20170731 s ep 790 · units. according to the 2014 master plan, the site is zoned “residential”...

Market TrendsJustCo and naked Hub merge to defend their

turf in Asia EP3

Eat Play LiveEclectic vibe in Balestier

EP4

Done Deals Amber Skye, Goodwood Grand see pickup in sales

post-completion EP8

Gains and LossesUnits at Astrid Meadows

sold at profi t of more than $1 mil each EP11

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JULY 31, 2017 | ISSUE 790-12

M A K E B E T T E R D E C I S I O N S MCI (P) 079/05/2017 PPS 1519/09/2012 (022805)

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Building a $16 mil gem on

EMERALD HILLHomeowner Justine Toh talks about what it takes to create prized

real estate that can be passed down through the generations. See our Cover Story on Pages 6 and 7.

Serangoon Ville sold at $499 milOxley Serangoon, a consortium led by Oxley Holdings,

is acquiring the former HUDC estate Serangoon Ville

(above, left) en bloc, at $499 million. This works out

to $835 psf per plot ratio (ppr), including an estimat-

ed differential premium of $195 million. The tender

exercise for the land parcel, which has 66 years re-

maining on its lease, closed on July 25.

Serangoon Ville was privatised in 2014. It sits on a

296,913 sq ft land parcel with a plot ratio of 2.8. The

current development comprises 244 apartments and

maisonettes across seven residential blocks.

Each unit is set to receive $2 million upon com-

pletion of the sale, according to ERA, the marketing

agent for the collective sale.

Oxley Serangoon’s shareholders are Oxley Hold-

ings (40%), Unique Invesco (20%), Lian Beng (Seran-

goon) (20%) and Apricot Capital (20%). KSH Hold-

ings’ wholly-owned subsidiary Kim Seng Heng Realty

owns a 37.5% stake in Unique Invesco. Apricot Cap-

ital is owned by Super Group’s Teo family.

Dunearn Court up for en-bloc sale by tender at $38.8 milDunearn Court (above), a freehold redevelopment site,

has been put up for sale by tender, says exclusive mar-

keting agent Knight Frank. The guide price is $38.8

million, which translates to $1,443 psf ppr.

Located in prime District 11, the 19,203 sq ft site

currently houses one residential block of 12 apartment

units. According to the 2014 Master Plan, the site is

zoned “Residential” with a gross plot ratio of 1.4.

Dunearn Court is within walking distance of the

Tan Kah Kee and Botanic Gardens MRT stations on

the Downtown Line, says Knight Frank. It is also ac-

cessible via Ayer Rajah Expressway and major ar-

terial roads: Dunearn Road and Bukit Timah Road.

“The purchaser could potentially configure the

maximum permissible gross floor area (GFA) of 26,884

sq ft into 32 apartment units with an average size of

753 sq ft, subject to URA approval,” says Ian Loh,

Knight Frank’s executive director and head of invest-

ment and capital markets.

The tender for Dunearn Court was launched on

July 26 and will close on Sept 6.

Northpoint City on track for soft opening in 4Q2017Frasers Centrepoint announced on July 25 that

Northpoint City (right) is on track for a soft opening

in 4Q2017. When completed, the 1.33 million sq ft

Northpoint City will be the largest integrated devel-

opment in northern Singapore, according to Frasers

Centrepoint.

Northpoint City will house the 920-unit North Park

Residences and Northpoint Shopping Centre, which

will have more than 400 retail and dining outlets. In

addition, the development will house the Nee Soon

Central Community Centre, an air-conditioned bus

interchange and an underground retail link that con-

nects directly to the Yishun MRT station.

The north wing of the shopping mall will be the

first to open in September after the completion of its

asset enhancement initiative.

Christopher Tang, CEO of Frasers Centrepoint

Singapore, says, “Northpoint City will bring new-found

vibrancy to the area, just as our landmark Northpoint

Shopping Centre did 25 years ago.”

Martin Modern Phase 1 sold outGuocoLand sold approximately 90 units in the first

phase of Martin Modern (above) for a total of more

than $220 million, over the weekend of July 22 and 23.

The units had a price range of $1.75 million to $4.55

million ($2,009 psf to more than $2,500 psf). Units

sold ranged from two- to four-bedroom apartments.

“More than 70% of the units sold were larger units

and 80% of buyers were high-income Singaporeans,”

says Cheng Hsing Yao, group managing director of

GuocoLand Singapore. “This is a strong stamp of

confidence in Martin Modern in terms of its quality

and growth potential.” Cheng adds that many of the

buyers are considering the units for their own use.

According to GuocoLand, Martin Modern buyers

were attracted to its “home within a botanic garden”

concept. The project is expected to receive its Tem-

porary Occupation Permit by end-2021.

Foreign buyer to pay $430.1 mil for CitimacThe freehold Citimac Industrial Building (above, right)

is being sold for $430.1 million in a collective sale, ac-

cording to Edmund Tie & Company (ET&Co), which

brokered the deal. The land cost works out to $1,047 psf

ppr, inclusive of a development charge of $82 million.

The tender exercise for the site closed on July 21

and the buyer is said to be a foreign developer.

Located on Macpherson Road in Tai Seng, the free-

hold redevelopment site has a land area of close to

139,790 sq ft, with a gross plot ratio of 3.5. The site

is zoned “Business 1-White”.

According to ET&Co, the site can yield a maxi-

mum GFA of 489,262 sq ft, of which at least 349,473

sq ft is to be set aside for Business 1 use. The re-

maining 139,789 sq ft can be allocated for White use.

JTC launches Tuas South Link 3 site under IGLSOn July 25, JTC released a Confirmed List site at

Tuas South Link 3 (Plot 25) under the 2H2017 In-

dustrial Government Land Sales Programme. This is

the first of eight Confirmed List land plots released

by JTC for 2H2017.

The 0.4ha site is zoned for Business 2 develop-

ment. It has a maximum permissible gross plot ratio

of 1.4, and holds a 20-year tenure. The tender exer-

cise will close on Sept 19.

Suntec REIT acquires 50% stake in Melbourne office building for $446.2 milSuntec REIT 477 Trust announced on July 26 that it

has entered into an agreement to buy a 50% stake in

a site on Collins Street, in Melbourne, for A$414.17

million ($446.2 million). Suntec REIT 477 Trust is

a wholly-owned sub-trust of Suntec Real Estate In-

vestment Trust.

The remaining 50% stake will continue to be

owned by the seller, Mirvac, who is also developing

the property — a 40-storey office building named

Olderfleet — on the site. Completion is slated for

mid-2020.

Olderfleet is set to have an estimated net lettable

area of 624,312 sq ft, which will include 21,528 sq ft

of retail space. According to the REIT, the property

is situated in the Western Core of Melbourne’s CBD,

within the Free Tram Zone.

“We are pleased to expand our footprint in Aus-

tralia with the acquisition of 477 Collins Street.

This is a strategic fit with Suntec REIT’s portfolio

of high-quality assets and enhances its income and

geographical diversification,” says Chan Kong Le-

ong, CEO of ARA Trust Management (Suntec), which

manages the REIT.

Lian Beng and KSH divest Melbourne property for $36.7 milLian Being Group and KSH Holdings announced on

July 24 the disposal of a Melbourne property. The

19 units at 596 St Kilda Road will be sold to an un-

related third party, for a consideration of A$34 mil-

lion ($36.7 million).

The 19 separately-titled apartments are housed in

a freehold three-storey residential complex, which sits

on a 19,414 sq ft area in the southern precinct of St

Kilda Road. The property is owned by Lian Beng (St

Kilda), a wholly-owned subsidiary of Goldprime Re-

alty. Lian Being Group owns 80% of Goldprime Re-

alty, while KSH owns the remaining 20%.

According to Lian Beng and KSH, the divestment

is an opportunity to realise good value for the invest-

ment and enhance their financial positions.

Frasers Property Australia secures four new leases for Melbourne industrial parkOn July 25, Frasers Property Australia announced

that it has inked 10-year lease agreements with four

new tenants, for purpose-built facilities in one of its

Melbourne industrial park developments.

CH2, Stanley Black & Decker, Silvan, and Rubie’s

Deerfield have signed tenancy agreements with Frasers

Property for between 97,198 sq ft to 233,815 sq ft of

space each, at The Key Industrial Park in South West

Melbourne. ARB also purchased a 172,224 sq ft ware-

house in the industrial park.

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY EDITOR | Lin ZhiqinWRITER | Angela TeoANALYST | Tan Chee Yuen

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

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimACCOUNT MANAGERS | Priscilla Wong, James ChuaREGIONAL BUSINESS DEVELOPMENT MANAGER |Suki Lin

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

CORPORATE MANAGING DIRECTOR | Bernard Tong

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EP2 • THEEDGE SINGAPORE | JULY 31, 2017

CONTINUES ON PAGE EP10

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THEEDGE SINGAPORE | JULY 31, 2017 • EP3

MARKET TRENDS

Asia’s co-working players JustCo and naked Hub merge to fend off WeWork| BY LIN ZHIQIN |

Many co-working operators

do not really understand

co-working, according to

Kong Wan Sing, found-

er and CEO of JustCo,

a home-grown serviced office and

co-working operator. Co-working is not

just providing a space with desks for

people to do their work, he explains.

Last November, when Kong was in

Shanghai, he was introduced to Grant

Horsfield, founder and chairman of Chi-

na-based co-working operator naked

Hub. “We chatted over drinks. Then, I

went to visit naked Hub’s co-working

space and he came to see JustCo’s,”

Kong recounts. “And I thought, ‘This

guy knows what he’s doing. Maybe

we can do something together.’”

At the time, Kong reckoned that

demand for co-working space would

continue to grow and there would be

consolidation in the market. He was

open to a merger. On July 18, JustCo

and naked Hub announced plans to

merge. The merger will lead to the

formation of the largest premium

co-working operator in Asia, accord-

ing to the two companies.

JustCo currently has 180,000 sq

ft of space in Singapore: 35,000 sq

ft across five floors at 120 Robinson

Road, 15,000 sq ft at 6 Raffles Quay,

50,000 sq ft across two floors at UIC

Building and 80,000 sq ft across two

floors at Marina One that will open in

August. The JustCo co-working spac-

es at UIC Building and Marina One

have unobstructed sea views, accord-

ing to Eileen Wee, JustCo’s marketing

communications manager.

JustCo’s members include bike

sharing app company Mobike; Line,

a messenger, chat and video call app;

and US unicorn company Cloudflare,

a content delivery network and secu-

rity services provider. By end-2017,

JustCo will have 400,000 sq ft of

space in Singapore, says Kong. There

are plans to open JustCo co-work-

ing spaces in Bangkok, Kuala Lum-

pur and Jakarta, and “expand all the

way to Australia”, he adds.

naked Hub was started in No-

vember 2015 and within the first

10 months of operations, eight

naked Hub co-working spaces were

opened, according to its CEO Jona-

than Seliger. There are currently 11

naked Hub co-working spaces — in

Beijing, Shanghai and Hong Kong.

naked Hub has also branched out

into Vietnam, where it is set to open

a co-working space in Ho Chi Minh

City and another in Hanoi. The com-

pany expects to have 21 co-working

spaces across Asia by end-2017.

The combined portfolio of the

merged company will have a gross

floor area of 140,000 sq m (1.51 mil-

lion sq ft) in 41 locations across six

countries that can serve more than

8,000 companies and 32,000 members,

according to JustCo and naked Hub.

‘Coworking market untapped’The co-working market grew 71%

annually from 2007 to 2015 and is

projected to grow 68% annually from

2016 to 2018 globally, according to

Statista, an online statistics portal.

“The co-working market is very big

and still untapped,” says Kong.

According to him, many small

and medium-sized enterprises that

used to rent their own office space

have decided to move into co-work-

ing spaces, which have a pleasant

environment and offer access to the

community of people working there.

Large corporations that used to lease

space from commercial landlords are

also becoming interested in engag-

ing co-working operators to manage

their office space, or moving into a

co-working space.

Last September, HSBC took out

more than 300 memberships at

WeWork’s Tower 535, a Grade-A of-

fice building in Hong Kong’s Cause-

way Bay. Last November, Microsoft

bought WeWork memberships for

300 of its employees, allowing them

to have access to WeWork offices in

New York. In April, IBM inked a deal

with WeWork for 600 employees to

move to WeWork’s 88 University

Place office in New York. Lendlease

has moved its regional headquarters

in Singapore, which has 150 workers,

to The Work Project, a co-working

space that opened at OUE’s Down-

town Gallery in June.

The business model for co-work-

ing operators has also evolved. Pre-

viously, they had to lease the space,

but there has been a shift to the man-

agement contract model where the

operator is paid a fee. According to

Kong, JustCo has been in discussions

with a US-headquartered Fortune

500 company to revamp the latter’s

Singapore office and operate it as a

co-working office, complete with a

community of members who are not

the US company’s own employees.

JustCo is also looking to take up

close to 100,000 sq ft of space in a

shopping mall that will house at least

2,000 members, says Kong. He reck-

ons it will inject life into the shopping

mall because of the additional footfall

and spending from the community.

“Three years ago, I was very scep-

tical about co-working. I used to won-

der how people can work in an open

area and how they collaborate,” says

Kong. “But it’s good. Collaboration is

the new way of working. Now, our

office is open.”

Defending territoryJustCo and naked Hub are working

with China Renaissance to finalise a

US$200 million ($272.7 million) Se-

ries C funding round by end-August.

The Beijing-based investment bank

has advised on deals for ride-hail-

ing app company Didi Chuxing as

well as Mobike and the listing of

e-commerce company JD.com. “It

will value us at US$1 billion and is

a very important part of our condi-

tional merger,” says Kong.

naked Hub closed a $33 million

funding round led by Gaw Capital,

a Hong Kong-based private-equity

real-estate firm, in November 2016.

JustCo is backed by European pri-

vate-equity firm Tikehau Capital Part-

ners and Singapore’s Pinetree Capital

Partners. According to Kong, Tikehau

and Pinetree are also looking to par-

ticipate in the Series C funding round.

According to research firm CB In-

sights, New York-based co-working

company WeWork is the fifth-most-val-

uable privately held start-up. Earlier

this month, WeWork raised US$760

million in a funding round that val-

ued it at about US$20 billion. WeWork

is the largest co-working operator in

the US. It has operations in close to

50 cities. In Asia, WeWork operates

in China, Hong Kong and India and

is set to begin operations in Tokyo

soon. Singapore is said to be We-

Work’s next stop, based on job va-

cancies it is trying to fill.

“I want to be No 1 in Southeast

Asia in two years,” says Kong. With

WeWork muscling into Asia to grab

market share, there is a need to grow

fast and that will require funding,

he adds. “We have to defend our

territory.”

JustCo takes up 35,000 sq ft across five floors at its co-working space at 120 Robinson Road

Horsfield (left) and Kong at naked Hub@Bonham Strand, the first naked Hubco-working space in Hong Kong

Artist’s impression of JustCo’s co-working space at UIC Building, where it occupies 50,000 sq ft across two floors

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EAT PLAY LIVE

Eclectic vibe in Balestier

| BY RUTH LOH XIU |

Balestier Road is just off Thomson Road

on one end and the Novena area on the

other end. Unlike most typical residen-

tial areas, which are more homogene-

ous in character, Balestier Road is more

eclectic — with shops, eateries, hotels, tem-

ples, industrial buildings, hospitals and apart-

ment blocks. “This makes the neighbourhood

colourful and busy,” says Ong Teck Hui, JLL

national director of research and consultancy.

URA identified Balestier as an identity node in

2002 and gazetted many conservation buildings

in the area, including heritage shophouses built

in the 1840s and monuments such as the Sun

Yat Sen Nanyang Memorial Hall under its Old

World Charm conservation proposal.

Part of Balestier’s charm is its blend of old

and new — the juxtaposition of heritage shop-

houses against retro-age and new buildings.

It has a rich history spanning 160 years and

was named after Joseph Balestier, the US’ first

consul to Singapore and a sugarcane planta-

tion owner who named his plantation Bales-

tier Plains.

People can now learn more about Balestier

from the 1.6km Balestier Heritage Trail and the

Balestier Food Trail map detailing special spots

that set the area apart as culturally unique.

Places of interest on the heritage trail include

the Sun Yat Sen Nanyang Memorial Hall, the

Maha Sasana Ramsi Burmese Buddhist Tem-

ple and The Former Shaw Malay Film Studios

— a significant site in Asian Cinema from the

1930s to 1980s.

Evolving enclaveLong associated with its numerous lighting

shops, hardware and home-fitting shops and

local food, Balestier is also evolving. The tra-

ditional food haunts are still there, includ-

ing Loong Fatt Eating House and Confection-

ery, House of Tau Sar Piah, Noi’s Mushroom

Minced Meat Noodles, Founder Bak Kut Teh,

Boon Tong Kee and Loy Kee Chicken Rice.

There is also Balestier Market, where some

of the popular stalls from Longhouse Food

Centre — including the famous Long House

Soon Kee Boneless Lor Duck Rice, Ah Hui Big

Prawn Noodle and Boon Pisang Goreng —

have moved to.

New cafés and restaurants that have sprouted

up in Balestier include Café de Hong Kong;

Paw Pet-radise Café, which is pet-friendly;

Starker Bistro; and Wheeler’s Yard, an indus-

trial warehouse café, a favourite with cyclists.

The Balestier neighbourhood has also un-

dergone a renewal in terms of its residential

landscape, following the last wave of collective

sales, which saw new apartment and condo-

minium projects spring up in the area. “The

fact that there have been some 30 collective

sales in Balestier since 2006 shows a healthy

demand for housing in that area and no short-

age of interest from developers,” says Ong.

It looks like the Balestier area is poised for

another collective-sale wave, with developments

such as Balestier Regency, Boon Teck Tower and

Kemaman Point attempting collective sales.

Residential offeringsAn influx of international students has also

helped in the rejuvenation of Balestier in re-

cent years, especially given the proximity of

the area to Curtin Singapore, East Asia Insti-

tute of Management and Global Indian Interna-

tional School. There is therefore strong rental

demand, which bodes well for investors, espe-

cially since they can achieve net rental yields

of 2% to 3%, according to JLL’s Ong.

New developments in the area that will

soon be completed include City Suites, a 56-

unit freehold project located on Balestier Road.

Developed by Singapore-listed international

property developer SingHaiyi Group, it has

a wide range of one-bedroom units measur-

ing 452 to 527 sq ft. The project is expect-

ed to obtain its Temporary Occupation Per-

mit in 3Q2017.

The one-bedroom units have fully fitted

kitchen appliances and cabinets, bathroom ac-

cessories as well as built-in wardrobes. Assum-

ing an average selling price of $1,800 psf and

a monthly rental rate of $2,500, investors can

achieve gross rental yields of 3.1% to 3.7%.

Over the years, Balestier has become pop-

ular with investors. For example, one named

Loke chose to invest in an apartment in Bal-

estier after looking at different parts of Singa-

pore 11 years ago. He has found it easy to lease

out his two-bedroom apartment in Balestier

since purchasing it in 2006. “It’s so close to

town, and the return on investment isn’t bad

compared with properties in the nearby prime

District 11 which have higher prices psf,” he says.

Besides City Suites, new developments in

the area include OKIO, VIIO @ Balestier and

Viridian. Over the past year, transacted prices

in these projects have ranged from $1,230 to

$1,724 psf, according to caveats lodged with

URA Realis. “These prices are affordable to in-

vestors and owner-occupiers, given their city-

fringe location and freehold tenure,” notes

JLL’s Ong.

Aerial view of Balestier and Whampoa Drive, which has

undergone a renewal

The Novena area has also long been a desirable CBD fringe office location, with office towers at Novena Square as well as the upcoming Royal Square and its mix of offices and medical suites

Besides Tan Tock Seng Hospital and Ren Ci Hospital, other existing medical facilities in Novena include Mount Elizabeth Novena Hospital and Specialist Centre (pictured) The Wheeler’s Yard is an industrial warehouse café in Balestier that is popular with cyclists

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EAT PLAY LIVE

New commercial developments, Health City NovenaOne development that has really changed the

face of Balestier is Zhongshan Park, a mixed-

use development with a premium office tower,

and two hotels branded Days Hotel and Ram-

ada Singapore. Within the development is also

Zhongshan Mall, which has more than 58,000

sq ft of retail space and is anchored by FairPrice

Finest supermarket. Zhongshan Park is also part

of the grounds, which include the Sun Yat Sen

Nanyang Memorial Hall and the park around it.

An added attraction of Balestier is its prox-

imity to Health City Novena, poised to be Singa-

pore’s largest medical hub. Officially launched

in 2013, Health City Novena will be developed

jointly by the Ministry of Health, Tan Tock

Seng Hospital and National Healthcare Group.

When completed by 2030, healthcare-related

space at Health City Novena will double to

6.46 million sq ft from 2.69 million sq ft today.

It is also expected to see 30,000 people either

working there or visiting the complexes daily,

which will have a significant ripple effect on

the surrounding area.

Besides Tan Tock Seng Hospital and Ren

Ci Hospital, other existing medical facilities in

Novena are Novena Medical Centre as well as

Mount Elizabeth Novena Hospital and Specialist

Centre. Complementing Health City Novena

is Thomson Medical Centre, a private hospital

specialising in gynaecology and in-vitro ferti-

lisation.

Amenities for residentsBesides Balestier Plaza, Shaw Plaza and Zhong-

shan Mall, the residents in Balestier are also

well served by the shopping centres in the

Novena area — Velocity, Square 2 and United

Square — which are linked underground to

the Novena MRT station.

The Novena area has also long been a de-

sirable CBD fringe office location, with office

towers at Novena Square, Newton 200, Gold-

hill Plaza, Revenue House and United Square.

A new mixed-use commercial development in

the area is Royal Square, which contains a mix

of offices and medical suites.

In terms of public transport, Balestier is

well served by buses and the MRT. It is also

accessible via the Central Expressway and Pan

Island Expressway, which means it is just a

10-minute drive to the CBD, Marina Bay and

Orchard Road.

Ruth Loh Xiu is a freelance writer

E

This tau sar piah shop in one of the old shophouses on Balestier Road continues to be a favourite todayThe Sun Yat Sen Nanyang Memorial Hall is a heritage building surrounded by parkland

Zhongshan Park, a mixed-use development, contains an office tower, two hotels and Zhongshan Mall, and is part of the grounds that include the conserved Sun Yat Sen Nanyang Memorial Hall

Curtin Singapore (pictured above), East Asia Institute of Management and Global Indian International School have helped in the rejuvenation of Balestier, bringing foreign students to the neighbourhood

The retro-age Balestier Plaza (directly above) and adjacent Shaw Plaza shopping centre on Balestier Road

Exterior of the 56-unit City Suites, one of the new residential developments in Balestier

The famous Boon Tong Kee Chicken Rice draws tourists to Balestier The Balestier Food Market, where some of the popular stalls from Longhouse Food Centre have moved to


COVER STORY

| BY CECILIA CHOW |

The conservation area of Emerald Hill

Road, located off Orchard Road and

Cairnhill Road in prime District 9,

has just 150 terraced houses. Many of

them were built at the turn of the 20th

century by Singapore’s aristocracy and nou-

veaux riches, that is, the wealthy Chinese and

Straits-Chinese merchants.

The Emerald Hill terraced houses reflect

the shifts in architectural fashion that took

place in the early 1900s, from the Transition-

al, Late and Art Deco Shophouse Styles to an

architectural hybrid referred to as “Chinese ba-

roque”, which features ornate doorways, plas-

ter work, intricate wood carvings and ceramic

tilework. URA declared Emerald Hill a conser-

vation area in 1985 and gazetted it four years

later. It includes Peranakan Place, a row of six

double-storey conserved shophouses built in

1902 and fronting Orchard Road.

Singaporean Justine Toh, who owns a ter-

raced house on Emerald Hill Road, likens the

area to the Left Bank of Paris.

Deceptive exteriorToh’s house is located near the top of Emerald

Hill Road and looks like the other conserved

terraced houses in the area. Once you enter

the gate to the driveway lined with well-man-

icured plants and walk up the three steps to

the entrance of the house, however, you are

greeted by a cavernous living room with walls

of silver travertine, limestone flooring and dou-

ble-volume ceiling height.

Beyond the living room is the koi pond, with

a massive skylight overhead and a flight of

steps leading to the basement, which has been

converted into a spacious home study with en

suite bathroom. The second level of the house

has two wings — the private wing at the front

contains a master suite with en suite walk-in

wardrobe, master bathroom and a loft that can

be turned into an additional wardrobe area.

Adjoining the master suite is the private gym.

The public wing contains the dining room and

kitchen on the first level, and a junior master

suite and guest bedroom on the second level.

“A lot of people cannot visualise the size

of the interior from the outside,” says Toh,

who lives in the house with a helper and three

huskies. “I like to build houses that give you

the perception of space, with the high ceiling,

skylight and muted colour palette.”

Lawyer-cum-banker-turned-builderToh, a self-taught home builder, interior design-

er and art collector, named her firm Artigiano

(Italian for “artisan”). She started as a purvey-

or of well-crafted Italian furniture and antiques,

and used her home as a showcase to help cus-

Building a $16 mil gem on EMERALD HILL

Homeowner Justine Toh talks about what it takes to create prized real estate that can be passed down through the generations

Toh’s double-storey terraced house on Emerald Hill Road

The spacious interior of the house at Emerald Hill with travertine-marble feature walls

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COVER STORY

tomers visualise how they could display them

in their own homes. “But many would come

back and ask me to help them display the piec-

es in their own homes,” she says. “And that’s

how I ventured into interior design.”

One day, a client of many years asked Toh

to speak to his architect on his behalf, as he

did not like the way his house was being de-

signed and built. She says, “I worked with the

architect and enjoyed the process so much that

I decided to become a builder.”

Toh was a partner in one of the largest Singa-

pore and US law firms, specialising in bank-

ing and finance for more than 20 years before

becoming senior counsel and global head of

legal and compliance in Fortune 500 compa-

nies and financial institutions. When she was

working full-time, interior design and home

building was a passion she indulged in only

on weeknights and weekends.

Toh had been investing in property for more

than 20 years, though, focusing exclusively on

homes in prime Districts 9 and 10. She pur-

chased the terraced house on Emerald Hill Road

in July 2008. This was just before the global fi-

nancial crisis, when luxury condo prices were

still at their peak and four-bedroom units in

luxury condos in the Orchard Road neighbour-

hood were still going for more than $7 million.

“That was when I stopped investing in con-

dominiums because I just couldn’t wrap my

head around the fact that I could buy a free-

hold house in prime District 9 for the same

price,” she relates. “So, I decided to buy and

develop landed property instead.”

Patience rewardedToh was patient in her house hunt and knew

exactly what she wanted. She had her eye on

two units on Emerald Hill Road and asked her

agents to approach the owners. After two years,

one of the owners relented. The house was in

a state of disrepair — the roof had been eaten

by termites and it still had squat toilets.

The purchase also marked Toh’s maiden

venture as a builder in a conservation area.

“The typical conserved terraced house is usu-

ally quite dark, as there’s not much daylight

coming in,” she says. “It’s therefore better to

buy a unit whose interior can be remodelled

for modern-day living.” And that was exact-

ly what she did.

Construction of the house took two years

because a year was spent securing regulatory

approvals, particularly for the basement. The

Building and Construction Authority (BCA)

was concerned about the soil condition of

Emerald Hill Road, as the area was originally

plantation land before it became a residential

neighbourhood in the early 1900s.

Toh and her architect bore three holes and

found that the house was sitting on bedrock. As

BCA was still unconvinced, they bore 10 other

holes in various parts of the house, with the

same results. It was only then that BCA was

willing to approve the plans for the basement

level. Exca vation work cost about $250,000.

“But when you’re sitting in the living room look-

ing at the space, it is well worth it,” she says.

Luxury finishing and fittingsWhen it came to the silver travertine on the

walls, Toh visited the quarry in Italy that pro-

duced it. She had to buy two slabs — one for

each wall. They were cut and bookmatched,

resulting in no visible break line throughout

the two walls. The travertine had been shipped

from Italy to the factory in Singapore, where

it was cut again, and then transported to the

house. The travertine cost about $250,000, and

Toh estimates that it would cost $400,000 today.

Even the marble slabs in the bathrooms are

larger than normal and also had to be book-

matched. Toh opted for limestone flooring for

the ground and basement levels as it is porous

and helps cool the house.

The latticework panels and privacy screens

in the house as well as the doors and win-

dows, staircases and flooring on the second

level are of Burmese teak. Even the air-con-

ditioning units are concealed by latticework

panels of Burmese teak.

No detail has been overlooked. In the kitch-

en, the wood panelling and cabinetry are of

Santos Palisander wood, an exotic South Amer-

ican wood. For Toh, no ordinary ceiling fan

could adorn the living room — only a $5,000

Boffi one would do. The house also boasts an

audiophile sound system.

Even though the original terraced house

was not a conserved property, Toh decided

to have the façade designed in keeping with

the conserved terraced houses in its vicinity.

All in, she spent about $3 million building

the house. Today, if a homeowner were to rep-

licate the building of the house using the same

materials, it would cost closer to $5 million.

‘Sense of space’“I’m happy because the house turned out exactly

the way I had visualised it,” she says. “I built

this house so that I could come home to a calm

place after work. And I love the fact that peo-

ple have the same sense of space and tranquil-

lity when they come in.”

Having enjoyed living in her house for eight

years, Toh is now itching to embark on her

next project. “I’m looking for a suitable site

to build a Good Class Bungalow, and I already

have an architect in mind,” she says.

Toh’s house sits on a freehold land area

of about 2,450 sq ft with built-up space of

around 6,000 sq ft. It is one of just 20 to 30

terraced houses in the Emerald Hill neigh-

bourhood that comes with private parking.

“The houses with odd numbers on this side

of Emerald Hill Road are prized for their pri-

vate parking space,” says K L Goh, associate

agency head of Century 21, exclusive agent

for Toh’s house. “It’s also relatively quiet on

this side of Emerald Hill Road, unlike some

of those on the opposite side, where the rear

end abuts the Central Expressway. Owing to

the rarity of the houses on Emerald Hill Road,

they appeal to collectors who want to buy and

hold for the long term.”

The most recent transaction on Emerald

Hill Road was that of a house sitting on a land

area of 2,626 sq ft that fetched $10.8 million

in February, according to a caveat lodged with

URA Realis.

Meanwhile, the price tag on Toh’s home

is $16 million. “Every house on Emerald Hill

is different,” says Century 21’s Goh. “Her

house was specially designed with import-

ed materials.”

Toh concurs. “The buyer of this house will

be getting a premium product.”

The rooftop skylight can be opened and closed remotely The master bedroom has double-volume ceiling height, and windows and doors of Burmese teak

The kitchen with Santos Palisander wooden cabinets and panels The master bathroom with bookmatched marble slabs The staircase leading to the private wing of the house

Toh: I’m happy because the house turned out exactly the way I had visualised it E

Singapore — by postal districtLOCALITIES 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 July 11 to 18

District 1 PEOPLE’S PARK COMPLEX Apartment 99 years July 12, 2017 1,119 800,000 - 715 1972 ResaleDistrict 2 ICON Apartment 99 years July 17, 2017 904 1,530,000 - 1,692 2007 ResaleICON Apartment 99 years July 11, 2017 786 1,250,000 - 1,591 2007 ResaleICON Apartment 99 years July 11, 2017 700 1,138,000 - 1,627 2007 ResaleSPOTTISWOODE PARK Apartment 99 years July 14, 2017 850 785,000 - 923 Unknown ResaleSPOTTISWOODE PARK Apartment 99 years July 11, 2017 1,270 860,000 - 677 Unknown ResaleSPOTTISWOODE SUITES Apartment Freehold July 16, 2017 441 1,065,000 - 2,413 2017 New SaleSPOTTISWOODE SUITES Apartment Freehold July 16, 2017 441 1,055,000 - 2,391 2017 New SaleSPOTTISWOODE SUITES Apartment Freehold July 16, 2017 441 985,000 - 2,232 2017 New SaleSPOTTISWOODE SUITES Apartment Freehold July 15, 2017 441 1,038,000 - 2,352 2017 New SaleSPOTTISWOODE SUITES Apartment Freehold July 14, 2017 441 1,020,000 - 2,311 2017 New SaleDistrict 3 ALEX RESIDENCES Apartment 99 years July 16, 2017 474 977,000 - 2,063 Uncompleted New SaleALEX RESIDENCES Apartment 99 years July 16, 2017 1,044 1,980,000 - 1,896 Uncompleted New SaleALEX RESIDENCES Apartment 99 years July 15, 2017 657 1,323,000 - 2,015 Uncompleted New SaleCENTRAL GREEN Condominium 99 years July 17, 2017 926 1,290,000 - 1,394 1995 ResaleCENTRAL GREEN Condominium 99 years July 12, 2017 775 1,080,000 - 1,394 1995 ResaleCENTRAL GREEN Condominium 99 years July 11, 2017 1,432 1,720,000 - 1,201 1995 ResaleCOMMONWEALTH TOWERS Condominium 99 years July 16, 2017 474 908,000 - 1,917 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years July 16, 2017 474 908,000 - 1,917 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years July 16, 2017 484 899,000 - 1,856 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years July 16, 2017 484 899,000 - 1,856 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years July 16, 2017 797 1,368,000 - 1,717 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years July 15, 2017 484 899,000 - 1,856 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years July 13, 2017 463 888,000 - 1,919 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years July 12, 2017 463 888,000 - 1,919 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years July 11, 2017 463 888,000 - 1,919 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years July 16, 2017 700 1,400,400 - 2,002 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years July 15, 2017 1,152 2,156,000 - 1,872 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years July 14, 2017 635 1,334,500 - 2,101 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years July 16, 2017 484 833,000 - 1,720 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years July 15, 2017 495 852,000 - 1,721 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 16, 2017 431 774,560 - 1,799 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 14, 2017 947 1,465,000 - 1,547 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 14, 2017 441 771,470 - 1,748 Uncompleted New SaleQUEENS PEAK Condominium 99 years July 12, 2017 441 814,730 - 1,846 Uncompleted New Sale

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

QUEENS PEAK Condominium 99 years July 12, 2017 624 1,089,360 - 1,745 Uncompleted New SaleRIVER PLACE Condominium 99 years July 18, 2017 786 998,000 - 1,270 2000 ResaleTHE CREST Condominium 99 years July 13, 2017 1,238 2,005,560 - 1,620 2017 New SaleTHE CREST Condominium 99 years July 12, 2017 1,195 1,934,000 - 1,619 2017 New SaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years July 12, 2017 1,206 1,780,000 - 1,476 2004 ResaleTHE AZURE Condominium 99 years July 12, 2017 1,668 2,600,000 - 1,558 2008 ResaleDistrict 5 BLUE HORIZON Condominium 99 years July 11, 2017 958 935,000 - 976 2005 ResaleBOTANNIA Condominium 956 years July 14, 2017 1,227 1,400,000 - 1,141 2009 ResaleCARABELLE Condominium 956 years July 13, 2017 883 1,020,000 - 1,156 2009 ResaleFABER CREST Condominium 99 years July 13, 2017 1,270 1,040,000 - 819 2001 ResaleHERITAGE VIEW Condominium 99 years July 18, 2017 969 1,050,000 - 1,084 2000 ResaleHERITAGE VIEW Condominium 99 years July 18, 2017 1,464 1,800,000 - 1,230 2000 ResaleLOTUS AT PASIR PANJANG Condominium Freehold July 11, 2017 89,621 121,000,000 - 1,350 Unknown ResalePARC RIVIERA Condominium 99 years July 16, 2017 710 885,000 - 1,246 Uncompleted New SalePARC RIVIERA Condominium 99 years July 16, 2017 1,152 1,345,000 - 1,168 Uncompleted New SalePARC RIVIERA Condominium 99 years July 15, 2017 710 972,000 - 1,368 Uncompleted New SalePARC RIVIERA Condominium 99 years July 11, 2017 1,152 1,366,000 - 1,186 Uncompleted New SalePARC RIVIERA Condominium 99 years July 11, 2017 646 825,160 - 1,278 Uncompleted New SalePARC RIVIERA Condominium 99 years July 11, 2017 990 1,256,000 - 1,268 Uncompleted New SalePASIR PANJANG GARDENS Terrace Freehold July 17, 2017 1,496 2,360,000 - 1,577 Unknown ResaleREGENT PARK Condominium 99 years July 18, 2017 818 750,000 - 917 1997 ResaleSEAHILL Condominium 99 years July 17, 2017 517 770,000 - 1,490 2016 Sub SaleTHE ORIENT Apartment Freehold July 15, 2017 581 1,070,300 - 1,841 Uncompleted New SaleTHE PARC Condominium Freehold July 18, 2017 1,292 1,570,000 - 1,215 2010 ResaleTHE TRILINQ Condominium 99 years July 14, 2017 1,518 1,736,000 - 1,144 2017 New SaleTHE TRILINQ Condominium 99 years July 14, 2017 1,356 1,678,000 - 1,237 2017 New SaleTHE TRILINQ Condominium 99 years July 13, 2017 753 1,108,000 - 1,471 2017 Sub SaleTHE TRILINQ Condominium 99 years July 12, 2017 1,356 1,579,000 - 1,164 2017 New SaleTHE TRILINQ Condominium 99 years July 12, 2017 538 818,000 - 1,520 2017 New SaleDistrict 7 GOLDEN MILE COMPLEX Apartment 99 years July 11, 2017 926 680,000 - 735 Unknown ResaleSUNSHINE PLAZA Apartment 99 years July 13, 2017 1,109 1,405,000 - 1,267 2001 ResaleSUNSHINE PLAZA Apartment 99 years July 11, 2017 2,250 2,200,000 - 978 2001 ResaleTHE PLAZA Apartment 99 years July 12, 2017 732 745,000 - 1,018 1979 ResaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold July 14, 2017 1,830 2,000,000 - 1,093 2008 ResaleCITY SQUARE RESIDENCES Condominium Freehold July 13, 2017 1,507 2,088,000 - 1,386 2008 ResaleCITYSCAPE @FARRER PARK Condominium Freehold July 12, 2017 1,378 1,630,000 - 1,183 2014 ResaleKENTISH COURT Apartment 99 years July 18, 2017 1,335 1,170,000 - 877 1999 ResaleSTURDEE RESIDENCES Condominium 99 years July 12, 2017 829 1,329,000 - 1,603 Uncompleted New SaleVANADIUM Apartment Freehold July 17, 2017 732 970,000 - 1,325 2007 ResaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years July 11, 2017 1,464 2,080,000 - 1,421 2007 ResaleCAIRNHILL CREST Condominium Freehold July 14, 2017 2,013 3,663,660 - 1,820 2004 ResaleRIVER VALLEY COURT Apartment Freehold July 18, 2017 1,636 2,000,000 - 1,222 1994 ResaleRIVERGATE Apartment Freehold July 11, 2017 1,507 2,808,000 - 1,863 2009 ResaleROBERTSON 100 Apartment Freehold July 17, 2017 872 1,515,000 - 1,738 2004 ResaleSOPHIA HILLS Condominium 99 years July 16, 2017 700 1,382,000 - 1,975 Uncompleted New SaleSOPHIA HILLS Condominium 99 years July 16, 2017 1,539 3,168,000 - 2,058 Uncompleted New SaleSOPHIA HILLS Condominium 99 years July 15, 2017 570 1,116,000 - 1,956 Uncompleted New SaleSOPHIA HILLS Condominium 99 years July 15, 2017 710 1,443,000 - 2,031 Uncompleted New SaleSOPHIA HILLS Condominium 99 years July 14, 2017 700 1,413,000 - 2,020 Uncompleted New SaleSOPHIA HILLS Condominium 99 years July 13, 2017 506 1,061,000 - 2,097 Uncompleted New SaleTHE CLAYMORE Condominium Freehold July 11, 2017 3,348 8,000,000 - 2,390 1985 ResaleTHE COSMOPOLITAN Condominium Freehold July 11, 2017 1,679 3,180,000 - 1,894 2008 ResaleTRIBECA Condominium Freehold July 12, 2017 1,033 1,760,000 - 1,703 2010 ResaleUE SQUARE Apartment 929 years July 13, 2017 1,528 2,500,000 - 1,636 1997 ResaleUE SQUARE Apartment 929 years July 12, 2017 506 950,000 - 1,878 1997 ResaleVISIONCREST Apartment Freehold July 18, 2017 947 1,703,000 - 1,798 2007 ResaleVISIONCREST Apartment Freehold July 14, 2017 1,152 2,000,000 - 1,736 2007 ResaleDistrict 10 ASTRID MEADOWS Condominium Freehold July 12, 2017 3,800 6,350,000 - 1,671 1990 ResaleASTRID MEADOWS Condominium Freehold July 11, 2017 3,800 6,400,000 - 1,684 1990 ResaleCYAN Condominium Freehold July 18, 2017 657 1,298,000 - 1,977 2014 ResaleD’LEEDON Condominium 99 years July 18, 2017 1,152 1,775,000 - 1,541 2014 ResaleGALLOP GABLES Condominium Freehold July 12, 2017 2,669 4,500,000 - 1,686 1997 ResaleGOODWOOD GRAND Apartment Freehold July 16, 2017 775 1,883,000 - 2,430 2017 New SaleGOODWOOD GRAND Apartment Freehold July 15, 2017 1,109 2,676,000 - 2,414 2017 New SaleGOODWOOD GRAND Apartment Freehold July 13, 2017 1,044 2,624,000 - 2,513 2017 New Sale


| BY ANGELA TEO |

The 109-unit Amber Skye, located on

the corner of Amber Road and Tanjong

Katong Road, was completed in April.

Since then, about 40 units have been

sold at prices ranging from $1.053 mil-

lion for a 527 sq ft, one-bedroom unit on the

fifth floor to $2.65 million for a 1,335 sq ft,

three-bedroom unit on the 19th floor. The pro-

ject is jointly developed by CS Land (formerly

known as China Sonangol Land) and OKP Land.

According to Amber Skye’s marketing agent,

Kelvin Tan of Huttons Asia, the developer is

offering a 5%+1% discount on selected units,

including one- to two-bedroom lofts, three- and

four-bedroom units, three- to six-bedroom pent-

houses and garden villas. As at July 21, only

58 units were available for sale.

The project’s quality finishing and unit layout

could be a reason for the pickup in transactions

since completion. Another attraction could be

the freehold project’s location, which is directly

across the road from the upcoming Tanjong Ka-

tong MRT station on the Thomson-East Coast Line.

In the Balmoral area, Goodwood Grand

obtained its Temporary Occupation Permit in

June. The developer relaunched the project

upon completion and, since then, 14 units

have been snapped up even without discounts

being offered, according to Emilia Teo, busi-

ness development director at Tong Eng Group.

Goodwood Grand is jointly developed by

Tong Eng Group (50%), the Ng family of Clarus

Corp (20%) and listed construction group Tiong

Seng Holdings (30%). The project contains 65

apartments and eight strata bungalows.

The prices of units sold in July have ranged

from $1.88 million ($2,430 psf) for a 775 sq ft,

two-bedroom-plus-study unit on the sixth floor,

to $2.97 million ($2,419 psf) for a 1,227 sq ft,

four-bedroom unit on the third floor, accord-

ing to caveats lodged between July 2 and 16.

Goodwood Grand is 63% sold. Pull factors

are said to include its freehold status, location

in prime District 10 and proximity to Good-

wood Hills and Orchard Road. The buyers are

believed to be predominantly young local cou-

ples buying for their own use, as well as some

investors buying for rental income.

Meanwhile, CapitaLand released a new phase

of houses at Victoria Park Villas in mid-July.

The 99-year leasehold landed housing project

comprises 106 semi-detached houses and three

bungalows. It is located in the prestigious Vic-

toria Park Good Class Bungalow area.

Following the launch of the new phase of

semi-detached houses at Victoria Park Villas,

16 units were snapped for $3.9 million to $5.07

million on July 15. Jack Chua, CEO of ERA

Realty, the marketing agent for Victoria Park

Villas, says the strong pickup in transactions is

because buyers have been waiting for the release

of this latest phase — one of the inner clusters

fronting a newly created road within the develop-

ment called Victoria Park Grove. About 60% of

the houses have been sold, he adds.

Victoria Park Villas is sought-after for its

proximity to top schools such as Nanyang

Kinder garten, Nanyang Primary School, Raf-

fles Girls Primary School, Hwa Chong Insti-

tution and St Margaret’s Secondary School. E

DONE DEALS

Amber Skye, Goodwood Grand see spike in sales post-completion


Amber Skye is located directly across the road from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line

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GOODWOOD GRAND Apartment Freehold July 11, 2017 893 2,207,000 - 2,470 2017 New SaleGRAMERCY PARK Condominium Freehold July 14, 2017 1,959 5,055,300 - 2,580 2016 ResaleGRAMERCY PARK Condominium Freehold July 13, 2017 1,270 3,757,600 - 2,958 2016 ResaleGRAMERCY PARK Condominium Freehold July 12, 2017 2,067 5,846,400 - 2,829 2016 ResaleGREENLEAF ROAD Detached Freehold July 14, 2017 6,168 9,400,000 - 1,525 Unknown ResaleHOLLAND RESIDENCES Condominium Freehold July 17, 2017 2,347 3,250,000 - 1,385 2012 ResaleHOLLAND ROAD Condominium Freehold July 12, 2017 1,098 1,525,000 - 1,389 1995 ResaleHOLLAND TOWER Apartment Freehold July 12, 2017 1,873 2,150,000 - 1,148 Unknown ResaleJALAN SIANTAN Semi-Detached Freehold July 14, 2017 4,521 6,800,000 - 1,504 Unknown ResaleJERVOIS ROAD Semi-Detached Freehold July 17, 2017 5,662 21,000,000 - 3,708 Unknown ResaleONE DUCHESS Apartment 999 years July 14, 2017 807 1,630,140 - 2,019 Uncompleted New SaleRIDGEWOOD Condominium 999 years July 13, 2017 1,744 2,050,000 - 1,176 1981 ResaleRV RESIDENCES Condominium 999 years July 11, 2017 678 1,360,000 - 2,006 2015 ResaleSHEARES VILLE Apartment Freehold July 11, 2017 1,475 2,210,000 - 1,499 2003 ResaleSOMMERVILLE PARK Condominium Freehold July 14, 2017 1,302 1,830,000 - 1,405 1985 ResaleSPRING GROVE Condominium 99 years July 13, 2017 1,012 1,455,000 - 1,438 1996 ResaleTHE ASANA Apartment Freehold July 15, 2017 570 1,511,409 - 2,649 Uncompleted New SaleTHE ORANGE GROVE Condominium Freehold July 17, 2017 2,153 4,100,000 - 1,904 2010 ResaleTHREE BALMORAL Apartment Freehold July 14, 2017 614 1,415,898 - 2,308 2016 ResaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,357 4,382,000 - 1,863 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,314 4,299,000 - 1,859 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,982 5,073,000 - 1,704 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,153 4,011,000 - 1,863 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,271 4,238,000 - 1,865 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,153 3,908,000 - 1,815 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 3,100 5,031,000 - 1,626 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,153 3,908,000 - 1,815 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,217 3,980,000 - 1,792 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,217 3,980,000 - 1,792 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,314 4,145,000 - 1,789 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,669 4,732,000 - 1,770 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,960 5,062,000 - 1,710 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,174 4,135,000 - 1,901 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,497 4,516,000 - 1,806 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,153 4,062,000 - 1,887 Uncompleted New SaleWOOLLERTON PARK Apartment Freehold July 12, 2017 2,551 4,400,000 - 1,725 Unknown ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold July 12, 2017 1,012 2,087,420 - 2,063 2017 New SaleCUBE 8 Condominium Freehold July 12, 2017 1,335 1,880,000 - 1,409 2013 ResaleJALAN UNGGAS Semi-Detached Freehold July 12, 2017 3,918 6,168,000 - 1,575 Unknown ResaleLINCOLN SUITES Condominium Freehold July 11, 2017 527 1,250,000 - 2,370 2014 ResaleSOLEIL @ SINARAN Condominium 99 years July 11, 2017 506 988,000 - 1,953 2011 ResaleTHOMSON 800 Condominium Freehold July 17, 2017 1,399 1,780,000 - 1,272 1999 ResaleTHOMSON 800 Condominium Freehold July 12, 2017 1,625 2,078,000 - 1,278 1999 ResaleTHOMSON 800 Condominium Freehold July 12, 2017 1,399 1,775,000 - 1,268 1999 ResaleVILLA CHANCERY Condominium Freehold July 12, 2017 2,056 3,000,000 - 1,459 1986 ResaleWATTEN ESTATE Semi-Detached Freehold July 17, 2017 3,972 7,828,000 - 1,971 Unknown ResaleDistrict 12 BALESTIER POINT Apartment Freehold July 11, 2017 1,130 1,000,000 - 885 1986 ResaleBELMONDO VIEW Apartment Freehold July 12, 2017 1,281 1,320,000 - 1,031 2002 ResaleCHELSEA GROVE Apartment Freehold July 11, 2017 990 1,100,000 - 1,111 2007 ResaleGEM RESIDENCES Condominium 99 years July 15, 2017 1,313 1,957,230 - 1,490 Uncompleted New SaleGEM RESIDENCES Condominium 99 years July 15, 2017 452 818,000 - 1,809 Uncompleted New SaleGEM RESIDENCES Condominium 99 years July 15, 2017 1,249 1,710,720 - 1,370 Uncompleted New SaleGEM RESIDENCES Condominium 99 years July 14, 2017 936 1,461,000 - 1,560 Uncompleted New SaleGEM RESIDENCES Condominium 99 years July 11, 2017 936 1,436,000 - 1,533 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold July 15, 2017 1,432 2,931,351 - 2,048 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold July 11, 2017 517 1,282,263 - 2,482 Uncompleted New SaleMOONSTONE RESIDENCES Apartment Freehold July 14, 2017 1,044 1,030,000 - 986 2004 ResaleMOONSTONE RESIDENCES Apartment Freehold July 11, 2017 1,238 1,306,000 - 1,055 2004 ResaleOLEANDER TOWERS Apartment 99 years July 12, 2017 1,464 1,550,000 - 1,059 1997 ResaleREGAL COURT Apartment Freehold July 18, 2017 1,173 1,210,000 - 1,031 1997 ResaleTRELLIS TOWERS Condominium Freehold July 11, 2017 1,647 1,950,000 - 1,184 2000 ResaleVA RESIDENCES Apartment Freehold July 14, 2017 506 775,000 - 1,532 2016 New SaleVA RESIDENCES Apartment Freehold July 12, 2017 517 785,000 - 1,519 2016 New SaleDistrict 13 FORTUNE VIEW Terrace Freehold July 12, 2017 1,948 1,580,000 - 811 1998 ResaleTHE POIZ RESIDENCES Apartment 99 years July 16, 2017 1,184 1,649,030 - 1,393 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 16, 2017 1,227 1,709,800 - 1,393 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 16, 2017 1,206 1,668,600 - 1,384 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 15, 2017 1,464 2,006,440 - 1,371 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years July 11, 2017 1,765 1,835,460 - 1,040 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years July 11, 2017 1,948 2,338,888 - 1,200 2017 New SaleDistrict 14 DAKOTA RESIDENCES Condominium 99 years July 14, 2017 1,292 1,800,000 - 1,394 2010 ResaleJALAN AWANG Semi-Detached Freehold July 17, 2017 3,843 3,350,000 - 873 1974 ResaleJALAN DAUD Terrace Freehold July 11, 2017 3,111 2,400,000 - 771 1991 ResaleJALAN SENYUM Terrace Freehold July 11, 2017 1,970 2,688,888 - 1,366 1996 ResaleSIMS URBAN OASIS Condominium 99 years July 16, 2017 1,033 1,426,100 - 1,380 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 16, 2017 1,033 1,436,400 - 1,390 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 16, 2017 958 1,339,400 - 1,398 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 15, 2017 829 1,069,100 - 1,290 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 15, 2017 635 852,000 - 1,342 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 15, 2017 1,206 1,653,200 - 1,371 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 15, 2017 1,206 1,639,800 - 1,360 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 15, 2017 958 1,333,100 - 1,392 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 14, 2017 958 1,390,400 - 1,451 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 14, 2017 710 1,057,700 - 1,489 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years July 14, 2017 700 1,031,100 - 1,474 Uncompleted New SaleSTARVILLE Condominium Freehold July 13, 2017 1,216 1,020,000 - 839 2006 ResaleTHE SUNNY SPRING Apartment Freehold July 17, 2017 1,238 1,160,000 - 937 1998 ResaleTRE RESIDENCES Condominium 99 years July 15, 2017 947 1,327,000 - 1,401 Uncompleted New SaleTRE RESIDENCES Condominium 99 years July 14, 2017 700 1,038,000 - 1,484 Uncompleted New SaleTRE RESIDENCES Condominium 99 years July 12, 2017 861 1,334,000 - 1,549 Uncompleted New SaleDistrict 15 8M RESIDENCES Apartment Freehold July 18, 2017 646 1,292,000 - 2,000 2016 Resale8M RESIDENCES Apartment Freehold July 13, 2017 893 1,668,888 - 1,868 2016 ResaleAMBER RESIDENCES Condominium Freehold July 11, 2017 1,163 1,680,000 - 1,445 2011 ResaleAMBER SKYE Apartment Freehold July 16, 2017 1,216 2,140,000 - 1,759 2017 New SaleAMBER SKYE Apartment Freehold July 16, 2017 1,119 2,150,000 - 1,921 2017 New SaleAMBER SKYE Apartment Freehold July 13, 2017 1,335 2,510,000 - 1,881 2017 New SaleAMBER SKYE Apartment Freehold July 13, 2017 1,335 2,536,500 - 1,900 2017 New SaleAMBER SKYE Apartment Freehold July 12, 2017 1,335 2,593,000 - 1,943 2017 New SaleARTHUR 118 Apartment Freehold July 18, 2017 990 1,488,000 - 1,503 2006 ResaleBLU CORAL Condominium Freehold July 11, 2017 1,184 1,188,000 - 1,003 2009 ResaleEASTERN LAGOON Condominium Freehold July 11, 2017 1,378 1,628,000 - 1,182 1985 ResaleFRANKEL ESTATE Semi-Detached Freehold July 18, 2017 5,490 7,000,000 - 1,276 1968 ResaleFRANKEL ESTATE Terrace Freehold July 12, 2017 2,756 3,450,000 - 1,253 1988 ResaleFULCRUM Condominium Freehold July 12, 2017 818 1,357,000 - 1,659 2016 ResaleFULCRUM Condominium Freehold July 11, 2017 818 1,439,000 - 1,759 2016 ResaleJOO CHIAT ROAD Apartment 9999 years July 17, 2017 1,076 925,700 - 860 Unknown ResaleMANDARIN GARDENS Condominium 99 years July 14, 2017 1,528 1,380,000 - 903 1986 ResaleNEPTUNE COURT Apartment 99 years July 12, 2017 1,636 1,190,000 - 727 1975 Resale


ONE AMBER Condominium Freehold July 14, 2017 1,302 1,950,000 - 1,497 2010 ResalePARKSHORE Condominium Freehold July 17, 2017 1,647 1,820,000 - 1,105 1995 ResaleROSE COURT Apartment Freehold July 17, 2017 1,690 1,808,000 - 1,070 1973 ResaleSEASIDE RESIDENCES Apartment 99 years July 16, 2017 1,023 1,599,000 - 1,564 Uncompleted New SaleSIGLAP PARK Terrace Freehold July 17, 2017 1,679 2,700,000 - 1,608 Unknown ResaleSILVERSEA Condominium 99 years July 11, 2017 980 1,400,000 - 1,429 2014 ResaleTELOK KURAU ROAD Terrace Freehold July 17, 2017 2,551 2,150,000 - 842 1972 ResaleTHE SEA VIEW Condominium Freehold July 13, 2017 560 985,000 - 1,760 2008 ResaleTHE SEA VIEW Condominium Freehold July 11, 2017 1,518 2,300,000 - 1,515 2008 ResaleTHE TREELINE Apartment Freehold July 12, 2017 1,453 1,390,000 - 957 2008 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years July 17, 2017 936 800,000 - 854 1986 ResaleCHANGI COURT Condominium Freehold July 18, 2017 1,389 1,338,000 - 964 1997 ResaleCOSTA DEL SOL Condominium 99 years July 13, 2017 1,755 2,350,000 - 1,339 2004 ResaleEAST MEADOWS Condominium 99 years July 14, 2017 1,195 990,000 - 829 2002 ResaleEASTWOOD CENTRE Apartment 99 years July 13, 2017 1,604 1,200,000 - 748 1998 ResalePALMWOODS Condominium 99 years July 11, 2017 1,227 938,888 - 765 1999 ResaleSENNETT AVENUE Semi-Detached Freehold July 18, 2017 4,801 4,998,000 - 1,041 Unknown ResaleSUNHAVEN Condominium Freehold July 17, 2017 990 830,000 - 838 2002 ResaleSUNHAVEN Condominium Freehold July 11, 2017 1,066 925,000 - 868 2002 ResaleTHE BAYSHORE Condominium 99 years July 17, 2017 1,432 1,260,000 - 880 1997 ResaleTHE GLADES Condominium 99 years July 11, 2017 1,948 2,398,000 - 1,231 2016 New SaleUPPER EAST COAST ROAD Terrace Freehold July 14, 2017 3,283 2,800,000 - 853 Unknown ResaleDistrict 17 ESTELLA GARDENS Condominium Freehold July 13, 2017 657 588,000 - 896 1999 ResaleHEDGES PARK Condominium 99 years July 17, 2017 1,076 880,000 - 818 2015 ResaleHEDGES PARK Condominium 99 years July 13, 2017 915 855,000 - 934 2015 ResaleDistrict 18 COCO PALMS Condominium 99 years July 16, 2017 1,259 1,426,800 - 1,133 Uncompleted New SaleCOCO PALMS Condominium 99 years July 14, 2017 743 840,000 - 1,131 Uncompleted Sub SaleTHE ALPS RESIDENCES Condominium 99 years July 15, 2017 689 805,000 - 1,169 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 15, 2017 689 793,000 - 1,151 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 15, 2017 689 755,000 - 1,096 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 14, 2017 1,066 1,160,000 - 1,089 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 14, 2017 1,066 1,147,420 - 1,077 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 12, 2017 689 781,040 - 1,134 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 12, 2017 936 981,590 - 1,048 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 11, 2017 689 723,000 - 1,050 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years July 11, 2017 1,066 1,142,000 - 1,072 Uncompleted New SaleTHE PALETTE Condominium 99 years July 14, 2017 1,163 1,100,000 - 946 2015 ResaleTHE SANTORINI Condominium 99 years July 15, 2017 915 944,350 - 1,032 2017 New SaleTHE SANTORINI Condominium 99 years July 15, 2017 915 984,400 - 1,076 2017 New SaleTHE SANTORINI Condominium 99 years July 14, 2017 1,152 1,166,000 - 1,012 2017 New SaleTHE SANTORINI Condominium 99 years July 14, 2017 1,109 1,129,564 - 1,019 2017 New SaleTHE SANTORINI Condominium 99 years July 13, 2017 1,152 1,153,000 - 1,001 2017 New SaleTHE SANTORINI Condominium 99 years July 13, 2017 1,119 1,163,000 - 1,039 2017 New SaleTHE SANTORINI Condominium 99 years July 12, 2017 1,152 1,179,000 - 1,024 2017 New SaleTHE SANTORINI Condominium 99 years July 12, 2017 915 1,032,400 - 1,128 2017 New SaleTHE SANTORINI Condominium 99 years July 12, 2017 1,130 1,171,100 - 1,036 2017 New SaleTHE SANTORINI Condominium 99 years July 12, 2017 1,507 1,646,000 - 1,092 2017 New SaleTHE SANTORINI Condominium 99 years July 12, 2017 1,109 1,243,000 - 1,121 2017 New SaleTHE SANTORINI Condominium 99 years July 11, 2017 904 989,500 - 1,094 2017 New SaleTHE SANTORINI Condominium 99 years July 11, 2017 1,378 1,408,770 - 1,022 2017 New SaleTHE SANTORINI Condominium 99 years July 11, 2017 1,130 1,299,700 - 1,150 2017 New SaleDistrict 19 A TREASURE TROVE Condominium 99 years July 14, 2017 1,130 1,088,000 - 963 2015 ResaleBARTLEY RESIDENCES Apartment 99 years July 17, 2017 463 685,000 - 1,480 2015 ResaleCENTRAL VIEW Condominium 99 years July 14, 2017 1,259 1,054,388 - 837 2002 ResaleCENTRAL VIEW Condominium 99 years July 13, 2017 980 872,000 - 890 2002 ResaleCHARLTON 18 Terrace Freehold July 12, 2017 3,671 2,900,000 - 790 2016 ResaleCHUAN PARK Condominium 99 years July 13, 2017 1,173 950,000 - 810 1985 ResaleEVERGREEN PARK Apartment 99 years July 14, 2017 1,238 828,000 - 669 1999 ResaleFOREST WOODS Condominium 99 years July 14, 2017 915 1,269,000 - 1,387 Uncompleted New SaleKOVAN MELODY Condominium 99 years July 13, 2017 1,410 1,550,000 - 1,099 2006 ResaleRESIDENCES @ JANSEN Apartment 999 years July 14, 2017 1,615 1,330,000 - 824 2008 ResaleRESIDENCES @ JANSEN Apartment 999 years July 12, 2017 1,066 1,010,000 - 948 2008 ResaleRIVERSAILS Condominium 99 years July 12, 2017 1,109 1,085,000 - 979 2016 ResaleSERANGOON GARDEN ESTATE Terrace 999 years July 18, 2017 1,830 2,220,000 - 1,214 Unknown ResaleSTARS OF KOVAN Apartment 99 years July 16, 2017 753 1,061,240 - 1,408 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years July 15, 2017 947 1,438,780 - 1,519 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years July 15, 2017 743 1,110,260 - 1,495 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years July 15, 2017 732 1,000,000 - 1,366 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years July 12, 2017 743 1,107,000 - 1,490 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years July 11, 2017 732 1,130,000 - 1,544 Uncompleted New SaleTERRASSE Condominium 99 years July 14, 2017 1,550 1,468,000 - 947 2014 ResaleTHE LUXURIE Condominium 99 years July 14, 2017 775 840,000 - 1,084 2015 ResaleTHE RIVERVALE EC 99 years July 14, 2017 1,302 860,000 - 660 2000 ResaleTHE TERRACE EC 99 years July 15, 2017 1,076 863,000 - 802 2017 New SaleDistrict 20 BISHAN LOFT EC 99 years July 14, 2017 1,378 1,500,000 - 1,089 2003 ResaleBRADDELL VIEW Apartment 102 years July 17, 2017 1,561 1,278,000 - 819 1981 ResaleFAR HORIZON GARDENS Condominium 99 years July 13, 2017 1,152 795,000 - 690 1986 ResaleHORIZON GARDENS Terrace 99 years July 11, 2017 2,906 1,848,888 - 636 2002 ResaleJALAN RABU Semi-Detached Freehold July 13, 2017 2,400 2,700,000 - 1,126 Unknown ResaleSEMBAWANG HILLS ESTATE Detached Freehold July 11, 2017 4,370 4,800,000 - 1,099 2004 ResaleSKY HABITAT Condominium 99 years July 14, 2017 1,798 2,570,100 - 1,430 2015 ResaleSKY HABITAT Condominium 99 years July 11, 2017 1,970 2,844,000 - 1,444 2015 ResaleDistrict 21 HIGH OAK Condominium 99 years July 13, 2017 1,184 930,000 - 785 1999 ResaleHUA GUAN GARDENS Terrace 999 years July 13, 2017 4,176 4,500,000 - 1,078 1985 ResalePINE GROVE Condominium 99 years July 11, 2017 1,690 1,500,000 - 888 Unknown ResaleSOUTHAVEN II Condominium 999 years July 12, 2017 1,507 1,515,000 - 1,005 1999 ResaleTHE CASCADIA Condominium Freehold July 18, 2017 2,260 1,700,000 - 752 2010 ResaleTHE CREEK @ BUKIT Condominium Freehold July 13, 2017 441 823,800 - 1,867 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold July 13, 2017 721 1,266,800 - 1,757 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold July 12, 2017 850 1,462,000 - 1,719 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold July 12, 2017 786 1,273,020 - 1,620 Uncompleted New SaleTHE NEXUS Condominium Freehold July 11, 2017 1,378 1,960,000 - 1,423 2006 ResaleDistrict 22 LAKE GRANDE Condominium 99 years July 15, 2017 775 1,052,000 - 1,357 Uncompleted New SaleTHE CENTRIS Apartment 99 years July 11, 2017 1,195 1,060,000 - 887 2009 ResaleWESTWOOD RESIDENCES EC 99 years July 16, 2017 947 733,300 - 774 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 16, 2017 1,238 981,900 - 793 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 16, 2017 1,033 801,000 - 775 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 16, 2017 1,152 942,300 - 818 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 16, 2017 1,152 945,000 - 820 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 16, 2017 1,152 931,500 - 809 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 16, 2017 1,033 808,500 - 782 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 16, 2017 1,152 938,700 - 815 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 15, 2017 1,033 835,200 - 808 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years July 15, 2017 1,033 810,900 - 785 Uncompleted New Sale

DONE DEALS

CONTINUES NEXT PAGE

FROM PREVIOUS PAGE

DONE DEALS

PROPERTY BRIEFS



WESTWOOD RESIDENCES EC 99 years July 13, 2017 1,152 947,700 - 823 Uncompleted New SaleDistrict 23 ECO SANCTUARY Condominium 99 years July 11, 2017 990 1,250,000 - 1,262 2016 Sub SaleESPA Condominium 999 years July 14, 2017 1,066 1,100,000 - 1,032 2009 ResaleGLENDALE PARK Condominium Freehold July 13, 2017 1,367 1,160,000 - 849 2000 ResaleHILLBROOKS Condominium Freehold July 14, 2017 1,098 1,060,000 - 965 1999 ResaleHILLION RESIDENCES Apartment 99 years July 13, 2017 474 720,100 - 1,520 Uncompleted New SaleHILLVIEW REGENCY Condominium 99 years July 18, 2017 904 710,000 - 785 2005 ResaleINZ RESIDENCE EC 99 years July 16, 2017 1,044 827,000 - 792 Uncompleted New SaleINZ RESIDENCE EC 99 years July 16, 2017 689 514,500 - 747 Uncompleted New SaleINZ RESIDENCE EC 99 years July 16, 2017 1,012 808,000 - 799 Uncompleted New SaleINZ RESIDENCE EC 99 years July 15, 2017 1,109 880,000 - 794 Uncompleted New SaleINZ RESIDENCE EC 99 years July 15, 2017 990 810,000 - 818 Uncompleted New SaleINZ RESIDENCE EC 99 years July 15, 2017 883 705,000 - 799 Uncompleted New SaleINZ RESIDENCE EC 99 years July 15, 2017 1,012 775,000 - 766 Uncompleted New SaleINZ RESIDENCE EC 99 years July 15, 2017 689 538,000 - 781 Uncompleted New SaleINZ RESIDENCE EC 99 years July 13, 2017 1,173 905,000 - 771 Uncompleted New SaleINZ RESIDENCE EC 99 years July 11, 2017 689 498,500 - 724 Uncompleted New SalePALM GARDENS Condominium 99 years July 17, 2017 1,216 806,000 - 663 2000 ResalePALM GARDENS Condominium 99 years July 12, 2017 1,432 960,000 - 671 2000 ResaleSOL ACRES EC 99 years July 16, 2017 614 507,000 - 826 Uncompleted New SaleSOL ACRES EC 99 years July 16, 2017 1,216 955,000 - 785 Uncompleted New SaleSOL ACRES EC 99 years July 15, 2017 926 693,000 - 749 Uncompleted New SaleSOL ACRES EC 99 years July 15, 2017 570 443,000 - 777 Uncompleted New SaleSOL ACRES EC 99 years July 14, 2017 570 473,000 - 829 Uncompleted New SaleSOL ACRES EC 99 years July 13, 2017 570 443,000 - 777 Uncompleted New SaleSOL ACRES EC 99 years July 12, 2017 732 623,000 - 851 Uncompleted New SaleSOL ACRES EC 99 years July 12, 2017 570 447,000 - 784 Uncompleted New SaleSOL ACRES EC 99 years July 11, 2017 570 463,000 - 812 Uncompleted New SaleTHE PETALS Condominium Freehold July 12, 2017 1,302 1,118,888 - 859 2002 ResaleTREE HOUSE Condominium 99 years July 12, 2017 797 800,000 - 1,004 2013 ResaleDistrict 25 NORTHWAVE EC 99 years July 16, 2017 1,270 996,900 - 785 Uncompleted New SaleNORTHWAVE EC 99 years July 15, 2017 1,098 868,000 - 791 Uncompleted New SaleNORTHWAVE EC 99 years July 15, 2017 1,464 1,126,700 - 770 Uncompleted New SaleNORTHWAVE EC 99 years July 13, 2017 753 548,300 - 728 Uncompleted New SaleNORTHWAVE EC 99 years July 11, 2017 1,464 1,083,100 - 740 Uncompleted New SaleDistrict 26 LENTOR VILLAS Terrace Freehold July 17, 2017 2,271 2,280,000 - 1,002 1997 ResaleMEADOWS @ PEIRCE Condominium Freehold July 13, 2017 1,830 1,960,000 - 1,071 2012 ResaleMELODY VILLAS Terrace Freehold July 17, 2017 4,908 4,100,000 - 836 1993 ResaleSPRINGSIDE AVENUE Terrace Freehold July 12, 2017 1,711 2,860,000 - 1,670 2016 ResaleTHE CALROSE Condominium Freehold July 11, 2017 1,076 1,238,000 - 1,150 2007 ResaleDistrict 27 EUPHONY GARDENS Condominium 99 years July 17, 2017 2,056 1,130,000 - 550 2001 ResaleNORTH PARK RESIDENCES Apartment 99 years July 16, 2017 732 992,700 - 1,356 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 16, 2017 1,259 1,436,250 - 1,140 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 15, 2017 969 1,253,700 - 1,294 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 14, 2017 969 1,310,400 - 1,353 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years July 11, 2017 969 1,281,600 - 1,323 Uncompleted New SalePARC LIFE EC 99 years July 16, 2017 1,109 901,440 - 813 Uncompleted New SalePARC LIFE EC 99 years July 16, 2017 764 621,300 - 813 Uncompleted New SalePARC LIFE EC 99 years July 15, 2017 764 606,100 - 793 Uncompleted New Sale


PARC LIFE EC 99 years July 15, 2017 1,066 859,750 - 807 Uncompleted New SalePARC LIFE EC 99 years July 15, 2017 1,001 709,650 - 709 Uncompleted New SalePARC LIFE EC 99 years July 15, 2017 1,270 996,480 - 785 Uncompleted New SalePARC LIFE EC 99 years July 15, 2017 764 599,450 - 784 Uncompleted New SalePARC LIFE EC 99 years July 14, 2017 1,066 811,300 - 761 Uncompleted New SalePARC LIFE EC 99 years July 11, 2017 1,109 902,400 - 814 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 16, 2017 1,098 820,710 - 748 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 14, 2017 1,184 985,545 - 832 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 13, 2017 947 765,765 - 808 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 13, 2017 1,184 990,990 - 837 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years July 11, 2017 1,302 971,685 - 746 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 16, 2017 1,023 1,026,000 - 1,003 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 16, 2017 915 942,000 - 1,030 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 15, 2017 915 938,000 - 1,025 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 15, 2017 1,023 1,021,000 - 998 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 15, 2017 786 860,000 - 1,094 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 15, 2017 915 966,000 - 1,056 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 15, 2017 1,023 1,076,000 - 1,052 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 13, 2017 915 953,000 - 1,042 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years July 11, 2017 1,023 1,016,000 - 994 Uncompleted New SaleTHE BROWNSTONE EC 99 years July 16, 2017 947 752,000 - 794 Uncompleted New SaleTHE BROWNSTONE EC 99 years July 13, 2017 936 748,800 - 800 Uncompleted New SaleTHE CRITERION EC 99 years July 16, 2017 1,173 932,000 - 794 Uncompleted New SaleTHE CRITERION EC 99 years July 16, 2017 1,012 761,600 - 753 Uncompleted New SaleTHE CRITERION EC 99 years July 15, 2017 1,378 1,110,400 - 806 Uncompleted New SaleTHE CRITERION EC 99 years July 13, 2017 915 700,000 - 765 Uncompleted New SaleTHE CRITERION EC 99 years July 13, 2017 1,195 844,000 - 706 Uncompleted New SaleTHE CRITERION EC 99 years July 12, 2017 1,098 833,600 - 759 Uncompleted New SaleTHE CRITERION EC 99 years July 11, 2017 700 573,600 - 820 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 16, 2017 1,582 1,152,000 - 728 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 16, 2017 1,023 827,000 - 809 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 15, 2017 1,023 821,000 - 803 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 14, 2017 1,141 954,000 - 836 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 13, 2017 980 817,000 - 834 Uncompleted New SaleTHE VISIONAIRE EC 99 years July 13, 2017 1,141 947,000 - 830 Uncompleted New SaleTHE WISTERIA Apartment 99 years July 15, 2017 969 1,060,612 - 1,095 Uncompleted New SaleTHE WISTERIA Apartment 99 years July 15, 2017 969 966,012 - 997 Uncompleted New SaleTHE WISTERIA Apartment 99 years July 14, 2017 969 1,075,212 - 1,110 Uncompleted New SaleWATERCOVE Terrace Freehold July 16, 2017 3,358 2,680,000 - 798 Uncompleted New SaleWATERCOVE Terrace Freehold July 16, 2017 3,358 2,690,000 - 801 Uncompleted New SaleWATERCOVE Terrace Freehold July 13, 2017 3,552 2,900,000 - 816 Uncompleted New SaleWATERCOVE Terrace Freehold July 11, 2017 3,466 2,350,000 - 678 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Semi-Detached Freehold July 15, 2017 3,961 3,489,920 - 881 Uncompleted New SaleH2O RESIDENCES Condominium 99 years July 17, 2017 1,389 1,380,000 - 994 2015 ResaleSELETAR HILLS ESTATE Semi-Detached Freehold July 11, 2017 2,390 2,500,000 - 1,044 1998 ResaleSELETAR SPRINGS Condominium 99 years July 18, 2017 2,077 1,350,000 - 650 2000 ResaleTAMARIND ROAD Semi-Detached Freehold July 11, 2017 3,627 3,250,000 - 896 Unknown ResaleTHE GREENWICH Condominium 99 years July 14, 2017 883 868,000 - 983 2014 Resale

DISCLAIMER:Source: URA Realis. Updated July 25, 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.

Over at West Park Industrial Estate in Mel-

bourne’s West — another development under

the Frasers Property portfolio — Ceva Logis-

tics and National Tiles have leased a 400,170

sq ft warehouse and a 160,070 sq ft building

for 10 and six years, respectively.

According to Anthony Maugeri, general

manager of the southern region for Frasers

Property Australia, the two industrial parks

are easily accessible from Melbourne’s CBD

and major transport infrastructure.

The deals create new assets with a total

end value of about $190 million, says Frasers

Property Australia.

M&G acquires Brisbane office building for $128.6 milM&G Real Estate Asia announced on July 25

that it has acquired HQ South, a Grade A of-

fice building in Brisbane for A$119.1 million

($128.6 million). This works out to $853 psf,

based on a net lettable area of 150,696 sq ft.

HQ South is M&G’s first acquisition in Bris-

bane. The property houses seven office floors,

with one floor set aside for retail and car park-

ing space. Located adjacent to Fortitude Val-

ley railway station — one stop from Brisbane’s

CBD — the property is in close proximity to

a variety of retail and entertainment options.

“This is the fifth purchase our core Asia

property strategy has made this year, which

further utilises our capital queue in light of

the continued investment appetite from re-

gional and foreign capital,” says Chiang Ling

Ng, CEO and chief investment officer of M&G

Real Estate Asia.

Manhattan residential project launched over the weekend30 East 31st Street (below), a residential devel-

opment in NoMad, Manhattan, was launched

over the weekend of July 29 and 30, in New

York City. Knight Frank pre-launched the 42-

unit project in Singapore over the weekend

of July 22 and 23.

Situated within Madison Square Park North

Historic District, the 45,208 sq ft property hous-

es 13 one-bedroom and 28 two-bedroom units,

as well as a duplex three-bedroom penthouse.

Floor areas range from 866 to 3,354 sq ft,

with prices starting from US$1.7 million ($2.3

million). Foreigners can receive a 421-A tax

abatement when they purchase units at the

project, says Knight Frank.

The 39-storey project boasts panoramic

views of Midtown and Downtown Manhattan

and the units have expansive floor-to-ceiling

windows. Services and amenities offered in-

clude a 24-hour concierge service, a fitness

centre, and a private dining room with a ca-

tering kitchen.

Ascott buys 80% stake in Synergy Global Housing in the US at $46.7 milCapitaLand’s wholly-owned unit, The Ascott,

has bought an 80% stake in Synergy Global

Housing, for US$33.7 million ($46.7 million).

The move triples Ascott’s portfolio in the US

from about 1,000 units to 3,000 units.

It will increase Ascott’s global portfolio to

70,000 units, and give Ascott direct access to

Synergy’s corporate clients based in Silicon

Valley, says Lee Chee Koon, CEO of Ascott. In

turn, Ascott will provide accommodation op-

tions for Synergy’s clients outside of the US.

Synergy leases units in properties such as

Mosso in San Francisco, from partners and

property owners, to rent to corporate clients in

the US. The remaining 20% stake in Synergy

will be held by its co-founders, Henry Lueb-

bert and Jack Jensky, who sold the majority

stake in Synergy to Ascott.

Centurion buys five student housing assets in the US at $187 milCenturion Corp has proposed the purchase

of 1,936 beds across five operational US

student housing assets for US$136 million

($187 million). Centurion intends to hold a

30% stake in the portfolio, and is in discus-

sion with third-party investors to buy the re-

maining interest.

The five student accommodation assets are

located in four US cities: Auburn, Alabama;

Tallahassee, Florida; Madison, Wisconsin; and

College Station, Texas. They include the 231-

bed The Towers on State, which, according to

Centurion, is located in close proximity to Uni-

versity of Wisconsin–Madison.

The acquisition is expected to take place

at end-September. When completed, Centu-

rion will have 5,424 beds under management

across 16 student housing assets in the US,

the UK, Australia and Singapore. — Compiled

by Angela Teo


FROM PAGE EP2

ClarificationJustCo would like to clarify that the JustCo-naked Hub merged entity can serve over 8,000 companies and is expected to attract 32,000 members, and not as published in the brief “JustCo merges with naked Hub” (Issue 789, July 24).

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GAINS AND LOSSES

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Two units at Astrid Meadows sold at a profit of more than $1 mil each

Top 10 gains and losses from July 11 to 18

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

1 Astrid Meadows 10 3,800 July 12 1,671 Aug 24, 2005 855 3,100,000 95 6 11.9

2 The Claymore 9 3,348 July 11 2,390 Nov 24, 1997 1,748 2,150,000 37 2 19.6

3 Gallop Gables 10 2,669 July 12 1,686 Oct 24, 2008 1,100 1,564,100 53 5 8.7

4 UE Square 9 1,528 July 13 1,636 May 22, 1998 770 1,323,440 112 4 19.2

5 City Square Residences 8 1,830 July 14 1,093 May 4, 2005 411 1,247,600 166 8 12.2

6 Costa Del Sol 16 1,755 July 13 1,339 Sept 30, 2005 635 1,235,000 111 7 11.8

7 Astrid Meadows 10 3,800 July 11 1,684 Oct 7, 2009 1,382 1,150,000 22 3 7.8

8 River Valley Court 9 1,636 July 18 1,222 April 1, 2000 712 835,000 72 3 17.3

9 Parkshore 15 1,647 July 17 1,105 June 3, 1999 650 750,000 70 3 18.1

10 Robertson 100 9 872 July 17 1,738 March 16, 2004 919 714,000 89 5 13.3

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

1 Tribeca 9 1,033 July 12 1,703 Jan 31, 2013 2,061 370,000 17 4 4.4

2 Holland Residences 10 2,347 July 17 1,385 March 16, 2010 1,520 317,600 9 1 7.3

3 Visioncrest 9 947 July 18 1,798 Sept 24, 2008 2,111 297,000 15 2 8.8

4 Cityscape@Farrer Park 8 1,378 July 12 1,183 June 24, 2011 1,321 190,000 10 2 6.1

5 Residences @ Jansen 19 1,615 July 14 824 Oct 18, 2012 929 170,000 11 3 4.7

6 Sommerville Park 10 1,302 July 14 1,405 May 4, 2011 1,536 170,000 9 1 6.2

7 Palm Gardens 23 1,216 July 17 663 July 3, 2013 769 129,000 14 4 4.0

8 Thomson 800 11 1,399 July 12 1,268 July 11, 2013 1,344 105,000 6 1 4.0

9 People’s Park Complex 1 1,119 July 12 715 April 4, 2012 806 102,000 11 2 5.3

10 The Greenwich 28 883 July 14 983 Sept 15, 2010 1,087 91,490 10 1 6.8

Note: Computed based on URA caveat data as at July 25 for private non-landed houses transacted between July 11 and 18. The profit-and-loss computation excludes transaction costs such as stamp duties.

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

Non-profi table deals

| BY LIN ZHIQIN |

On July 11, a 3,800 sq ft unit on the

second floor of Astrid Meadows

was sold for a $1.15 million profit.

A day later, a similar-size unit on

the fourth floor of the same block

fetched a $3.1 million profit, the highest profit

for private non-landed homes transacted in

the week of July 11 to 18.

The unit on the second floor was purchased

for $5.25 million ($1,382 psf) in October 2009

and sold for $6.4 million ($1,684 psf). This

translates into a 22% profit, or 3% a year over

a holding period of nearly eight years.

The unit on the fourth floor that fetched

a $3.1 million profit on July 12 was sold for

$6.35 million ($1,671 psf). The previous owner

bought it for $3.25 million ($855

psf) in August 2005. He made a 95%

profit from the sale, or 6% a year

over 12 years.

Prices for 3,800 sq ft units at

Astrid Meadows peaked in 2013 when

three units were transacted at $1,711,

$1,798 and $1,842 psf. There were

no transactions for units of this size

from 2014 to June 2017. Astrid Mead-

ows is a freehold condominium in

prime District 10. It was completed

in 1990 and has 208 units.

In 2016, there were four profitable

transactions at Astrid Meadows, with

profits averaging $1.2 million (64%),

and one unprofitable transaction, in

which the seller incurred a $135,000

(4%) loss. This year, there have been

five profitable transactions, with prof-

its averaging $1.5 million (58%). Only

one seller has incurred a loss so far this

year. He lost $63,000 (2%) when he

sold the 2,433 sq ft unit in May 2017.

Based on URA caveat data, the

same unit has changed hands five

times so far. It was sold for $740 psf

in 1999; $649 psf in 2001; $760 psf in

2006; $1,516 psf in 2011; and $1,490

psf in 2017. The unit fetched a profit

of $1.84 million (99%) for the seller,

who sold it in 2011. The profit trans-

lates into 13% a year over 5.8 years.

At The Claymore, located off Orchard Road

in prime District 9, a 3,348 sq ft unit fetched

the second-highest profit of $2.15 million in

the week of July 11 to 18. The previous own-

er of the 25th-storey unit bought it for $5.85

million ($1,748 psf) in November 1997 and

sold it for $8 million ($2,390 psf) on July 11.

He made a profit of 37%, or 2% a year over a

holding period of nearly 20 years.

Based on the matching of URA caveat data,

there have been no unprofitable transactions

at The Claymore since September 2009, when

a 2,680 sq ft unit changed hands at a $562,000

(8%) loss. The previous owner of the unit

bought it for $6.8 million ($2,537 psf) in May

2008 and sold it for $6.24 million ($2,327 psf)

about one year and four months later.

The same unit fetched a $4.05 million (147%)

profit when it changed hands in May 2008. It

was purchased for $2.75 million ($1,026 psf),

according to a caveat lodged in May 2002.

Completed in 1985, The Claymore is a free-

hold condo with 146 units.

Four other condo units were sold for prof-

its of more than a million each in the week of

July 11 to 18. They were at Gallop Gables on

Farrer Road, UE Square at Robertson Quay,

City Square Residences on Kitchener Road

and Costa Del Sol, located near the upcom-

ing Bayshore MRT station.

So far this year, there have been five profitable transaction at Astrid Meadows, with an average profit of $1.5 million (58%). Find the most affordable listing in the project at edgepr.link/AstridMeadows.

A 3,348 sq ft unit at The Claymore was sold at a $2.15 million profit on July 11. Find the most affordable listing in the pro-ject at edgepr.link/TheClaymore.

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DEAL WATCH

Recent transactions at VisionCrestTA

BLES

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Recent rental contracts for 700 to 800 sq ft units at VisionCrest

LEASE DATE MONTHLY RENT $ $ PSF

June 2017 3,800 5.10

May 2017 4,200 5.60

May 2017 3,200 4.30

May 2017 3,600 4.80

May 2017 3,300 4.40

| BY TAN CHEE YUEN |

VisionCrest is a freehold mixed-use devel-

opment in prime District 9. The project

by Wing Tai Holdings was completed in

2007 and comprises four 12-storey resi-

dential blocks with a total of 265 units.

The apartments are adjacent to a 12-storey office

block, VisionCrest Commercial. VisionCrest has a

wide array of unit types: from studios of 603 sq ft

to two-bedroom units of 947 sq ft, three-bedroom

units of up to 1,475 sq ft and penthouses of 1,528

to 2,131 sq ft.

A 732 sq ft, one-bedroom unit at VisionCrest

has been put up for sale on TheEdgeProperty.com

at $1.45 million ($1,981 psf). The owner is a Singa-

porean who has rented it to a corporate entity un-

til mid-2018, says Elson Tan, a property agent from

PropNex Realty who is marketing the unit.

VisionCrest is located close to the Dhoby Ghaut

MRT station. Schools located within a 1km radius

of the property include River Valley Primary School

and St Margaret’s Primary School.

When VisionCrest was launched in 2003, pric-

es ranged from $1,000 to $1,200 psf. The highest

price achieved at the project was for a 1,227 sq

ft unit on the 10th floor that fetched $3.3 million

($2,700 psf) in January 2008. The first buyer paid

$3.1 million ($2,500 psf) for the unit in August

2007 and sold it in a sub-sale five months later.

The latest transaction at VisionCrest was that of

a 947 sq ft unit, which was sold for $1.7 million

($1,798 psf) on July 18.

According to URA data, there were seven rental

Unit at VisionCrest going for $1.45 mil

transactions for units measuring 700 to 800 sq ft at

VisionCrest in 2Q2017. The average monthly rent

was $3,729, translating into a potential gross rental

yield of 3.1%, based on the asking price.

Located adjacent to VisionCrest is The Rise @

Oxley, another mixed-use development. It compris-

es 120 apartments and two levels of retail and F&B

space. Developed by Oxley Holdings, the freehold

project is expected to receive Temporary Occupa-

tion Permit by end-2022.

The most recent transactions at The Rise @ Ox-

ley — Residences were on July 9 when a 667 sq ft

unit was sold at $1.58 million ($2,371 psf); and July

10, when a 710 sq ft unit was sold at $1.66 million

($2,334 psf). As at end-June, 113, or 94%, of the

120 units at The Rise @ Oxley — Residences had

been sold, according to URA data on developer sales.

Visit edgepr.link/DealWatch-S790 for more

information.

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Completed in 2007, VisionCrest is a freehold mixed-use development in prime District 9

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

July 18, 2017 947 1,703,000 1,798

July 14, 2017 1,152 2,000,000 1,736

June 23, 2017 904 1,840,000 2,035

April 28, 2017 947 1,680,000 1,774

March 31, 2017 893 1,690,000 1,892

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