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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
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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
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EP4 • THEEDGE SINGAPORE | FEBRUARY 13, 2017
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
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EP6 • THEEDGE SINGAPORE | FEBRUARY 13, 2017
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 $2,830 in 4Q2016. Next in line
were Carissa Park Condominium and Estella
Gardens in Pasir Ris. Rents for two-bedroom
units in the projects plunged 13% between
4Q2015 and 4Q2016. In the one-bedroom-unit
category, My Manhattan on Simei Street 3 and
Cardiff Residence in Serangoon saw the steep-
est fall in rents.
The Northeast and East Regions will con-
tinue to be supply hotspots in the suburban
rental market with 7,682 and 6,394 units, ex-
cluding ECs, currently being planned or un-
der construction.
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PROJECT NAME PLANNING AREA Y-O-Y AVERAGE RENT VOLUME AVERAGE RENT VOLUME CHANGE ($/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
EP8 • THEEDGE SINGAPORE | FEBRUARY 13, 2017
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
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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
THEEDGE SINGAPORE | FEBRUARY 13, 2017 • EP9
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.
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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
EP10 • THEEDGE SINGAPORE | FEBRUARY 13, 2017
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
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| 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.
THEEDGE SINGAPORE | FEBRUARY 13, 2017 • EP11
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
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EP12 • THEEDGE SINGAPORE | FEBRUARY 13, 2017
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
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There is a need for retailers and mall landlords to innovate and differentiate themselves in the face of increased competition
THEEDGE SINGAPORE | FEBRUARY 13, 2017 • EP13
GAINS AND LOSSES
Non-landed residential transactions with contracts dated Jan 24 to 31 U
RA, T
HE E
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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.
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EP14 • THEEDGE SINGAPORE | FEBRUARY 13, 2017
Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8Orchard/Tanglin/Holland 9 and 10Newton/Bukit Timah/Clementi 11 and 21Balestier/MacPherson/Geylang 12 to 14East Coast 15 and 16Changi/Pasir Ris 17 and 18Serangoon/Thomson 19 and 20West 22 to 24North 25 to 28
Residential transactions with contracts dated 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 28 753 1,288,000 - 1,709 Uncompleted New Sale
COMMONWEALTH TOWERS Condominium 99 years January 28 753 1,288,000 - 1,709 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 ($3,518 psf),
according to a caveat lodged on Jan
25. This marks the first transaction
at Ardmore Three since the DPS was
launched.
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THEEDGE SINGAPORE | FEBRUARY 13, 2017 • EP15
DISCLAIMER:Source: URA Realis. Updated Feb 7, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium
Residential transactions with contracts dated Jan 24 to 31
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LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
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 24 463 592,000 - 1,279 Uncompleted New Sale
PARC RIVIERA Condominium 99 years January 25 463 619,000 - 1,337 Uncompleted New Sale
PARC RIVIERA Condominium 99 years January 26 463 596,000 - 1,288 Uncompleted New Sale
PARC RIVIERA Condominium 99 years January 26 646 795,000 - 1,231 Uncompleted New Sale
PARC RIVIERA Condominium 99 years January 28 667 665,000 - 996 Uncompleted New Sale
PARC RIVIERA Condominium 99 years January 29 603 770,000 - 1,277 Uncompleted New Sale
PARC RIVIERA Condominium 99 years January 29 463 588,000 - 1,270 Uncompleted New Sale
PARC RIVIERA Condominium 99 years January 29 463 590,000 - 1,275 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
THE TRILINQ Condominium 99 years January 25 1,044 1,518,000 - 1,454 Uncompleted New Sale
THE TRILINQ Condominium 99 years January 26 1,044 1,492,000 - 1,429 Uncompleted New Sale
THE TRILINQ Condominium 99 years January 26 1,109 1,283,000 - 1,157 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
OUE TWIN PEAKS Condominium 99 years January 26 1,055 2,975,100 - 2,820 2015 Resale
OUE TWIN PEAKS Condominium 99 years January 26 1,055 3,017,300 - 2,860 2015 Resale
OUE TWIN PEAKS Condominium 99 years January 31 1,055 2,321,000 - 2,200 2015 Resale
OUE TWIN PEAKS Condominium 99 years January 31 1,604 4,619,999 - 2,881 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 25 743 806,000 - 1,085 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
THE SANTORINI Condominium 99 years January 26 527 658,000 - 1,248 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 26 915 940,000 - 1,027 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
VUE 8 RESIDENCE Condominium 99 years January 24 1,873 1,668,000 - 891 Uncompleted New Sale
VUE 8 RESIDENCE Condominium 99 years January 28 1,346 1,271,200 - 945 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 TERRACE EC 99 years January 25 1,076 806,200 - 749 Uncompleted New Sale
THE TERRACE EC 99 years January 26 1,001 783,700 - 783 Uncompleted New Sale
THE TERRACE EC 99 years January 26 1,001 779,700 - 779 Uncompleted New Sale
THE VALES EC 99 years January 24 915 768,000 - 839 Uncompleted New Sale
THE VALES EC 99 years January 24 915 757,000 - 827 Uncompleted New Sale
THE VALES EC 99 years January 25 915 710,000 - 776 Uncompleted New Sale
THE VALES EC 99 years January 25 915 734,000 - 802 Uncompleted New Sale
THE VALES EC 99 years January 26 915 771,260 - 843 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
THOMSON IMPRESSIONS Apartment 99 years January 25 1,055 1,449,700 - 1,374 Uncompleted New Sale
THOMSON IMPRESSIONS Apartment 99 years January 26 1,195 1,644,600 - 1,376 Uncompleted New Sale
THOMSON IMPRESSIONS Apartment 99 years January 26 1,195 1,563,600 - 1,309 Uncompleted New Sale
THOMSON IMPRESSIONS Apartment 99 years January 26 1,055 1,478,700 - 1,402 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 24 1,001 832,000 - 831 Uncompleted New Sale
SOL ACRES EC 99 years January 25 1,066 862,000 - 809 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
NORTHWAVE EC 99 years January 27 753 603,000 - 800 Uncompleted New Sale
NORTHWAVE EC 99 years January 27 753 598,250 - 794 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
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EP16 • THEEDGE SINGAPORE | FEBRUARY 13, 2017
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
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