsung Hub up for sale at $43 milThe strata office space on Level 20 at

Samsung Hub (right) has been put up

for sale via expression of interest (EOI).

It has an indicative guide price of $43.38

million, which works out to $3,310 psf

based on the total strata area.

Completed in 2005, Samsung Hub

is a 999-year leasehold Grade-A office

development located within the heart

of the CBD. There are six strata office

units on the 13,132 sq ft space on the

20th floor. The strata office floor is ful-

ly fitted with integrated ceiling boards,

raised floorings, reception area, partition

rooms, meeting rooms, workstations and

a wet pantry. The entire office floor is

being sold on a vacant possession basis.

JLL is the exclusive marketing agent

and the EOI closes on March 15.

Five shophouses in Kampong Glam for sale at $21 milA row of five freehold contiguous prime

conservation shophouses on Baghdad

Street (below), in the Kampong Glam

Conservation Area/Ophir-Rochor Cor-

ridor, has been put up for sale by EOI.

According to CBRE, which is the appoint-

ed marketing agent, the asking price for

all five units is $21 million and the own-

er’s preference is to sell them en bloc.

The five combined shophouses have

a total land area of 4,892 sq ft and a to-

tal floor area of 7,137 sq ft. The site is

zoned for full “Commercial” under the

2014 Master Plan.

All five units have been leased to

five F&B businesses with tenancy agree-

ments ending between 2018 and 2019.

The buyer will be able to enjoy imme-

diate rental income, says CBRE.

The EOI closes on March 21.

Renting out a room just got harder with Planning Act AmendmentLeasing your apartment or room out on

a short-term basis through homestay

networking services such as Airbnb and

HomeAway may soon be considered il-

legal under Singapore law.

In a second reading of a speech on

the Planning (Amendment) Bill 2017 in

parliament on Feb 6, National Develop-

ment Minister Lawrence Wong said he

intended to “make explicit the lawful

boundaries pertaining to residential

rental and subletting”.

The bill will introduce a new sched-

ule to the Planning Act, which lists the

use of residential property for short-term

and dormitory accommodation as illegal

without URA’s permission. The bill also

involves stricter penalties for unauthor-

ised development works or subdivision

for repeat offenders or the unauthorised

use of private property.

Wong said URA is studying the op-

tion of creating a new category of sub-

letting, which involves both existing

and new residential sites that will be

designated specifically for the purpose

of short-term rentals. He said more de-

tails would be released at a later date.

Online listings platform Airbnb notes

that more than half the hosts in Singa-

pore are sharing their primary residence

— the home in which they live.

“For many Singaporeans, the oppor-

tunity to list their home on Airbnb — for

an average of $5,000 a year — makes a

real difference paying off the mortgage,

electricity bills and other daily expens-

es,” its spokesman said.

“We recognise that Singapore has

unique needs and challenges, and we

have repeatedly offered our support to

relevant agencies to develop a frame-

work that promotes responsible home

sharing.”

US-based listing portal HomeAway,

which acquired Singapore vacation rent-

al start-up Travelmob in 2013, says it ap-

preciates the government’s direction to

carefully balance the needs of Singapo-

reans with the competitive nature of re-

gional tourism.

Prashant Kirtane, vice-president of

HomeAway Asia, says: “HomeAway is

committed to working with the govern-

ment on short-term rental regulations

that address the government’s concerns

and are representative of Singapore’s

place as the leading market in Asia for

technological leadership.”

According to media reports, the move

received mixed response from industry

stakeholders. They say the difficulty lies

in the enforcement.

At present, URA states that private

home owners who wish to rent out their

properties and spaces for less than six

months cannot do so lawfully unless

they obtain permission from the nation-

al planning authority, while also limit-

ing the number of unrelated tenants in

private apartments to six.

The cap does not apply to families,

as the amendment expressly excludes

persons who are related, along with

their domestic helpers and care-givers.

For units currently housing seven

or eight persons, Wong said URA

would allow the tenancy agreements

to “run their natural course” for now

and not clamp down on them before

they expire.

Through the proposed amendments,

he believed planning levers would be en-

hanced while provisions in the bill would

strengthen Singapore’s current regula-

tory regime, such as engaging qualified

persons throughout the key stages of a

property’s development process.

“This serves to safeguard the quality

of the environment while maintaining

good practices and overall standards in

the industry,” he added.

Ho Bee Land divests UK property for $167.2 milMainboard-listed Ho Bee Land says its

wholly-owned subsidiary, Grandiose In-

vestments (GIPL), has entered into an

agreement to sell Rose Court in South-

wark, London to Guernsey property unit

trust for £94.5 million ($167.2 million).

GIPL acquired Rose Court as an of-

fice investment property for £67.2 mil-

lion in June 2013 as part of the group’s

strategy to grow its recurring income

base. The building comprises 157,144

sq ft of office and ancillary accommo-

dation arranged over the lower ground,

ground and nine upper floors. The prop-

erty is let to the Secretary of State for

Communities and Local Government

until September 2018 at an annual rent

of £4.3 million.

In a statement to the Singapore Ex-

change, Ho Bee Land says Guernsey

paid a deposit of 10% of the sale price

and the balance will be payable upon

completion on Feb 21. The transaction

is a cash purchase.

The property was last revalued to

£90 million in December 2016. The sale

will yield a net gain of about £4.5 mil-

lion. The group says it intends to use

the sale proceeds to reduce its borrow-

ing and provide additional working cap-

ital for its businesses. — Compiled by

Michael Lim

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

SECTION EDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY SECTION EDITOR |Michael LimSENIOR ANALYST | Lin ZhiqinANALYST | Tan Chee Yuen

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

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimACCOUNT MANAGERS | Priscilla Wong, James Chua

THE EDGE SINGAPORE

ADVERTISING + MARKETING

ADVERTISING SALES

CHIEF MARKETING OFFICER |Cecilia KaySENIOR MANAGERS | Windy Tan, Garry LoMANAGER | Elaine TanEVENTS

SENIOR MANAGER | Sivam KumarMARKETING

EXECUTIVE | Tim Jacobs

COORDINATOR | Syazana Jumari

CIRCULATIONBUSINESS DEVELOPMENT DIRECTOR | Victor TheEXECUTIVES | Malliga Muthusamy, Ashikin Kader,Winnie Lim

CORPORATE CHIEF EXECUTIVE OFFICER | Ben PaulDIRECTOR | Anne Tong

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.

PROPERTY BRIEFS

ET&C

O

CBRE

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

E

THEEDGE SINGAPORE | FEBRUARY 13, 2017 • EP3


OFFICE TRENDS

Frasers Tower expects to see strong leasing activity| BY MICHAEL LIM |

On Feb 7, listed property group Frasers

Centrepoint announced that 30% of

office space in its 38-storey Frasers

Tower has been pre-leased, or re-

ceived leasing proposals. The first

tenant to sign on was serviced office provid-

er The Executive Centre, which will be taking

up 20,000 sq ft or an entire floor within the

building. There will also be an element of

coworking within the space, says Loh Chee

Wah, Frasers Centrepoint’s head of commer-

cial for Singapore.

Interest in the office space at Frasers Tower

has come from a broad spectrum of compa-

nies, ranging from conglomerates to financial

institutions, media groups, legal and profes-

sional services and tech firms. Frasers Centre-

point itself will be taking up one floor for its

“city office”, while its corporate headquarters

will remain at Alexandra Point.

Frasers Tower, located at the corner of Cecil

Street and Telok Ayer Street, is scheduled for

completion in 2Q2018. The 235m-high tower

will contain 663,000 sq ft of net lettable office

space. Adjacent to the office tower is a three-

storey retail podium with 22,000 sq ft of space.

The office tower has average floor plates of

20,000 to 22,000 sq ft, and can accommodate

up to 300 people per floor. As the floor plates

are regular in shape, they can be sub-divided

into smaller units of 4,000 to 5,000 sq ft each.

This allows tenants the flexibility to customise

their space more efficiently, Loh explains.

Rents to bottom out by mid-2016The closest new office tower to Frasers Tower

is Guoco Tower at Tanjong Pagar Centre. A

38-storey Grade-A tower with a net lettable

area of 900,526 sq ft, Guoco Tower is 90%

leased, according to Chris Archibold, JLL head

of markets Singapore.

Over at Marina One, a giant mixed-use

scheme by M+S, a joint venture (JV) between

Malaysia’s Khazanah Nasional and Singapore’s

Temasek Holdings, about 60% of the 1.88 mil-

lion sq ft of Grade-A office space has been pre-

leased ahead of its completion later this year.

With the good take-up rates at these pro-

jects, “the timing for the launch of Frasers

Tower is perfect from a supply standpoint”,

says Moray Armstrong, CBRE managing di-

rector for advisory and transaction services.

Low (beside a model of Frasers Tower): We will likely take up one floor [for use] as a city office. Our main office will remain where it is at Alexandra Point.

Frasers Centrepoint’s Low reckons the

Grade-A office space market will bottom out

towards mid-2017, with rents expected to

recover in 2H2017. “We are, therefore, in a

situation where we’re completing the building

in a strengthening market,” he says.

‘Flight to efficiency’For the whole of 2016, the net take-up rate

for office space island-wide was about 1.15

The 38-storey Frasers Tower is scheduled for completion in 2Q2018

Construction at Frasers Towers is currently at the 15th floor

million sq ft, indicating strong demand,

Armstrong notes.

JLL’s Archibold reckons if the take-up rate

for office space in 2017 mirrors that of 2016,

he foresees the bulk of the remaining office

space at Marina One and Frasers Tower being

taken up by the end of this year.

Over the past 12 to 18 months, many of

the leasing deals in Guoco Tower and Marina

One were made by companies moving from the

older buildings in the CBD, adds Archibold.

He reckons Frasers Tower will see the same

kind of movement, with a “flight to effi-

ciency” rather than “flight to quality”. JLL

and CBRE are the joint marketing agents for

Frasers Tower.

What is interesting is that owing to com-

petition for tenants, the gap between new and

older Grade-A office space has narrowed over

the same time frame. JLL says monthly rental

rates of new prime Grade-A office space, cur-

rently in the range of $8 to $10 psf. Meanwhile,

older Grade-A office buildings are seeing month-

ly rental rates of $7 to $9 psf.

Next wave of new supply after 2020The next wave of new office supply will only

come after 2020. There are three new projects in

the pipeline. One of them is the redevelopment

of the CPF Building at 79 Robinson Road into

a new Grade-A office tower with 500,000 sq ft

of space by Ascendas-Singbridge Group, in a

JV with Mitsui & Co and real estate developer

Tokyo Tatemono Co.

CapitaLand Commercial Trust announced

last October that it has submitted plans to re-

develop the Golden Shoe Car Park into a com-

mercial development with a 280m-high office

tower and a government-owned food centre.

The new project could have a gross floor area

(GFA) of about one million sq ft, and is ex-

pected to be completed in 2021.

In November, Malaysia’s IOI Properties

Group submitted the highest bid of $2.67 bil-

lion ($1,689 psf per plot ratio) for a 99-year

leasehold white site at Central Boulevard. The

1.1ha site has a maximum GFA of 1.52 million

sq ft, with at least 1.08 million sq ft designated

for office use. E

Archibold: Office projects tend to see stronger leasing activities in the last 12 months leading to their completion

Armstrong: The huge supply wave in 2016 and early 2017 is already dissipating and only two major new projects, Marina One and Frasers Tower, will be completed from mid-2017 to end-2020

PICT

URES

: SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

FRAS

ERS

CEN

TREP

OIN

T

THE

EDG

E SI

NG

APO

RE


RESEARCH

Projects with the biggest rental decline for one-bedroom units Apartments and condominium units completed in the past decade

Note: Only projects with at least five rental contracts in each period were included. Floor areas were restricted to 500 to 700 sq ft in the high-end segment and 400 to 600 sq ft in the city-fringe and suburban areas. The study could not ascertain the quality of the units rented out.

20,000 new homes put pressure on rents

4Q2015 4Q2016

| BY FEILY SOFIAN |

The rent decline at many apartments and

condominiums was more severe than

indicated by official indices. Rents for

one-bedroom units were estimated to

have dropped 2.2% q-o-q in 4Q2016,

based on average rents at apartments and con-

dos with at least five contracts in each quarter.

Rents for two-bedroom units fared slight-

ly better, declining 1.5% q-o-q over the same

period. The URA rental index for non-land-

ed homes, meanwhile, slipped just 0.7%

island-wide.

Around 20,000 units of apartments and con-

dos, excluding executive condos (ECs), were

completed in 2016. It was the highest annual

supply seen historically, beating past records

of 18,953 units in 2014 and 18,182 units in

2015 (see chart).

The elevated supply came with slower pop-

ulation growth and leaner expatriate budgets.

Surprisingly, the vacancy rate for private resi-

dential units in the suburban segment fell from

8.4% in 4Q2015 to 7.1% in 4Q2016.

The bulk of the new supply was in Bedok,

Hougang, Sengkang, Toa Payoh and Kallang.

Major projects completed in these areas include

Bartley Ridge (868 units), Eight Riversuites at

Whampoa East (862 units), Jewel @ Buangkok

(616 units), La Fiesta at Sengkang Square (810

units), Riversails at Upper Serangoon Crescent

(920 units), Sant Ritz (214 units) and Sennett

Residence (332 units) next to the Potong Pa-

sir MRT station, The Tembusu near the Kovan

MRT station (337 units) and Urban Vista near

the Tanah Merah MRT station (582 units).

The influx of new projects is putting pres-

sure on existing properties located in their

vicinity. Rents for one- and two-bedroom

units at Optima @ Tanah Merah, which is

next to Urban Vista, were down 9% y-o-y in

4Q2016. Separately, rents for one-bedroom

units at Nin Residence, located near Sant Ritz

and Sennett Residence, fell 5% from $2,193

a month in 3Q2016 to $2,080 in 4Q2016.

There were insufficient rental contracts for

y-o-y comparison.

Competition has also intensified in the West

Coast area, following a slew of new comple-

tions, including The Vision in 2014, The Sor-

rento in 2015 and Seahill last year. Rents for

two-bedroom units of 900 to 1,000 sq ft at Blue

Horizon, an 11-year-old condo located between

The Vision and The Sorrento, dipped 8% from

$3,057 in 4Q2015 to $2,813 in 4Q2016.

In Yishun, rents for two-bedroom units at

The Miltonia Residences were down 6% from

$2,127 in 3Q2016 to $2,005 in 4Q2016. There

were insufficient rental contracts for y-o-y

comparison. The development, which over-

looks Orchid Country Club Golf Course and

Rents for one-bedroom units at The Pier at Robertson fell 20% from $4,217 in 4Q2015 to $3,383 in 4Q2016

Rents for two-bedroom units at Blue Horizon (left) dipped 8% y-o-y in 4Q2016 with a slew of new completions, including The Vision (centre) and Seahill (right), in its vicinity

Smallish apartments in Geylang led the rent decline for one-bedroom units in the city-fringe area

the Lower Seletar Reservoir, is located across

Skies Miltonia, which was completed last year.

For the whole of 2016, the study found

that monthly rents for one-bedroom units fell

7% y-o-y across market segments. Rents for

two-bedroom rents were down 3% y-o-y in the

high-end segment and 6% y-o-y in the city-

fringe and suburban areas. The URA rental

index for non-landed homes fell by a slow-

er rate of 4%.

In the high-end segment, rents for one-bed-

room units at The Pier at Robertson fell 20%

y-o-y in 4Q2016. Monthly rents for 600 to 700

sq ft, one-bedroom apartments averaged $4,217

in 4Q2015, based on nine rental contracts. In

4Q2016, they fell to $3,383, based on nine rent-

al contracts. The project, which overlooks the

Singapore River, was completed in 2006. The

study, however, could not ascertain the qual-

ity of the units.

New projects took a hit in rents as well.

Rents for one-bedroom units at OUE Twin Peaks

on Leonie Hill Road fell 10% from $3,932 in

4Q2015 to $3,556 in 4Q2016 as more units en-

tered the market to compete for tenants fol-

lowing brisk sales.

In the city-fringe area, smallish apartments

in Geylang led the fall in rents for one-bedroom

units. Rents at 38 I Suites, Centra Heights, Cen-

tra Suites, Guillemard Edge and The Water

Edge declined between 8% and 10% between

4Q2015 and 4Q2016. At The Water Edge, a 98-

unit apartment on Lorong 38 Geylang, rents

for 400 to 500 sq ft units dipped 10% y-o-y in

4Q2016, from $2,156 to $1,930.

The Northeast Region and parts of the East

Region, meanwhile, were the bugbears for

the suburban rental markets. The largest rent

decline for two-bedroom units was traced to

Kovan Residences, where rents for 800 to 900

sq ft units took a 16% nosedive from $3,375

in 4Q2015 to $2,830 in 4Q2016. Next in line

were Carissa Park Condominium and Estella

Gardens in Pasir Ris. Rents for two-bedroom

units in the projects plunged 13% between

4Q2015 and 4Q2016. In the one-bedroom-unit

category, My Manhattan on Simei Street 3 and

Cardiff Residence in Serangoon saw the steep-

est fall in rents.

The Northeast and East Regions will con-

tinue to be supply hotspots in the suburban

rental market with 7,682 and 6,394 units, ex-

cluding ECs, currently being planned or un-

der construction.

CHAR

TS: U

RA, T

HE E

DGE

PRO

PERT

Y

25000

20000

15000

10000

5000

02007

No

of u

nits

2008 2009 2010 2011 2012 2013 2014 2015 2016

E

PICT

URES

: SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

PROJECT NAME PLANNING AREA Y-O-Y AVERAGE RENT VOLUME AVERAGE RENT VOLUME CHANGE ($/MONTH) ($/MONTH) (%)

High-end segmentThe Pier at Robertson Singapore River 4,217 9 3,383 9 -20

Vida Newton 3,119 8 2,783 12 -11

City fringeThe Interweave Novena 2,295 11 1,942 6 -15

The Water Edge Geylang 2,156 8 1,930 5 -10

SuburbanMy Manhattan Tampines 2,767 6 2,250 8 -19

Cardiff Residence Serangoon 2,028 6 1,757 7 -13


COVER STORY

2017 kicks off on a positive note with new launches

| STORIES BY CECILIA CHOW |

Most of the projects scheduled for

launch in the next few months

— among them The Clement

Canopy, Grandeur Park Residenc-

es in Tanah Merah, Seaside Resi-

dences in Siglap and Park Place Residences

at Paya Lebar Quarter — are “attractive and

expected to generate keen interest among

buyers,” says Ong Teck Hui, JLL national

director of research.

The Clement Canopy is the first off the

block for new launches in 2017. The 505-unit

private condominium located on Clemen ti

Avenue 1 is developed jointly by Singa-

pore-listed UOL Group and its sister compa-

ny Singapore Land.

The project is next door to NUS High School

of Mathematics and Science and across the

road from Nan Hua High School. It is also

in the vicinity of tertiary institutions such as

National University of Singapore (NUS) and

the Yale-NUS College, Singapore Polytechnic

and Anglo- Chinese Junior College and Anglo-

Chinese School (Independent), as well as inter-

national schools such as Nexus Internation-

al School (Singapore), Tanglin Trust School

and United World College of South East Asia

( Dover Campus).

The Clement Canopy’s proximity to “an

education hub”, one-north and the second

CBD at Jurong Gateway, will also increase

its appeal among both investors and owner

Larger-scale projects in the pipeline, starting with The Clement Canopy, are expected to buoy buyer sentiment over the next few months

occupiers, according to Liam Wee Sin, UOL

deputy group CEO.

‘No one-bedroom units’There will not be any one- bedroom unis in

the development. Instead, almost 40% or

194 units will be two-bedroom apartments,

sized between 635 sq ft and 732 sq ft and

priced from $850,000 to $1.2 million. The

remaining units will be a mix of three-bed-

room apartments sized from 990 sq ft and

priced from $1.28 million, and four-bedroom

apartments from 1,346 sq ft and priced from

$1.62 million.

The units will be housed within twin 40-sto-

rey towers, which are set 43m apart. This frees

up the site for lush landscaping and three swim-

ming pools, including a 50m lap pool as well

as a waterfall feature. The project is designed

by ADDP Architects.

UOL has also adopted smart technology

for the booking of common facilities such as

the tennis court and clubhouse, as well as for

guest access into the development. Homeown-

ers will also be able to control door access into

their individual apartments as well as air-con-

ditioning and lighting using the same mobile

application.

According to Liam, initial launch prices

will range from $1,330 to $1,360 psf. The

sales gallery and showflat will open for pre-

view on Feb 11, with sales to start on Feb

25. The project is scheduled for comple-

tion in 4Q2020.

Positive market sentiment“We’re riding the positive market sentiment,

which has improved since the tail end of last

year,” said Liam. Even though UOL did not

launch any new projects last year, the develop-

er saw “good traction” for their earlier launch-

es in 2014 and 2015 which continued to see

healthy take up throughout 2016, he notes.

For instance, at Principal Garden, a 663-unit

private condominium at Prince Charles Cres-

cent, off Alexandra Road, that was jointly de-

veloped by UOL and Kheng Leong, about 55%

of the units have been sold since the project

was launched in October 2015. The 797-unit

Botanique at Bartley by UOL was launched in

March 2015 and is 98% sold to date. Mean-

while, Riverbank at Fernvale Close which was

lau

com

ly t

no

its

say

tor,

age

99-

com

PriWh

at C

UO

Dec

mil

tio

esta

say

we

The

ent

ove

“Bu

our

ope

500

pec

soo

in t

at T

roo

and

mil

roo

per

psf

vea

PICT

URES

: SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

Liam: We’re riding the positive market sentiment, which has improved since the tail end of last year

The showflat of a 732 sq ft two-bedroom unit at Clement Canopy The showflat of a 720 sq ft two-bedroom unit at Clement Canopy

The

TheHigof nUniv


COVER STORY

New launches in the East

The Clement Canopy is across the road from Nan Hua High School

There are several new launches coming up in the eastern region. CEL Development, the property development and investment arm of listed construction company Chip Eng Seng Corp, is expected to open Grandeur Park Residences for preview on Feb 18, with sales to commence a fortnight later. Grandeur Park Residences is next to the Tanah Merah MRT station, and is within an established residential enclave. The 720-unit, 99-year leasehold private condominium is located at the corner of Bedok South Avenue 3 and New Upper Changi Road .

The 99-year leasehold project will have a mix of one- to five-bedroom units comprising a range of compact to deluxe apartments. The project boasts a wellness theme with 90 different facilities, a childcare centre and two retail shops within the compound with a total site area of 262,577 sq ft.

One-bedroom apartments at Grandeur Park Residences will start from 420 sq ft; with one-bedroom-plus-study units from 452 sq ft; two-bedroom apartments are from 560 to 624 sq ft; and three-bedroom units from 883 to 980 sq ft. The four- and five-bedroom apartments are sized from 1,130 to 1,453 sq ft. Prices at Grandeur Park Residences are likely to be comparable with that of the newly completed The Glades, property agents note. The 726-unit, 99-year leasehold condo is a joint venture between Keppel Land and China Vanke Co, and is located on the other side of the Tanah Merah MRT station. To date, more than 85% of its units have been sold.

Recent transactions at The Glades ranged from $797,200 ($1,683 psf) for a 474 sq ft, one-bedder to $2.32 million ($1,190 psf) for a 1,948 sq ft, four-bedroom apartment, according to caveats lodged in January. Average prices are said to be in the range of $1,400 to $1,500 psf, say property agents.

Park Place Residences — connectivity Park Place Residences at Paya Lebar Quarter is likely to preview in the next four to six weeks, according to market sources. The 429-unit, 99-year leasehold condo by Australian property group Lendlease and Abu Dhabi Investment Authority is said to offer strong connectivity owing to its link to the Paya Lebar MRT interchange station. Another plus point is that it is part of a mixed-development that includes office, retail and recreational components.

The last project launched in the vicinity of Paya Lebar Central was Katong Regency, a 244-unit apartment project located on top of One KM Mall by UOL Group. The freehold project is a redevelopment of the former Lion City Hotel and Hollywood Theatres on Tanjong Katong Road. The project was fully sold within a month of its April

2012 launch, with prices averaging $1,600 psf then. Expectations are that Park Place Residences is likely to be priced from $1,500 psf.

“As Park Place Residences at Paya Lebar Quarter is one of the highly anticipated projects in the first half of 2017, sales should be encouraging,” says Tay Kah Poh, executive director and head of residential services of Knight Frank, one of the marketing agents for the project.

Seaside Residences — sea viewsSeaside Residences in Siglap in the East Coast is expected to be launched only in April, but potential buyers have already started to register their interest. The 843-unit private condo is a joint development by Frasers Centrepoint, Keong Hong Holdings and Sekisui House.

The 99-year leasehold condo will comprise four 27-storey residential blocks, with units enjoying sea views. It will be located next to the upcoming Siglap MRT station on the Thomson-East Coast Line. Prices are reported to be in the range of $1,550 to $1,650 psf.

“Seaside Residences will be sought after owing to its sea views and proximity to the amenities in the East Coast area,” notes Ong Teck Hui, JLL national director of research.

What’s more, there has not been a sale of a government land site in the stretch fronting East Coast Parkway since 1997, when Cheung Kong Property Holdings purchased the 99-year leasehold site on Bayshore Road for the development of the 969-unit Costa del Sol, which was completed 13 years ago.

Headed towards stabilityIn 1Q2016, the new projects launched were relatively smaller in size — for instance, the 40-unit 183 Longhaus on Thomson Road by Tee Land, CapitaLand’s 268-unit Cairnhill Nine and BBR Holdings’ 216-unit The Wisteria in Yishun, notes JLL. The potential launches over the next few months are much larger in scale, and therefore, sales take-up in 1Q2017 spilling over into 2Q2017 is likely to surpass that of the previous year.

Last year saw 7,877 new private homes launched for sale. About 51% were fresh launches, compared with 75% the year before, observes JLL’s Ong. “A further reduction of the fresh launch pipeline would mean older launches releasing more units to meet demand,” he says.

Ong reckons the number of significant new launches in 2017 is likely to be 15% fewer than last year’s. However, with the improved residential outlook for 2017, and transaction volume and prices heading towards stability, his expectation is that private new-home sales this year could be in the range of 8,000 to 8,800 units, which will surpass the 7,972 units clocked in 2016.

The 720-unit Grandeur Park Residences is expected to preview on Feb 18, with sales to start in early March

CEL

DEVE

LOPM

ENT

ent,

ast

not

op-

ch-

see

s.

unit

res-

de-

5%

ect

unit

d in

an-

was

launched in February 2014 and expected to

complete soon is over 95% sold.

Homebuyers including investors are like-

ly to find The Clement Canopy attractive as

no new private condo has been launched in

its immediate vicinity for more than 20 years,

says Daniel Lim, associate senior group direc-

tor, Huttons Asia, which is the joint marketing

agent of the project with ERA.

The closest private condo is the 686-unit,

99-year leasehold Dover Parkview, which was

completed in 1997.

Pricing is keyWhen the 140,339 sq ft, 99-year leasehold site

at Clementi Avenue 1 was launched for sale,

UOL Group and Singapore Land won the site in

December 2015 with the highest bid of $302.1

million, which translated to $615 psf per plot ra-

tio (psf ppr). “We believe Clementi is a mature

estate with very few private condo launches,”

says Liam. “We tendered at a realistic price, and

we’re pricing the units reasonably.”

Liam acknowledges the competition from

The Trilinq, located at Jalan Lempeng, off Clem-

enti Avenue 6. “Yes, there’s a bit of a [supply]

overhang from The Trilinq,” he comments.

“But we will differentiate ourselves based on

our product and unit mix.”

The 755-unit Trilinq is by Malaysian devel-

oper IOI Properties Group. To date, more than

500 units have been sold, and the project is ex-

pected to obtain Temporary Occupation (TOP)

soon. Average prices of units sold have been

in the range of $1,300 to $1,400 psf.

Based on caveats lodged in January, units sold

at The Trilinq were a mix of one- to three-bed-

room units sized from 538 sq ft to 1,119 sq ft

and priced from $817,000 ($1,518 psf) to $1.49

million ($1,429 psf). The 1,109 sq ft two-bed-

room loft units that were sold fetched lower

per sq ft prices, going for $1.28 million ($1,157

psf) to $1.32 million ($1,189 psf), based on ca-

veats lodged last month.

Most of the available units at The Trilinq

today are the larger three- and four-bedroom

apartments priced upwards of $1.5 million,

according to a property agent. They should

appeal to families with children of school going

age, says a property agent.

The Trilinq’s attraction lies in its location

next door to renowned Nan Hua Primary

School, and its closer proximity to the Clem-

enti MRT station compared to The Clement

Canopy, notes Tricia Song, Colliers Interna-

tional Singapore head of research. “Pricing of

Clement Canopy is therefore key,” she says.

However, the developer will be providing

a shuttle service from Clement Canopy to the

Clementi MRT station when the project is

completed, says Huttons’ Lim.

‘Spillover effect’Located further in the West Coast area is EL

Development’s 752-unit Parc Riviera. The pro-

ject was launched in November, and to date,

over 200 units have been sold at an average

price of $1,200 psf. Units sold ranged from

463 sq ft one-bedroom apartments priced from

$588,000 ($1,270 psf) to a 990 sq ft two-bed-

room premium apartment with double-volume

ceiling height which was sold for $1.12 mil-

lion ($1,132 psf), according to caveats lodged

in January to date.

Lim Yew Soon, managing director of EL

Development attributes the pick-up in sales

of Parc Riviera to a “spillover effect” from the

upcoming launch of Clement Canopy. What’s

more, at Parc Riviera, 64% of the units are one-

and two-bedroom apartments, while Clement

Canopy doesn’t offer any one-bedroom apart-

ments, he observes.

The Clement Canopy may still see some

competition from Parc Riviera given that they

are both located in the west side, and given

the latter’s competitive pricing, notes Colliers’

Song. However, she admits that Clement Canopy

is in a location with fewer competing projects.

“And it’s nearer to NUS, which could provide

some catchment,” she adds.

PICT

URES

: SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

The showflat of a three-bedroom unit at Clement Canopy, where all units are fitted with SMEG kitchen appliances

The Clement Canopy is located next door to NUS High School of Math and Science, and in the vicinity of numerous tertiary institutions, including National University of Singapore and Yale-NUS College

E


OFFICE DEAL

GSH Plaza sold for $725 mil to Chinese billionaire

MetLife boosts commercial-propertylending to record US$15 bil

Bayswater homes hit hardest as Brexit fuels discounts

| BY MICHAEL LIM |

The newly refurbished GSH Plaza office

tower at Raffles Place financial district

has been sold to Fullshare Holdings,

a Hong Kong-listed investment hold-

ing company controlled by mainland

Chinese billionaire Ji Changqun, whose com-

pany is engaged in property development,

building, investment and healthcare services.

Fullshare paid $750 million for Plaza Ven-

tures, the holding company that owns GSH

Plaza. The deal values the building at $2,900

psf. The seller of Plaza Ventures is a consor-

tium led by Singapore-listed GSH Corp (with

a 51% stake) that is controlled by Singapore-

an businessman Sam Goi, Vibrant DB2 (35%)

and Goi’s private investment vehicle, TYJ

Group (14%).

Plaza Ventures purchased the 28-storey

building, formerly known as Equity Plaza,

in 2014 from Keppel Land and Alpha Invest-

ment Partners for $550 million, which trans-

lates to $2,181 psf based on a net lettable area

of 252,000 sq ft.

The consortium then spent another $100

million refurbishing the building and turning

it into a strata-titled development with 259 of-

fice units on levels 3 to 28, and 21 strata re-

tail shops on the first two floors. The build-

ing, renamed GSH Plaza, is expected to obtain

its Temporary Occupation Permit in the next

two months. It has 73 years left on its origi-

nal 99-year lease.

But GSH Corp is not exiting the tower com-

pletely as it had acquired all nine strata units

E

GSH Plaza has 259 strata office units located on Levels 3 to 28, and 21 strata retail shops on its first two floors

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

| BY KATHERINE CHIGLINSKY |

MetLife, the largest US life in-

surer, loaned a record US$15

billion ($21.3 billion) for com-

mercial real estate last year as CEO

Steve Kandarian retreated from

hedge funds and sought less-vol-

atile assets.

Property lending rose 4.9% from

US$14.3 billion in 2015, and in-

cludes mortgages in Chicago, Dal-

las and Atlanta, MetLife says in a

statement. The sum includes about

US$840 million originated by the

insurer’s third-party asset manag-

er for institutional clients.

Kandarian has been seeking to

generate better returns for the in-

surer’s more-than-US$500 billion in-

vestment portfolio, which is dom-

inated by bonds and pressured by

low interest rates. Mortgages have

become an increasingly lucrative as-

set class for insurers after MetLife

and other firms, including Ameri-

can International Group, pulled back

from hedge funds over the past year.

“There has been strong internal

demand for commercial mortgages

because the relative value for the

risk has been strong the last few

years,” Robert Merck, senior man-

aging director and global head of

real estate investments for New

York-based MetLife, says in an in-

terview. “Market opportunities have

been good over the last couple of

years and transaction volume in the

market has been strong.”

The market for commercial mort-

gages has faced challenges in recent

months as regulatory constraints

for banks hinder lending and ris-

ing interest rates increase the risk

of losses.

Higher rates, as well as uncer-

tainty over government policies,

may signal the market is shifting,

according to a report from Moody’s

Investors Service. Those issues have

not yet worked their way into com-

mercial-property prices, which in-

creased 1.2% in December, accord-

ing to an index by Moody’s and Real

Capital Analytics.

While real estate demand con-

tinues to be strong, the market may

be stabilising after years of robust

growth, according to Merck.

“Fundamentals look good going

forward and we see positive growth

in the economy,” he says. “Investors

see the positive relative value you

can pick up in real estate.”

Among MetLife’s largest deals last

year were a US$245 million mort-

gage on an office tower in Chicago,

a US$185 million loan on a shop-

ping centre in Temecula, California,

and US$150 million for a high-rise

apartment complex in Fort Lee, New

Jersey, according to the statement.

MetLife also expanded its joint

ventures last year, teaming up with

the New York State Common Retire-

ment Fund on a real estate portfo-

lio valued at more than US$1.4 bil-

lion. The insurer’s partnership with

Norges Bank Real Estate Manage-

ment announced a deal in Septem-

ber to buy two buildings in Washing-

ton’s Constitution Square complex.

— Bloomberg LP

| BY JACK SIDDERS |

Home values in the Bayswater dis-

trict fell 14% in the 12 months

through January, the biggest

drop in central London’s best neigh-

bourhoods, as sellers cut their asking

prices in the wake of the Brexit vote.

Values dropped by an average of

6.7% across the capital’s best dis-

tricts as successive sales-tax increases

damped demand, Knight Frank LLP

said in a report on Feb 6. The low-

er prices are luring buyers back into

the market, with sales increasing in

4Q2016, the broker said.

The Chelsea neighbourhood saw

a price drop of 13%, the second-most

among the districts Knight Frank de-

fines as prime central London. Kens-

ington was next with a drop of 12%.

More owners are accepting the need

for discounts to make up for the higher

transaction costs that buyers face, nar-

rowing the gap with what purchasers

are willing to pay, Tom Bill, head of

London residential research at Knight

Frank, writes in the report.

A 3% levy on second-home pur-

chasers and landlords, introduced in

April 2016, followed an increase in

charges for all luxury-home buyers

in December 2014. The stamp duty

for a £7.5 million ($13.3 million) res-

idence to be used as a second home

is now more than £1 million.

Knight Frank exchanged con-

tracts on the most London luxury

homes in January for three years,

as the number of prospective buy-

ers increased 14% in 4Q compared

with a year earlier, the report says.

The gap between asking prices and

achieved prices grew to 10% in 2016,

according to data compiled by re-

searcher LonRes.

Luxury London home prices

reached a low of at least 22 months

in September and are now 6.9% be-

low the November 2014 peak, Lon-

Res data shows. The average price

psf is now £1,787, which equates to

about £1.8 million based on average

home sizes according to the English

Housing Survey, published in Febru-

ary 2016. — Bloomberg LP E

with a total floor area of 9,710 sq ft on the 28th

floor or penthouse level of GSH Plaza for $31

million ($3,192 psf) last November. It intends

to move into the top floor of the tower and use

it as GSH’s corporate headquarters in 2Q2017.

Fullshare has indicated that it will also be

taking up office space within GSH Plaza, upon

completion of the purchase.

Meanwhile, DB2 has said it will buy all the

21 strata retail units at GSH Plaza for $75.6 mil-

lion. Based on the strata retail space of 12,260

sq ft, that translates to $6,166 psf.

Since GSH Plaza was launched for sale in

April 2015, about 50 strata office units have

been sold, according to caveats lodged with

URA Realis. The average price for such units

sold in 2016 was $3,204 psf, according to

Christine Li, director of research at Cushman

& Wakefield. She estimates that the price of

$2,900 psf paid by Fullshare translates to a

bulk discount of 9.5%.

Li also notes that the price for the bulk pur-

chase at GSH Plaza is 11.5% higher than the

$2,600 psf paid by One Tree Partners, a pri-

vate-equity fund management firm founded

by Tan Shern Liang and Roy Tan, for the bulk

purchase of units in Prudential Tower, located

just across the road.

One Tree Partners paid Epic Land $206.2

million for the 17 strata office units with a total

area of 79,000 sq ft last month. Epic Land is a

consortium comprising listed companies Lian

Beng Group (with a 32% stake), KSH Hold-

ings (28%), KOP Group (25%) and Centuri-

on Global ($15%).

Even after the sale of the 17 strata office

units at Prudential Tower to One Tree Partners,

Epic Land continues to own 60,000 sq ft of of-

fice space in the building. The consortium had

purchased 230,700 sq ft of strata office space

on levels one, and 10 to 29 (excluding part E

of Level 16) within the 30-storey Prudential

Tower for $512 million from Keppel REIT in

2014. This translates to $2,316 psf, based on

the strata area. Prudential Tower has anoth-

er 78 years remaining on its 99-year lease.


UNDER THE HAMMER

| BY CECILIA CHOW |

On Jan 19, a Good Class

Bungalow (GCB) on

Belmont Road was put

up for auction by Col-

liers International. A

mortgagee sale, it had an opening

price of $25.5 million ($1,562 psf),

based on land area of 16,327 sq ft.

As there were no bids, the proper-

ty was withdrawn. It will be put

up for auction a second time by

Colliers on Feb 22.

The freehold site that the GCB

is sitting on includes a long, pri-

vate driveway. The double-storey

house contains four bedrooms,

including the master suite on

the second level. The first level

has a living and dining area that

opens out to the swimming pool

and lawn. The kitchen is fully fit-

ted with De Dietrich appliances.

There is also a basement level

which has been turned into an

entertainment area. The house

has a built-up area of 7,200 sq

ft, excluding the pavilion and car

porch, which is big enough for

five vehicles.

The last time the property

changed hands was six years ago,

when it was put up for sale by

the previous owner shortly after

the house was completed. It was

first offered for sale at a Knight

Frank auction on Jan 28, 2010.

The house was sold two months

after the auction for $16 million

($980 psf), according to a caveat

lodged in March 2010.

Belmont Road and the neigh-

bouring Leedon Road are among

the most sought-after GCB neigh-

bourhoods.

The previous owner paid

$13.8 million ($845 psf) for the

property in September 2007,

tore down the original house

and then built a new one. The

house has a contemporary trop-

ical design, with high ceilings

and skylights, timber and full-

height windows.

The owners who bought the

house in March 2010 moved in

and lived there for several years

before the property was fore-

closed by the bank.

The latest GCB transaction at

Belmont Road was for a property

on a 31,129 sq ft freehold site. It

fetched $44.19 million ($1,420

psf), based on a caveat lodged

in June 2015.

Belmont Road GCB for $25.5 mil

The living and dining area of the house overlooks the swimming pool

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

E


PROPERTY TAKE

Relearning retail

| BY TAY HUEY YING & SIBYL TEO |

Last year was a challenging one for the

Singapore retail market. The island-wide

vacancy rate for retail space climbed to

8.4% in 3Q2016 — the highest level in

more than five years since the time se-

ries commenced in 1Q2011. Meanwhile, for

the whole of 2016, rents in the Central area

slid 8.5%, according to statistics from URA.

The soft retail market is partially cyclical,

stemming from the generally sluggish economic

growth and uncertainty in the employment

market that led to the tightening in consumer

spending. However, the bigger culprit is the

structural change in shopping habits and pat-

terns brought on by technological advances.

Eroding relevance of bricks-and-mortar storesSingapore’s oldest department store, John

Little, recently shuttered all its stores after

174 years in business. It cited that it arrived

at the decision after “evaluating the relevancy

and sustainability of the John Little bricks-

and-mortar business” in light of the current

retail landscape.

This phenomenon is not unique to Singa pore.

All around the world, competition from online

retailers is eroding the profitability of bricks-

and-mortar businesses. Many are rationalising

their store portfolios, opting to maintain and fo-

cus only on the profitable ones. American retail

giant Macy’s recently announced the closure

of 68 stores as part of a plan to streamline its

store portfolio and increase cost efficiency in

the face of competition from online retailing,

among other factors.

Meanwhile, Marks & Spencer announced

last November that it was shutting 30 UK

stores and converting 45 more into food-

only shops as part of a major business over-

haul that will see it devoting less shop-floor

space to clothing.

Besides the conventional method of consoli-

dating and maintaining only profitable outlets,

how else can retailers and mall landlords adapt

to bring in the footfall and/or to stay afloat?

Need to innovateFirst and foremost, there is a need for retailers

and mall landlords to innovate and differenti-

ate themselves in the face of increased com-

petition. Talk of rebranding and introducing a

“lifestyle concept” may be old news, but retail-

ers and landlords can take it to the next level

by enhancing the experiential factor.

One way is to incorporate more “retail-tain-

ment” tenants, for instance, Ganso Manekineko,

Japan’s leading karaoke chain, which opened

a facility on the eighth floor of Orchard Cine-

leisure last August. It even offers weekend

buffets for customers.

Retail-tainment is not a new concept and has

taken off in Thailand on an even larger scale.

Retailers now have an opportunity to expand online and adopt omnichannel retailing, taking advantage of the growing impact technology is making on the retail scene

For example, in November 2015, Future Park

Rangsit, a 20-year-old mall located in Pathum

Thani in the north of Bangkok, expanded its

space to include “Zpell”, a centre for sports

that includes a futsal park, an ice-skating

rink, a ski park and an indoor park called

the Blossom Garden. The expansion brings

the total retail space at Future Park Rangsit

to 600,000 sq m, making it not only the larg-

est shopping centre in Thailand, but one of

the largest in Asia.

However, landlords should also be mindful

that such retailers and operators take up large

spaces in malls and their overall impact on foot

traffic could be limited, as they draw patronage

only from a specific interest group.

Multi-concept storesAnother trend that has been gaining traction

locally is multi-concept stores that tend to offer

unique lifestyle-related experiences, combining

the best elements of retailing, fitness and food

to cater for a broader spectrum of interests. For

instance, Mahota Commune at Kitchener Complex

combines multiple experiences within its 20,000

sq ft space. These include a café serving organ-

ic food, a traditional Chinese medicine clinic,

a supermarket and organic products store, as

well as an activity space that hosts yoga and

meditation sessions.

Similarly, furniture purveyor Xtra took up

13,000 sq ft of space in Marina Square, offering

various shop-in-shop experiences and is also

integrated with Kith Café. Within the space

are also meeting rooms for booking.

Elsewhere, Australian cosmetic label Aesop

recently opened its first hybrid shop and beauty

salon in Paris, designed with the aim of allowing

visitors to “completely disconnect from the out-

side world” while enjoying their facial appoint-

ment. As one would expect, the trend of amal-

gamating concepts has been around for a long

time, for instance, Italy, by a retailer named

Eataly, is part restaurant, part supermarket,

part tasting host and part school.

Omnichannel retailingNot all retailers are able to introduce new

concepts owing to factors such as a lack of

capital or the lack of available contiguous

space for expansion. However, they now have

an opportunity to expand online and adopt

omni channel retailing, taking advantage of

the growing impact technology is making on

the retail scene.

Locally, electronic and telecommunication

goods retailer Challenger opened its online

marketplace Hachi.tech in April 2016. This al-

lows the company to complement its network

of retail stores and provides customers with

the added convenience of picking up their on-

line purchases at the store closest to them.

Established brands such as Uniqlo have also

encouraged shoppers to “follow” or add them

as a “friend” on mobile applications to enjoy

discount codes that can be used on their on-

line platforms in a bid to boost sales.

Even abroad, local fast-fashion brand Charles

and Keith, which initially expanded into Japan,

has since closed those physical stores. The

company is instead focusing on developing

its e-commerce site.

Some retailers have taken it a step further

by only releasing their goods for purchase via

mobile applications such as Instagram and

Snapchat. For instance, San Francisco online-

only brand Everlane released its limited- edition

range of leather goods for pre-order, available

only on Snapchat.

Indeed, the possibilities are limitless when

we consider the ease of use when it comes to

m-commerce.

Incorporating m-retailing into mallsDevelopers can also incorporate omnichannel

retailing into their mall designs. One example

is seen in the adoption of a locker system for

food collection in Downtown Gallery whereby

customers place their orders online, then pick

up their lunches at specified timings. On the

consumers’ end, besides the time saved com-

pared with traditional food delivery, this helps

to draw them back to the mall.

To further integrate e-commerce into its

DNA, Singapore Post Centre, which is be-

ing redeveloped, will function as a pick-

up point for products stored by retailers in

its warehouse. It will also allow retailers to

showcase their goods within the mall to en-

tice visitors to make purchases in-store, but

with the added convenience of home deliv-

ery if they wish.

According to Galaxy Research, a market

research company in Australia, shoppers still

prefer in-store shopping as it allows them to

check the quality of their purchases.

Singapore will continue to remain a prime

test bed of ideas in the region when it comes

to the retail scene. Our sizeable population and

propensity to shop as a pastime, be it online

or offline, will continue to be an encouraging

factor for retailers.

For now, retailers and developers should

continue to study the trends, successes and

failures from abroad, and perhaps fine-tune

some of these concepts prior to introducing

them locally. We believe the retail scene in

Singapore will thrive as long as retailers and

landlords continue to innovate and support

variations in shopping behaviour.

Tay Huey Ying is head of research and Sibyl

Teo is an analyst at JLL Singapore

E

PICT

URES

: BLO

OM

BERG

There is a need for retailers and mall landlords to innovate and differentiate themselves in the face of increased competition


GAINS AND LOSSES

Non-landed residential transactions with contracts dated Jan 24 to 31 U

RA, T

HE E

DGE

PRO

PERT

Y

Most profi table deals

Non-profi table deals

Note: The profit and loss computation excludes transaction costs such as stamp dutiesURA caveat record downloaded on Feb 3 and 7

E

District 11 penthouse snapped up at bargain price

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 Hillington Green 23 1,927 Jan 26 907 Oct 28, 2002 472 838,000 92 5 14.3

2 Clover By The Park 20 1,281 Jan 31 1,249 July 18, 2008 771 613,000 62 6 8.5

3 Costa Del Sol 16 1,313 Jan 26 1,225 March 15, 2007 798 560,880 54 4 9.9

4 Water Place 15 1,281 Jan 26 1,163 Feb 20, 2001 746 534,840 56 3 15.9

5 Hillview Green 21 1,292 Jan 26 951 Jan 5, 2009 550 518,000 73 7 8.1

6 Rafflesia Condominium 20 915 Jan 25 1,089 Aug 8, 2002 661 391,000 65 4 14.5

7 Alexis 3 689 Jan 26 1,379 March 30, 2009 938 304,000 47 5 7.8

8 Duchess Crest 10 1,346 Jan 25 1,245 Feb 4, 2010 1,033 285,000 21 3 7.0

9 Ava Towers 12 1,281 Jan 24 960 Nov 10, 2009 757 260,000 27 3 7.2

10 Parkshore 15 1,367 Jan 26 1,207 March 5, 1996 1,039 230,000 16 1 20.9

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 The Trevose 11 3,337 Jan 25 764 Oct 29, 2010 907 475,000 16 3 6.2

2 Caribbean At Keppel Bay 4 1,636 Jan 25 1,490 April 5, 2011 1,672 297,000 11 2 5.8

3 The Clift 1 527 Jan 25 1,820 May 17, 2012 2,178 188,860 16 4 4.7

4 Astoria Park 14 1,173 Jan 26 929 Jan 25, 2013 938 10,000 1 0.2 4.0

5 Mimosa Park 28 2,314 Jan 26 756 Jan 30, 2012 756 0 0 0 5.0

6 The Beacon 2 1,302 Jan 26 1,152 Aug 23, 2012 1,152 0 0 0 4.4

| BY LIN ZHIQIN |

On Jan 25, a penthouse at

The Trevose in prime Dis-

trict 11 was sold for $2.55

million, or $764 psf. The

seller bought the 3,337 sq ft,

fifth-floor unit at $907 psf in October

2010. The loss works out to $475,000,

or 3% annualised over a holding pe-

riod of six years. Based on URA cave-

at data, the next most recent transac-

tion for a similar-sized penthouse was

in May 2012, when a 3,358 sq ft unit

was sold at $2.9 million, or $864 psf.

There were six rental contracts for

units larger than 3,000 sq ft at The

Trevose last year. The monthly rents

averaged $8,200, which implies a 4%

gross rental yield for the recently trans-

acted unit. The Trevose is located beside

the Raffles Town Club and was com-

pleted in 2001. The 99-year leasehold

condominium comprises 142 units.

Also on Jan 25, the seller of a 527

sq ft unit at The Clift sustained a loss

of $188,860. The unit was bought at

$2,178 psf in a sub-sale in May 2012

and sold at $1,820 psf. The loss works

out to 16%, or 4% annualised over

a holding period of nearly five years.

Prices of units between 500 and 600

sq ft at The Clift peaked at $2,370 psf

in 2013 and trended down to $2,026

psf in 2016.

The monthly rents for units in

this size range averaged $3,474 in

2016. Based on the transacted price

of $960,000, this implies a 4% gross

rental yield for the recently trans-

acted unit. The Clift is a 99-year

leasehold development located op-

posite Amoy Street Food Centre

and within walking distance of the

Tanjong Pagar and Telok Ayer MRT

stations. It was completed in 2011

and has 312 units.

Jan 26 marked the first unprofit-

able transaction at Astoria Park since

2010. The 1,173 sq ft unit was bought

at $938 psf on Jan 25, 2013 and sold

at $929 psf a day after the four-year

holding period requirement stipulat-

ed under the seller’s stamp duty rules

was fulfilled. The loss worked out to

$10,000. The seller would have been

liable for a 4% SSD, or $43,600, if he

had sold the unit just a day earlier.

Based on URA caveat data, this unit

has changed hands four times so far.

A seller sustained losses of $128,000

in 2007, while a subsequent seller

enjoyed a $550,000 profit in 2013.

The monthly rents for units of be-

tween 1,100 and 1,200 sq ft at Astoria

Park averaged $3,527 in 2016, which

implies a 4% gross rental yield for

the recently transacted unit. Astoria

Park is a 99-year leasehold condo

adjacent to the Kem bangan MRT

station. It was completed in 1995

and comprises 354 units.

The Trevose is located beside the Raffles Town Club. Find the most affordable unit in the project at bit.ly/TheTrevoseEdge.The Clift is located beside Amoy Street Food Centre. Find the most affordable unit in the project at bit.ly/TheCliftEdge.

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

THE

EDG

E SI

NG

APO

RE


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

Residential transactions with contracts dated Jan 24 to 31

District 1

THE CLIFT Apartment 99 years January 25 527 960,000 - 1,820 2011 Resale

District 2

DORSETT RESIDENCES Apartment 99 years January 24 689 1,240,000 - 1,800 2013 Resale

THE BEACON Apartment 99 years January 26 1,302 1,500,000 - 1,152 2008 Resale

WALLICH RESIDENCE Apartment 99 years January 25 646 1,918,000 - 2,970 Uncompleted New Sale

AT TANJONG PAGAR CENTRE

District 3

ALEXIS Apartment Freehold January 26 689 950,000 - 1,379 2012 Resale

COMMONWEALTH TOWERS Condominium 99 years January 26 797 1,315,600 - 1,652 Uncompleted New Sale



COMMONWEALTH TOWERS Condominium 99 years January 28 1,076 1,644,500 - 1,528 Uncompleted New Sale

COMMONWEALTH TOWERS Condominium 99 years January 28 463 808,000 - 1,746 Uncompleted New Sale

COMMONWEALTH TOWERS Condominium 99 years January 28 463 808,000 - 1,746 Uncompleted New Sale

COMMONWEALTH TOWERS Condominium 99 years January 29 1,076 1,615,600 - 1,501 Uncompleted New Sale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

E

DONE DEALS

Pickup in sales of new luxury condos| BY TAN CHEE YUEN |

Sales of luxury condomini-

ums in the prime districts

have picked up over the past

month, in a continuation of

in a trend that started towards

the second half of 2016. “Buyers per-

ceive that prices have come off and

that it’s the right time to buy,” says

Benson Koh, managing partner of

Singapore Realtors Inc (SRI).

A project that has spurred keen

interest among both local and for-

eign homebuyers is City Develop-

ments’ (CDL) Gramercy Park. The

174-unit freehold development was

completed last year and opened

for preview. It sold more than 50

units then, with the majority being

two-bedroom units from 1,184 sq ft

and three-bedroom units of 2,207 sq

ft on the low floors. Prices ranged

from $2.98 million ($2,517 psf) to

$5.9 million ($2,680 psf).

In January, the handful of units

sold were three- and four-bedders on

the mid floors. These ranged from

$5.47 million ($2,516 psf) for a 2,174

sq ft, three-bedroom unit on the 10th

floor to $7.27 million ($2,756 psf) for

a 2,637 sq ft, four-bedroom unit on

the 19th floor, according to caveats

lodged with URA Realis.

At GuocoLand’s mixed-use Tanjong

Pagar Centre, a 646 sq ft, one-bed-

der on the 42nd floor of the soon-

to-be-completed Wallich Residence

was sold for close to $1.92 million

($2,970 psf), according to a caveat

lodged on Jan 25. This brings the to-

tal number of units sold in the 181-

unit develop ment to 17. The project

has yet to be launched. Prior to this

January transaction, a 1,625 sq ft unit

on the 51st floor was sold for $5.26

million ($3,238 psf) in March 2015.

More bulk sales ahead?On the back of improved buyer sen-

timent and buoyed by continued

sales, developers are more sanguine

about prospects in the residential sec-

tor. Developers with projects facing

qualifying certificate (QC) or addition-

al buyer’s stamp duty (ABSD) charges

are therefore exploring more “non-price

strategies” such as deferred payment

schemes and bulk deals, says Credit

Leedon Residence has seen a significant increase in sales, and word on the street is that there could be several parties looking at a bulk purchase of the remaining units

Suisse in a report on Feb 7.

Credit Suisse estimates that QC

and ABSD charges on developers in

2017 are likely to be lower — about

$800 million as at end-2016 — than

the $1.3 billion reported earlier.

At Leedon Heights, the freehold

381-unit Leedon Residence was

completed in 3Q2015. Developed by

GuocoLand, the project saw strong

sales after it received its Temporary

Occupation Permit. The two most re-

cent caveats lodged in January were

for two-bedroom units of 1,044 sq ft:

The one on the seventh floor fetched

$2.43 million ($2,327 psf), while that

on the10th floor was sold for $2.48

million ($2,375 psf).

More units at Leedon Residence

were snapped up recently, but have

yet to be reflected in the caveats, says

SRI’s Koh. A week ago, he brokered the

sale of two large units in the project.

One was a 2,648 sq ft, four-bedder

that sold for $5.56 million, while the

other was a 4,074 sq ft, five-bedroom

duplex that fetched $8.8 million. The

largest unit at Leedon Residence is

the 8,051 sq ft, five-bedroom garden

suite. It was recently sold for $12.5

Aerial view of the grounds and swimming pool of Gramercy Park on Grange Road

million in a deal brokered by Bruce

Lye, SRI’s other managing partner.

The three units at Leedon Resi-

dence recently brokered by SRI were

bought by Singaporeans. These high-

net-worth individuals live in the Good

Class Bungalow estate of the neigh-

bouring Leedon Park and are buying

units at Leedon Residence for their

children, says Koh. “They are attract-

ed by the exclusivity of the project

and its lush sprawling 5ha site, which

is one of the largest freehold sites in

prime District 10.”

To date, about 290 units have been

sold. According to sources, the devel-

oper is in negotiations with several

private funds that are interested in

buying the remaining 91 units in

Leedon Residence. It has to sell all

the remaining units by end-June to

avoid QC penalty charges.

At TwentyOne Angullia Park,

CS Land (formerly known as China

Sonangol) is also said to be looking

for a bulk buyer for the remaining

38 units in the luxury condo tower.

The 54-unit project was completed

in 2014. A 3,154 sq ft, four-bed-

room unit on the 30th floor of the

36-storey tower was sold for $11.99

million ($3,800 psf), according to

a caveat lodged on Jan 26.

An adjacent unit of a similar

size went for a much higher price

of $14.84 million ($4,704 psf) at the

peak of the market about 3½ years

ago, according to a caveat lodged

in Aug ust 2013.

In 2016, two low-floor units at

TwentyOne Angullia Park were sold

at prices below $3,000 psf last month.

A 2,777 sq ft, four-bedroom unit on

the second floor fetched $8.3 million

($2,989 psf) in July, while a 2,314

sq ft, three-bedroom-plus-study on

the 11th floor fetched $6.93 million

($2,995 psf) in November.

Deferred payment schemes, discountsAt Ardmore Three in the prestigious

Ardmore Park neighbourhood, Whee-

lock Properties has been offering a

15% discount and a 15% ABSD as-

sistance package to buyers since last

April. Close to 60 units were sold in

2016. The developer still has over 20

units available for sale within the 84-

unit, freehold project that was com-

pleted in 2014.

In late January, Wheelock Prop-

erties launched a deferred payment

scheme under which buyers pay a

1% booking fee, followed by 4% a

fortnight later. Another 15% has to

be paid only four weeks later, and

the remaining 80% is due only two

years later from the date of signing

the option to purchase. However,

those who opt for the DPS will be

entitled to 12% ABSD rebate instead

of 15% under the normal payment

scheme.

Recently, a 1,787 sq ft, three-bed-

room unit at Ardmore Three was

sold for $6.29 million ($3,518 psf),

according to a caveat lodged on Jan

25. This marks the first transaction

at Ardmore Three since the DPS was

launched.

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

THE

EDG

E SI

NG

APO

RE


DISCLAIMER:Source: URA Realis. Updated Feb 7, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

Residential transactions with contracts dated Jan 24 to 31

le

le

le

le

le

le

le

le

le

le

le

le

OFLE


HIGHLINE RESIDENCES Condominium 99 years January 26 1,109 1,997,700 - 1,802 Uncompleted New Sale

PRINCIPAL GARDEN Condominium 99 years January 25 797 1,320,000 1,315,000 1,651 Uncompleted New Sale

PRINCIPAL GARDEN Condominium 99 years January 25 764 1,154,000 - 1,510 Uncompleted New Sale

District 4

CARIBBEAN AT KEPPEL BAY Condominium 99 years January 25 1,636 2,438,000 - 1,490 2004 Resale

CORALS AT KEPPEL BAY Condominium 99 years January 24 1,001 1,808,000 - 1,806 2016 New Sale

CORALS AT KEPPEL BAY Condominium 99 years January 27 904 1,882,000 - 2,081 2016 New Sale

District 5

DOVER PARKVIEW Condominium 99 years January 25 1,249 1,190,000 - 953 1997 Resale

PARC RIVIERA Condominium 99 years January 24 603 779,000 - 1,292 Uncompleted New Sale





PARC RIVIERA Condominium 99 years January 28 667 665,000 - 996 Uncompleted New Sale




THE TRILINQ Condominium 99 years January 24 710 1,088,000 - 1,531 Uncompleted New Sale

THE TRILINQ Condominium 99 years January 24 1,109 1,318,000 - 1,189 Uncompleted New Sale




District 8

MERGUI MANSIONS Apartment Freehold January 25 1,432 1,408,888 - 984 1995 Resale

District 9

OUE TWIN PEAKS Condominium 99 years January 25 570 1,496,020 - 2,622 2015 Resale

OUE TWIN PEAKS Condominium 99 years January 25 1,399 3,763,480 - 2,690 2015 Resale





SOPHIA HILLS Condominium 99 years January 24 700 1,504,000 - 2,150 Uncompleted New Sale

SOPHIA HILLS Condominium 99 years January 26 517 1,072,000 - 2,075 Uncompleted New Sale

TWENTYONE ANGULLIA PARK Condominium Freehold January 26 3,154 11,985,200 - 3,800 2014 Resale

District 10

ARDMORE THREE Condominium Freehold January 25 1,787 6,286,005 - 3,518 2014 Resale

DUCHESS CREST Condominium 99 years January 25 1,346 1,675,000 - 1,245 1998 Resale

FERNHILL PLACE Terrace Freehold January 25 1,938 4,380,000 - 2,258 1996 Resale

GRAMERCY PARK Condominium Freehold January 25 2,196 5,564,664 - 2,534 2016 Resale

GRAMERCY PARK Condominium Freehold January 25 2,637 7,268,800 - 2,756 2016 Resale

LEEDON RESIDENCE Condominium Freehold January 25 1,044 2,480,000 - 2,375 2015 Resale

MON JERVOIS Condominium 99 years January 27 614 1,252,050 - 2,041 2016 Resale

MON JERVOIS Condominium 99 years January 27 1,033 2,062,950 - 1,996 2016 Resale

District 11

6 DERBYSHIRE Condominium Freehold January 27 829 1,865,918 - 2,251 Uncompleted New Sale

6 DERBYSHIRE Condominium Freehold January 27 1,012 2,162,506 - 2,137 Uncompleted New Sale

ALEGRIA Apartment Freehold January 24 667 880,000 - 1,319 2005 Resale

HILLCREST VILLA Terrace 99 years January 31 3,089 2,830,000 - 916 2009 Resale

SOLEIL @ SINARAN Condominium 99 years January 25 4,715 8,800,000 - 1,867 2011 Resale

THE TREVOSE Condominium 99 years January 25 3,337 2,550,000 - 764 2001 Resale

District 12

AVA TOWERS Apartment Freehold January 24 1,281 1,230,000 - 960 1993 Resale

THE INTERWEAVE Apartment Freehold January 24 388 560,000 - 1,445 2014 Resale

TRELLIS TOWERS Condominium Freehold January 24 1,485 1,910,000 - 1,286 2000 Resale

District 14

ASTORIA PARK Condominium 99 years January 26 1,173 1,090,000 - 929 1995 Resale

SIMS URBAN OASIS Condominium 99 years January 26 818 1,194,000 - 1,460 Uncompleted New Sale

SIMS URBAN OASIS Condominium 99 years January 27 1,206 1,560,000 - 1,294 Uncompleted New Sale

SIMSVILLE Condominium 99 years January 26 980 800,000 - 817 1998 Resale

TERRA VILLAS Terrace Freehold January 26 4,069 2,640,000 - 649 2016 New Sale

District 15

EASTWIND MANSIONS Apartment Freehold January 31 786 820,000 - 1,044 1992 Resale

FRANKEL ESTATE Detached Freehold January 26 6,189 7,200,000 - 1,164 1996 Resale

LAGUNA PARK Apartment 99 years January 26 1,615 1,260,000 - 780 1978 Resale

PARKSHORE Condominium Freehold January 26 1,367 1,650,000 - 1,207 1995 Resale

THE MEYERISE Condominium Freehold January 26 1,302 2,580,000 - 1,981 2014 Resale

VERSILIA ON HAIG Condominium Freehold January 24 2,293 2,380,000 - 1,038 2010 Resale

WATER PLACE Condominium 99 years January 26 1,281 1,490,000 - 1,163 2004 Resale

District 16

COSTA DEL SOL Condominium 99 years January 26 1,313 1,608,880 - 1,225 2003 Resale

KEW CRESCENT Terrace 99 years January 24 1,722 1,905,000 - 1,109 1996 Resale

THE GLADES Condominium 99 years January 26 1,948 2,318,000 - 1,190 2016 New Sale

WATERFRONT KEY Condominium 99 years January 24 1,442 1,300,000 - 901 2012 Resale

District 18

COCO PALMS Condominium 99 years January 27 1,152 1,248,000 - 1,084 Uncompleted New Sale

D’NEST Condominium 99 years January 24 1,270 1,280,000 - 1,008 Uncompleted New Sale

DOUBLE BAY RESIDENCES Condominium 99 years January 26 1,259 1,260,000 - 1,000 2012 Resale

ELIAS GREEN Condominium 99 years January 24 1,518 840,000 - 553 1994 Resale

ELIAS GREEN Condominium 99 years January 24 1,507 825,000 - 547 1994 Resale

LIVIA Condominium 99 years January 26 1,270 920,000 - 724 2011 Resale

NV RESIDENCES Condominium 99 years January 25 764 738,000 - 966 2013 Resale

THE ALPS RESIDENCES Condominium 99 years January 25 700 702,000 - 1,003 Uncompleted New Sale

THE ALPS RESIDENCES Condominium 99 years January 26 700 749,000 - 1,071 Uncompleted New Sale

THE SANTORINI Condominium 99 years January 25 527 612,800 - 1,162 Uncompleted New Sale




THE SANTORINI Condominium 99 years January 26 1,152 1,116,720 - 970 Uncompleted New Sale


THE SANTORINI Condominium 99 years January 26 915 895,440 - 979 Uncompleted New Sale

VUE 8 RESIDENCE Condominium 99 years January 24 1,346 1,276,100 - 948 Uncompleted New Sale



WHITEWATER EC 99 years January 24 1,141 825,000 - 723 2005 Resale

District 19

EVERGREEN PARK Apartment 99 years January 25 1,173 748,000 - 638 1999 Resale

FLORENCE REGENCY Apartment 103 years January 31 1,679 915,000 - 545 Unknown Resale

FOREST WOODS Condominium 99 years January 24 936 1,228,000 - 1,311 Uncompleted New Sale

FOREST WOODS Condominium 99 years January 26 915 1,323,000 - 1,446 Uncompleted New Sale

LA FIESTA Condominium 99 years January 25 452 670,000 - 1,482 2016 Sub Sale

SERANGOON GARDEN ESTATE Terrace 999 years January 31 2,153 2,230,000 - 1,034 Unknown Resale

STARS OF KOVAN Apartment 99 years January 25 743 1,015,120 - 1,367 Uncompleted New Sale

THE MINTON Condominium 99 years January 26 1,658 1,630,000 - 983 2013 Resale

THE QUARTZ Condominium 99 years January 24 1,421 1,290,000 - 908 2009 Resale

THE TERRACE EC 99 years January 24 1,001 818,600 - 818 Uncompleted New Sale




THE VALES EC 99 years January 24 915 768,000 - 839 Uncompleted New Sale





WATERTOWN Apartment 99 years January 24 1,109 1,240,000 - 1,118 Uncompleted Sub Sale

District 20

CLOVER BY THE PARK Condominium 99 years January 31 1,281 1,600,000 - 1,249 2011 Resale

RAFFLESIA CONDOMINIUM Condominium 99 years January 25 915 996,000 - 1,089 2003 Resale

THE PANORAMA Condominium 99 years January 26 1,141 1,397,585 - 1,225 Uncompleted New Sale

THOMSON GARDEN ESTATE Terrace Freehold January 24 1,227 1,830,000 - 1,494 Unknown Resale

THOMSON IMPRESSIONS Apartment 99 years January 24 1,055 1,419,700 - 1,346 Uncompleted New Sale





District 21

HILLVIEW GREEN Condominium 999 years January 26 1,292 1,228,000 - 951 1998 Resale

MAYFAIR GARDENS Condominium 99 years January 24 2,153 1,513,000 - 703 1989 Resale

PARC PALAIS Condominium Freehold January 31 1,292 1,280,000 - 991 1999 Resale

SIGNATURE PARK Condominium Freehold January 26 1,356 1,460,000 - 1,076 1998 Resale

District 22

LAKE GRANDE Condominium 99 years January 24 818 1,049,000 - 1,282 Uncompleted New Sale

LAKEHOLMZ Condominium 99 years January 25 1,238 1,080,000 - 872 2005 Resale

LAKEVILLE Condominium 99 years January 24 1,432 1,654,654 - 1,156 Uncompleted New Sale

THE CENTRIS Apartment 99 years January 25 1,561 1,270,000 - 814 2009 Resale

THE LAKESHORE Condominium 99 years January 24 1,141 1,200,000 - 1,052 2007 Resale

WESTWOOD RESIDENCES EC 99 years January 24 1,152 929,800 - 807 Uncompleted New Sale

District 23

ECO SANCTUARY Condominium 99 years January 26 753 1,080,000 - 1,433 2016 Sub Sale

HILLINGTON GREEN Condominium 999 years January 26 1,927 1,748,000 - 907 2002 Resale

HILLION RESIDENCES Apartment 99 years January 25 463 648,600 - 1,401 Uncompleted New Sale

REGENT HEIGHTS Condominium 99 years January 26 1,023 855,000 - 836 1999 Resale

SOL ACRES EC 99 years January 24 1,044 801,000 - 767 Uncompleted New Sale



SOL ACRES EC 99 years January 26 732 569,000 - 777 Uncompleted New Sale

THE MADEIRA Condominium 99 years January 25 1,238 1,070,000 - 864 2003 Resale

District 25

BELLEWOODS EC 99 years January 25 1,528 1,125,200 - 736 Uncompleted New Sale

NORTHWAVE EC 99 years January 24 1,109 781,450 - 705 Uncompleted New Sale

NORTHWAVE EC 99 years January 26 990 702,600 - 709 Uncompleted New Sale



WOODSVALE EC 99 years January 31 1,292 825,000 - 639 2000 Resale

District 27

PARC LIFE EC 99 years January 24 936 717,250 714,950 763 Uncompleted New Sale

PARC LIFE EC 99 years January 24 1,281 1,051,650 1,049,350 819 Uncompleted New Sale

SIGNATURE AT YISHUN EC 99 years January 26 1,184 880,500 - 744 Uncompleted New Sale

SIGNATURE AT YISHUN EC 99 years January 26 947 687,960 - 726 Uncompleted New Sale

SYMPHONY SUITES Condominium 99 years January 25 689 748,000 - 1,086 Uncompleted New Sale

SYMPHONY SUITES Condominium 99 years January 26 797 830,000 - 1,042 Uncompleted New Sale

THE BROWNSTONE EC 99 years January 25 883 731,200 - 828 Uncompleted New Sale

THE CRITERION EC 99 years January 27 1,378 1,126,400 - 818 Uncompleted New Sale

THE NAUTICAL Condominium 99 years January 24 1,130 1,080,000 - 956 2015 Resale

THE VISIONAIRE EC 99 years January 25 980 781,700 - 798 Uncompleted New Sale

THE VISIONAIRE EC 99 years January 26 1,023 848,430 - 830 Uncompleted New Sale

THE VISIONAIRE EC 99 years January 27 1,023 842,000 - 823 Uncompleted New Sale

District 28

MIMOSA PARK Condominium Freehold January 26 2,314 1,750,000 - 756 1979 Resale

RIVERBANK @ FERNVALE Condominium 99 years January 24 1,012 1,004,000 - 992 Uncompleted New Sale

E

DONE DEALS

rk,

ina

ing

ing

wer.

ted

ed-

the

.99

to

lar

ice

the

ars

ged

at

old

nth.

on

ion

314

on

ion

ous

hee-

g a

as-

last

d in

r 20

84-

om-

op-

ent

y a

% a

s to

and

wo

ing

ver,

be

ead

ent

ed-

was

sf),

Jan

ion

was


DEAL WATCH

Recent transactions at Cairnhill Residences

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

Sept 5, 2016 1,173 2,300,000 1,960

Aug 26, 2016 904 1,850,000 2,046

Aug 23, 2016 1,238 2,480,000 2,003

April 4, 2016 1,421 2,550,000 1,795

TABL

ES: U

RA, T

HE E

DGE

PRO

PERT

Y

Rental contracts for units of 1,100 to 1,200 sq ft at Cairnhill Residences

LEASE DATE MONTHLY RENT $ $ PSF

November 2016 5,500 4.80November 2016 4,875 4.20September 2016 5,000 4.30September 2016 4,600 4.00August 2016 5,800 5.00August 2016 4,300 3.70August 2016 4,300 3.70July 2016 5,000 4.30July 2016 5,500 4.80

E

Unit at Cairnhill Residences sellingat $1,962 psf| BY TAN CHEE YUEN |

In the exclusive Cairnhill Circle en-

clave in District 9, a 1,162 sq ft,

three-bedroom unit at Cairnhill Res-

idences is on the market for $2.28

million ($1,962 psf), according to

a listing on TheEdgeProperty.com.

The unit is currently vacant and

in move-in condition. Located on

the second floor of the tower block,

the unit overlooks the swimming

pool and the greenery of the neigh-

bouring luxury condominium Hill-

tops, says Lynn Er, a property agent

with ERA Realty who is marketing

the property.

The owner is believed to be a for-

eigner who purchased the unit a dec-

ade ago when the project was still un-

der construction. At the time, prices

of three-bedroom units on the low

floors (below the 10th floor) ranged

from $1,725 to $1,859 psf, based on

caveats lodged then.

At the peak of the market in May

Cairnhill Residences was developed by Allgreen Properties and completed in 2009

2010, a 1,238 sq ft, three-bedroom unit

at Cairnhill Residences was sold for

$3.18 million ($2,569 psf). The pur-

chaser resold it in August 2014 for

$2.6 million ($2,100 psf), according

to a caveat lodged then.

Cairnhill Residences was devel-

oped by Allgreen Properties and

completed in 2009. It has 97 units

in twin 20-storey towers. The free-

hold project has two-bedroom units

of 904 sq ft, three-bedroom units of

1,163 to 1,173 sq ft, three-bedroom

units on the first level that come

with private enclosed space and are

therefore larger at 1,421 to 1,432 sq

ft, as well as penthouses of 2,131 to

2,497 sq ft.

The most recent transaction at

Cairnhill Residences was for a 1,173

sq ft, three-bedroom unit on the ninth

floor that changed hands for $2.3 mil-

lion ($1,960 psf) in September 2016.

The unit was last sold for $2.18 mil-

lion ($1,859 psf) in February 2007.

Three-bedroom units at Cairn-

hill Residences have been leased at

monthly rents of $4,600 to $5,500,

depending on the unit size and ori-

entation.

Visit tinyurl.com/DealWatch-S766

for more information.

THE

EDG

E SI

NG

APO

RE

There’s no better place to celebrate your special occasions than at Lawry’s. Located in the heart of Orchard Road, Lawry’s The Prime Rib Singapore is renowned for its exceptional American cuisine. The restaurant has a seating capacity of 170, with six private dining rooms equipped with state of the art presentation facilities for private as well as corporate events.

Expect impeccable standard of service and savour the all-time-favourite Signature Roasted Prime Ribs of Beef, carved from “Silver Carts” and served with the Famous Original Spinning Bowl Salad. With choices of à la carte and set menus featuring unique dishes, enjoy a world-class dining experience you will never forget!

LAWRY’S THE PRIME RIB333A Orchard Road

#04-01/31 Mandarin GallerySingapore 238897

www.lawrys.com.sg

Operating hours: Lunch: 11.30am to 2.30pm

Dinner: 5pm to 10pm (Sun-Thurs) 5pm to 10.30pm (Fri, Sat & eve of PH)

For reservations, please call: 6836 3333

Celebrating Special Occasions Since 1938

Visit www.lawrys.com.sg to fi nd out the latest special menu at Lawry’s.

SAVE 70% PLUS FREE!

Lawry’s The Prime Rib $50 dining voucher

TES765/LAWRY’S

YES! Start my annual subscription now.

$238.00 (Inclusive of GST) for The Edge Collection 3-year plan and

save 70% off newsstand price

$118.00 (Inclusive of GST) for The Edge Collection 1-year plan

TYPE OF SUBSCRIPTION Corporate Personal Gift

Last name (Mr/Ms/Dr )

First name

Company

Job Title

Delivery Address Home Offi ce

Postal Code

Tel Fax

Mobile Email

Date Of Birth

PAYMENT OPTIONS

1. Credit Card. Please charge to my credit card

American Express MasterCard Visa

Cardholder’s name

Contact No Email

Card no

Expiry date

Signature

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

Cheque no

3. Online. Visit subscribe.theedgesingapore.com

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

Mail the duly completed subscription form and cheque to:

The Edge Publishing Pte Ltd

150 Cecil Street #08-01 Singapore 069543

Tel: 6232 8622 Fax: 6232 8630 Email: [email protected]

*This special promotion ends on February 28, 2017. Subscription to The Edge Collection is non-cancellable and non-refundable.

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

non-Singapore addresses. Dining voucher limited to fi rst 200 subscribers each month. Terms and conditions apply

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

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

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

Celebrating SpSSpSpecececiiiaiaiallll OOccasions Since 1

COLLECTION 3-Year plan at

$238 onlyThe Edge Singapore

(print + 3 digital access)+ The Edge Malaysia

(1 digital access)

* Terms and conditions apply

visit http://subscribe.theedgesingapore.com/

TES766/LAWRY’S

2017 kicks off on positive note with new launches · 2017. 2. 10. · a pullout with mci (p)...

Documents