budget watch co-working market trends under the hammer · 2020-02-20 · sq ft, to $4.2 million or...

PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of February 24, 2020 | ISSUE 921-143

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

CapitaLand’s M&A will give it access to Ascendas-Singbridge’s Changi Business Park

Budget WatchWhy there are no

goodies for property developers ep3

Co-workingThe Working Capitol:

Neighbourhood builder in Keong Saik ep6

Market TrendsJanuary new home

sales up 14.9% before Covid-19 outbreak ep10

Under the HammerFour-bedroom unit at The Grange to be auctioned

in sheriff’s sale ep16

SAM

UEL

ISAA

C C

HUA

/TH

E ED

GE

SIN

GAP

ORE

Scale model of the 376-unit luxury condo, The Avenir, by Hong Leong Holdings, GuocoLand and Hong Realty

The Avenir: Defining luxury

in River ValleyThe high-end condominium in prime District 9 made

a splash at the start of the year. While sales may have slowed due to the Covid-19 outbreak, the

developer is looking beyond the short term.

Turn to our Cover Story on Pages 8 & 9.

EP2 • EDGEPROP | FEBRUARY 24, 2020

ADVERTISING + MARKETING ADVERTISING SALES

vice-president, sales & operations | Diana Limaccount director | Ivy Hong deputy account director |Janice Zhusenior account manager |Pang Kai Xinaccount manager | Ryan Wang

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8688Fax: (65) 6232 8620

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

PERMISSION AND REPRINTSMaterial in The Edge Property may not be reproduced in any form without the written permission of the publisher

We welcome your commentsand criticism: [email protected]

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

PROPERTY BRIEFS

rently on a 10-year high and tenants will resist further rent hikes in view of mac-roeconomic uncertainty, notes the report.

Meanwhile, CBD Grade-A vacancy is predicted to increase to 5% in 2020 as net demand declines. However, limit-ed supply in the area from 2020 to 2021 should keep the vacancy below the 10-year average of 6.2%.

For the mid- to long term, Colliers is bullish on the Shenton Way/Tanjong Pagar and Beach Road/Bugis micro mar-kets, expecting them to post the high-est rental growth. E

PICTURES: ASCOTT

Centra Group launches freehold bungalows in Bukit Timah and Holland Grove Local property developer Centra Group has launched four freehold detached houses for sale from $11 million each. Each bungalow comes with a home lift, a 15m swimming pool, solar energy panels, and six en suite bedrooms.

The properties are already completed and two will be sold fully furnished, enabling buyers to move in immediately. They sit on plots ranging from 4,300 sq ft to 4,700 sq ft, and each boasts a built-up area from 8,000 sq ft.

A pair are located at 11 and 13 Vanda Crescent in Bukit Timah and are close to Sixth Avenue MRT Station on the Downtown Line. The bungalows sit on elevated land and boast views of the Good Class Bungalow areas at First to Sixth Avenue, the developer says.

The second set of bungalows are located at 6 and 6A Holland Grove Lane. They also sit on ele-vated land and offer unblocked views of the sur-rounding estate from both the front and back of the house. They are close to Henry Park Primary School, and Buona Vista and Dover MRT Stations.

According to Jason Poh, managing director of Centra Group, “being adjoining bungalows, this is a rare opportunity for family members to buy both bungalows”.

Five terrace houses on Burghley Drive to launch from $3.48 mil eachA row of five terrace houses on Burghley Drive will launch for sale on Feb 21. The freehold prop-erties are jointly developed by boutique develop-ers FiveK Projects and Xinsha Land.

The four-bedroom terrace houses are in a two-sto-rey mixed landed housing estate in Serangoon Gar-dens. The properties are located at 2P, 2Q, 2R, 2S, and 2T Burghley Drive. They sit on land plots rang-ing from 1,731 sq ft to 2,345 sq ft.

Prices wil l start from $3.48 mill ion, or

$2,005 psf for a house with a built-up area of 3,559 sq ft, to $4.2 million or $1,791 psf for a house with a built-up area of 3,329 sq ft.

The houses are close to private educational insti-tutions such as the Australian International School, the International French School, and the Stanford American International School. Other schools in-clude CHIJ Our Lady of Good Counsel, Catholic High School and Maris Stella High School.

Two upcoming Cross Island Line MRT Stations, namely Travistock and Serangoon North, will ex-tend connectivity in the area.

Freehold shophouse in Joo Chiat for sale at $4.5 milA freehold shophouse at 452 Joo Chiat Road is available for $4.5 million, which translates to $2,140 psf on the existing built-up area of 2,100 sq ft. The property will be sold in an expression of interest (EOI) exercise, announced CBRE, the marketing agent.

The conservation shophouse is in the Joo Chiat Secondary Settlement Conservation Area with a 5m road frontage along Joo Chiat Road. The property sits on a 1,100 sq ft plot that is zoned “commer-cial” with a plot ratio of 3.0 under the 2019 Mas-ter Plan. The plot has a maximum allowable gross floor area of about 3,200 sq ft, subject to approval.

The property is fully tenanted providing im-mediate rental income, says Clemence Lee, senior director of capital markets at CBRE, adding that maximising the plot ratio through addition and al-teration work will increase the property’s appeal to command higher rents and price.

The area is close to several residential estates around Marine Parade, as well as other commercial developments such as 112 Katong, Katong Point, and Parkway Parade. The shophouse is also close to the upcoming Marine Parade MRT Station on the Thomson-East Coast Line, set to be complet-ed in 2023.

“At a quantum of S$4.5 million, we expect in-terest for this unique and palatable asset to be well-received,” says Lee. No additional buyer’s stamp duty or seller’s stamp duty is imposed for local or foreign buyers.

The EOI exercise closes on 18 March.

IOB Building on Cecil Street for sale from $1,800 psf pprThe IOB Building at 64 Cecil Street is on the mar-ket from $1,800 psf per plot ratio (ppr), announced marketing agent Knight Frank Singapore.

Located at the junction of Cecil Street and Cross Street, IOB Building is a six-storey office develop-ment with two basement carpark floors. The prop-erty sits on a 9,599 sq ft plot that is zoned “com-mercial” with a gross plot ratio of 12.6, under the 2019 Master Plan. The land has a 99-year tenure that started from 1983.

According to Knight Frank, a new 15-storey of-fice development with a total gross floor area of about 120,947 sq ft can be redeveloped on the site. An outline application for change of use to “resi-dential with commercial at the 1st storey” and “ho-tel” has already been submitted to URA.

Including a differential premium for intensifi-

CENTRA GROUP CBRE

FIVEK PROJECTS/XINSHA LAND

KNIGHT FRANK SINGAPORE

Two of the houses for sale are at 11/13 Vanda Crescent The shophouse at 452 Joo Chiat Road will be sold with full tenancy

The sale of IOB Building presents a rare commercial redevel-opment opportunity in the CBD

The five freehold houses are in Serangoon Gardens

CONTINUES ON PAGE EP14

EDGEPROP | FEBRUARY 24, 2020 • EP3

BUDGET WATCH

BY CECILIA [email protected]

Budget 2020 was clearly focused on the longer-term view of helping Singapore-ans to upskill and re-skill during chal-lenging times, says Christine Li, head of research for Singapore and South-

east Asia for Cushman & Wakefield.“Even for the relief on the Covid-19 vi-

rus, it seems that most of the help is ca-tered to the frontline staff in the medical, tourism and aviation-related sectors,” she notes. “That was the priority for the coun-try on a macro level.”

There was no rollback in property cool-ing measures either, especially the Addition-al Buyer’s Stamp Duty (ABSD), which was on the wish list of many property developers and consultants.

“If things worsen, they [the government] may do it in the off-budget measures,” says Nicholas Mak, head of research & consultancy at ERA Realty. “They probably want to moni-tor the situation over the next few months.”

Mak says the government’s main concern is housing for the majority of the people, which means HDB flats, and that has not been affect-ed. “What will be most affected is the type of residential property that is considered a dis-cretionary purchase, that is, the high-end seg-ment,” notes Mak. “This segment is also more dependent on foreign demand, mainly Chinese buyers who currently face travel restrictions.”

The Real Estate Developers’ Association of Singapore (Redas) commented, “We hope the government will continue to monitor the construction and real estate sector and con-sider off-Budget measures to help this sector which is affected by the Covid-19 outbreak. Apart from a labour shortage, the outbreak has also disrupted delivery of key construc-tion materials and end-products.”

Limited hit on property-linked sectorsSo far, property-related segments have not been severely impacted by Covid-19, says Cushman & Wakefield’s Li. “But should the outbreak sit-uation persist longer than expected, we could see some impact on the completion of the pro-jects under construction and potentially de-velopers missing their ABSD remission dead-lines,” she cautions.

Desmond Sim, CBRE head of research for Singapore and Southeast Asia, was not sur-prised that there were no goodies for devel-opers. “The budgetary measures are usual-ly targeted at the masses, never for a select group,” he says. “The indicators are still relatively healthy, even the unsold stock of 30,162 units as at end 4Q2019. We have seen higher unsold stock during the Global Financial Crisis.” According to Sim, a help-ing hand was given in the recent exemption of Singapore-listed, Singapore-based prop-

erty companies from the Qualifying Certifi-cate (QC) regime.

The rebates targeted at the retail and hos-pitality sectors are a logical response by the government during this period. “Landlords are expected to pass on some of these sav-ings from the property tax rebate to their ten-ants who are experiencing a fall in sales due to Covid-19,” says Li.

While prime retail rents are not likely to be cut at this juncture, Li says landlords will cer-tainly step up the advertising and promotional efforts to help retailers to tide over this period.

“The current situation should now push retailers to start thinking seriously about an omni-channel strategy to mitigate the impact of sudden unexpected disruptions to business and future proof retail in the long run,” adds Li.

As of now, the fundamentals for the rest of the real estate sectors remain healthy, notes Li. She cites the sales momentum at execu-

tive condominium (EC) Parc Canberra which saw 316 out of the 496 units sold at an aver-age price of $1,085 psf. Meanwhile, Wing Tai’s 522-unit prime condo on Middle Road drew more than 2,000 last weekend.

Alan Cheong, senior director of research at Savills Singapore, however, feels that the recent sales at Parc Canberra and crowds at showflats are not necessarily a reflection of the market. “One swallow does not a summer make,” says Cheong. “The projects priced from $3,000 psf will be hit by the travel ban on flights from China. Those projects priced below $3,000 psf will also be affected because the Singaporean buyers in this segment are likely to be buying their second or third property and will be hit by the higher ABSD.”

For the office sector, landlords have already enjoyed the upside of the office rental cycle and most have reported positive rental rever-sion over the last two years, says Li.

“Although demand has weakened somewhat in recent months over lingering concerns such as the US-China trade war and slow GDP growth in 2019 and beyond, this can be attributed to the cyclical nature of the market,” she reasons.

Help for manufacturers and the massesFor the industrial sector, the impact from Cov-id-19 seems to have affected manufacturing in China which could have a ripple effect on Singapore’s manufacturing sector depend-ing on how long the factories stay closed, she cautions.

Budget 2020 shows the government is tak-ing a very targeted long-term approach to helping manufacturers. The Startup SG Equi-ty targets deep-tech startups in the emerging areas of pharmbio, medtech, advanced man-ufacturing and agri-food tech which could eventually translate to higher demand for business park spaces and industrial spac-es, says Li. E

Why there are no goodies for property developers

The preview at The M drew more than 2,000 visitors over the weekend

WING TAI ASIA

ALBERT CHUA/EDGEPROP SINGAPORE

The crowd on the first weekend of previews at Parc Canberra executive condo, where 316 units (64%) were sold last weekend


CO-WORKING

BY TIMOTHY [email protected]

International Workplace Group (IWG), the parent company of corporate office brands such as Regus and Spaces, has opened its first luxury co-working brand in Singapore.

Called No18 Singapore Capitol, the 20,311 sq ft flexible workspace is in the historic Cap-itol Singapore in the republic’s Civic District. The facility is the brand’s first location outside Europe and America and is its flagship centre in the Asia Pacific.

Originating from Stockholm, No18 is a cos-mopolitan members-only coworking club for businesses and individuals. As part of its global

rollout of the luxury co-working brand by IWG, No18 Singapore Capitol joins the original centre in Stockholm and another location in Atlanta in the US. No18 was acquired by IWG in 2017 when it bought the coworking company from its founders Michel Gordin and Ariel Ramirez.

According to Gordin, who is also CEO of No18, “No18 provides an environment where work, leisure, and well-being can comfortably co-exist. Our newest location at the heart of Singapore’s legislative and judicial institutions, as well as the flourishing central business dis-trict by the Singapore River enables our mem-bers to move effortlessly from premium work-spaces and access top quality dining options and cultural highlights that will serve to foster

a well-rounded, rewarding business lifestyle.”Just before the new centre opened last month,

Gordin and his business partner Ramirez spent two days in Singapore to hand-pick and place the wide selection of artwork, furniture, car-pets, and European-style interior decorations that adorn the co-working space.

“What makes No18 different is the cosmo-politan approach and the design here is unique from other brands under the IWG umbrella. It emphasizes health, lifestyle, and art, and of-fered through the types of personalised ser-vices we offer here,” says Betul Genc, country manager for IWG Singapore.

According to Genc, IWG brands have always performed strongly in Singapore and it is the

only country where all its office brands – Re-gus and Spaces, as well as Signature by Regus, HQ, and now No18 – are represented.

“Regus is a very good corporate brand, but we also want to create something unique and special. Spaces, another acquisition, has had strong performance in Europe after it started in Amsterdam, so when the company wanted to do something more upscale, more cosmo-politan, they turned to the No18 brand,” says Genc. “We definitely see that the demand in the market supports our decision to bring No18 here,” she adds.

No18 Singapore Capitol features a spacious member lounge to host visitors, 47 private of-fices, and four meeting rooms. The largest pri-

Style meets substance as IWG brings luxury No18 to Singapore

No18 Capitol Singapore stands out with its cosmopolitan approach and the design here is unique from other brands under the IWG umbrella, says Betul Genc, country manager for IWG Singapore

One of the four meeting rooms at No18 Capitol Singapore, which also includes 47 private offices The bar and bistro is operated by Kempinski Hotels and offers complimentary breakfast each Monday

PICTURES: SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE


CO-WORKING

vate office can accommodate 40 people, while smaller offices hold up to two people.

To operate the F&B and bar services offered at No18, IWG has partnered with world-re-nowned Kempinski Hotels, which operates the adjacent Capitol Kempinski Hotel Singa-pore. Members will benefit from complimen-tary breakfast every Monday and access to the Capitol Kempinski Hotel gym and spa facilities.

Full suite of office solutionsNo18 Capitol Singapore opened in December last year and is about 50% occupied. This comes as the brand was launched in Singapore over the year-end period in 2019, which included Christmas, New Year, and the Chinese New Year. “The ongoing Covid-19 virus outbreak is definitely not helping with any businesses recently, but we are still impressed in the de-mand for this location,” says Genc.

Close to half of the members at No18 are corporate clients while the rest are individuals and SMEs. Genc notes that corporate compa-nies, particularly technology-focused compa-nies, are the main drivers of demand from the corporate office market.

“Corporate real estate demands are chang-ing as the way people work evolves. This is not only about managing your real estate costs, ob-viously it remains one of the key considerations for corporate companies, but it’s about retain-ing and attracting the right talent,” adds Genc.

It is also becoming more frequent to see corporates seeking a full suite of flexible work solutions for their employees, she says. “If you’re in frontline sales and your company al-lows you to have a membership card to access our island-wide locations, it would be a good part of a benefit package the company could offer you,” she says.

Genc says that more corporate companies are offering this flexibility to employees, and

IWG is currently in discussions with some fi-nancial companies who plan to offer an IWG membership to their customers as a value-add-ed benefit to their product. However, she is un-able to disclose the names of the companies at this time.

Identifying opportunities“IWG has doubled its inventory in Singapore over the past three years. We’ve changed the look and feel of our network here, expand-ed our presence as we open new centres, and consolidated some of our older and relatively outdated centres and upgraded them to better facilities,” says Genc.

The company is exploring the possibility of opening a second No18 location in Singapore, after it stabilises the operations of No18 Cap-itol Singapore. “While we can’t confirm any-thing yet, given that in the last two months we have created a nice environment [with No18

Capitol Singapore] that has garnered such good comments from our customers and members, we definitely see that there is more potential in getting another No18 in Singapore,” says Genc.

Elsewhere, IWG plans to open a new No18 at Battersea Power Station in London, as well as other locations in Chicago, Zurich, and Berlin. In the Asia Pacific region, Genc says they are eyeing other cities such as Hong Kong, Bang-kok, Shanghai, Tokyo, and Osaka that could open in the future.

Since it was established in 1989, IWG has grown to manage over 3,300 office spaces around the world, and about 2,900 locations are under its Regus office brand. This estab-lished presence has helped the company grow over the years and it enabled it to seek out long-term partnerships to future growth, says Genc.

She adds, “At IWG, we also identify op-portunities and try to seek partners who see the same growth opportunities that we do. In

most cities you can find different types of office space, but what’s important are factors such as the location, the connectivity, the accessibility, and visibility for your business.”

Franchise deals in AsiaBesides acquisitions and organic growth plans, IWG is looking for franchise opportunities in Asia to grow its business. This comes as IWG concluded two other franchise deals in Japan and Taiwan last year.

Last month, the company signed a franchise partnership agreement with Philippine proper-ty developer Damosa Land to open new flexi-ble workspaces in Mindanao. This means that Damosa will be exclusively allowed to develop and operate eight IWG-brand centres in cities such as Davo, Cagayan de Oro, and General Santos over the next five years.

In Singapore, IWG will focus on stabilising the operations of its office locations around the island, after it opened seven new locations last year. It plans to launch just one new Spaces lo-cation in April this year, branching out to the East Coast with a shophouse location in the Joo Chiat area. It will be its seventh Spaces lo-cation in Singapore when it opens.

It is also exploring opportunities with some developers here to potentially enter into prof-it-sharing deals in the future, but the talks are still under deliberations and more details could be revealed later, says Genc.

Genc remains optimistic on the outlook for the coworking sector in Singapore but expects further consolidation as inevitable. “The de-mand for flexible workspaces will continue to grow, but it is also important to create that de-mand for the business. We are investing heav-ily in demand generation, and our back office solutions support our plug-and-play offering. For us, opening a centre is just a matter of time.” E

ANCHORVALE

Several elegantly designed meeting spaces can be found in the members-only zone

The strong reception for No18 in Singapore has encouraged IWG to consider open another location in the future

Most of the art, furniture, and interior decorations were hand-picked by the No18 founders, Michel Gordin and Ariel Ramirez

A 20-person private office at No18 Capitol Singapore that overlooks the fountain plaza

SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

IWG/NO18SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE



CO-WORKING

BY CHARLENE [email protected]

Since opening its first co-working space in the Keong Saik enclave, The Working Capitol has injected vibrancy into the neighbourhood. At its first co-working space at 1 Keong Saik Road, members

enter through a cafe on the first level – abuzz with activity and informal chatter – and go up a stairway to the second storey that opens out to a more conducive, charming workplace offering.

The neighbourhood has become livelier since 2017. Through its sister company, The Bamboo Group, lifestyle and hospitality brand Potato Head

was brought into the neighbourhood that year, which then paved the way for other F&B con-cepts to sprout up. The result – a thriving pre-cinct that bagged the title of top 10 travel des-tinations in Asia by travel guide Lonely Planet in the same year.

Redefining work and play Championing the role of a “neighbourhood build-er”, Ben Gattie, co-founder of The Working Capi-tol, shares that the area was very different before it came on the scene. “It was neither a lifestyle destination, nor a working destination,” he says.

Today, The Working Capitol operates some 70,000 sq ft of co-working spaces across four

neighbouring shophouses in Keong Saik, and cu-rates F&B tenants such as unagi restaurant Man Man (which made Singapore Michelin Guide’s Bib Gourmand list), Meta Restaurant (awarded one Michelin star), and Neon Pigeon, which brands itself as a “modern Izakaya”, among other good eats.

More recently, it welcomed its latest addition to the neighbourhood at 89 Neil Road – Amer-ican fast food chain Shake Shack, which offi-cially opened its doors on Feb 7.

The Working Capitol’s co-working members are currently at 500-strong, and range from those working out of hotdesks, private offices, to its dedicated “enterprise solutions” – bespoke of-

fice spaces for 10 people or larger. Gattie shares that initially, its members were

creative agencies which identified with the space. Membership has since expanded to tech, fintech and finance firms. Payments platform Stripe, for instance, took up a two-year lease at the co-working space. “They started with us at five people, then expanded to 16, eventually taking up a space for about 90 people,” he says. Stripe moved out at end-January.

Growing into the neighbourhoodTo create a lifestyle hub at Keong Saik, having the two anchoring sites – 1 Keong Saik and 89 Neil Road – was crucial, says Gattie. With that,

The Working Capitol: Neighbourhood builder in Keong Saik

The Working Capitol offers the option for clients to hold events at its dedicated space of about 3,000 sq ft

THE WORKING CAPITOL

THE WORKING CAPITOL SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

The Working Capitol at 89 Neil Road The Working Capitol operates some 70,000 sq ft of co-working spaces across four neighbouring shophouses


CO-WORKING

“you can really curate your events and offer F&B selections”, he explains. Apart from run-ning co-working spaces and curating eateries, The Working Capitol also co-hosts events with its partners, and offers the option for clients to hold events at its dedicated space of about 3,000 sq ft. Altogether, these factors helped cre-ate a “harmonious synergy” that in turn led to a community “that is quite loyal and partial to the way we do things”, he says.

Focusing on the three complementary con-cepts – co-working, events and F&B – has also helped The Working Capitol to diversify its risks, and increase profit margins through multiple revenue streams, says Gattie.

But all these could not have been achieved

without first having a strong relationship with the neighbouring landlords, who are typically the mom-and-pop types, reveals Gattie. “They like that you can bring in all the facility management and maintenance expertise, as well as the crea-tive concepts,” he says. “It’s kind of a win-win, because they get somebody whom they know is going to care for their property and bring in the best tenant profiles and tenant mix, which is then going to better the neighbourhood as a whole.”

The company’s relationship with its land-lords has been forged over time, says Gattie. The addition of the space at 89 Neil Road to The Working Capitol was in fact discussed over four years with the landlord. “They know us, and saw what we were doing at 1 Keong Saik,” he says.

Shophouse facade and architecture Being housed in shophouses offers The Working Capitol opportunities to highlight the unique layouts. Unlike typical office buildings, which are more uniform in shape, shophouses open up nooks and crannies that allow for creative interpretation.

The space at 1 Keong Saik comprises five adjoining three-storey shophouses which were completely gutted and overhauled. On the third floor, 30% of the roof was ripped out to let in natural light, which helps create a “dramatic impact” in the space. “We went through quite an arduous process,” Gattie lets on, as these are conserved buildings and came with restrictions.

The Working Capitol also brought in local

artists such as Ripple Root to brighten up the facade of the shophouses with murals. “It real-ly transformed what the space was – it used to be this dark alley and some of our neighbours used to dump their rubbish there,” he shares.

Looking aheadIn the face of the Covid-19 outbreak, Gattie re-veals that The Working Capitol has adjusted to “more conservative projections as we adapt ourselves and our community to the new en-vironment”.

“Concern has largely been over big CBD buildings with large footprints and common infrastructure, with more people,” he adds. “[In contrast], we are dealing in shophouses where there are communal areas but people are largely in their own space.”

However, The Working Capitol’s events arm has been directly impacted, as people avoid large crowds for fear of contagion. For those who have already booked slots for its event space, The Working Capitol is putting in terms for postponing events and helping its partners “mitigate their risk”. It is also giving them the opportunity to plan for dates later in the year when the situation is “hopefully more con-tained”, he says.

The Working Capitol remains undeterred in its expansion plans. Gattie aims to increase its existing size by about 50,000 sq ft by end-2020. “We’ve secured a few more shophouses with-in the immediate vicinity – there’s one larger site, and some smaller ones as well,” he says.

“Over here at Keong Saik, we’ve really an-chored the neighbourhood and I want to con-tinue to build on that. That will be our focus for the foreseeable future,” Gattie adds. E



SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE SHAKE SHACK

RIPPLE ROOT

THE WORKING CAPITOL

On the third floor of 1 Keong Saik, 30% of the roof was ripped out to let in natural lightThe Working Capitol has welcomed its latest addition to the neighbourhood at 89 Neil Road – American fast food chain Shake Shack, which officially opened its doors on Feb 7

The murals have helped to transform a dark alleyway that used to be a dumping ground

One of the breakout spaces at The Working Capitol

At its first co-working space at 1 Keong Saik Road, members enter through a cafe on the first level – abuzz with activity and informal chatter – and up a stairway to the second storey that opens out to a more conducive, charming workplace offering

Gattie aims to increase The Working Capitol’s existing size by about 50,000 sq ft by end-2020


COVER STORY

BY CECILIA [email protected]

The novel coronavirus, which has already infected over 75,000 people as at Feb 19, was officially named Covid-19 by the World Health Organization (WHO) a week ear-lier. To paraphrase WHO director-gener-

al of the WHO, Tedros Adhanom Ghebreyesus, “Having a name matters.”

To counter the current uncertainty, it proba-bly helps to have a name that denotes a bright-er future. Joint property developers Hong Leong Holdings and GuocoLand chose the decidedly French name The Avenir for their luxury condo project on River Valley Close in prime District 9.

“Perhaps the name was inspired by my French-ness,” says French architect Jean Francois Mi-lou, lead designer and director of the eponymous studioMilou, who designed The Avenir in collab-oration with established local firm, ADDP Archi-tects. “‘Avenir’ means ‘towards’ and ‘venir’ means ‘to come’ in French. It also means ‘future’, and implicitly, an optimistic one,” elaborates Milou.

A GOOD STARTThe 376-unit The Avenir certainly had a good start. It was one of three luxury condo projects in the Core Central Region (CCR) launched on Jan 11, ahead of the Lunar New Year festival and prior to the outbreak of Covid-19.

The other two projects, located in prime Dis-trict 10, were the 638-unit Leedon Green on Lee-don Heights and the 69-unit Van Holland on Hol-land Road. The three projects in the CCR had a combined total of 1,083 units and released 159 units for sale last month. This was double the

volume launched in the preceding month, points out Nicholas Mak, head of research & consul-tancy at ERA Realty.

A total of 20 units out of 40 released at The Avenir were snapped up over the launch week-end. Of these, seven were premium four-bedroom units with private lift access that fetched an av-erage price of $3,560 psf, while the remaining 13 units were a mix of one- to three-bedroom units that were sold for an average of $2,960 psf.

As at Feb 18, a total of 25 units were sold at a median price of $3,245 psf. “All the deals went through,” says Dominic Lee, head of luxury team at PropNex Realty. “With the Covid-19 outbreak, we had expected some of the buyers to pull out but no one did.”

SLOWER PACE OF SALESFor sure, sales slowed during the Lunar New Year holiday and since the outbreak of Covid-19. “For a lot of high-end properties that you see, once they have been launched, sales tend to proceed in a slow and steady pattern,” says Betsy Chng, head of saels and marketing at Hong Leong Hold-ings. “Before the [Covid-19] virus outbreak, the luxury property market was heating up and de-velopers were responding accordingly.”

In fact, there is already anecdotal evidence of some deals being pulled as buyers from China could not travel to Singapore to complete their purchase because of the travel ban. “The Chi-nese were already planning to buy property in Singapore,” says PropNex’s Lee. “Once the Cov-id-19 outbreak blows over and the travel ban is lifted, these buyers will return. We could see a V-shaped recovery then.”

What is noteworthy is that two-thirds of the

buyers at The Avenir were locals while one-third were foreigners, primarily from China and the US. There were also buyers from Malaysia and the UK, as well as one buyer from Vietnam and another from Cyprus, says Chng.

For many of the local buyers, it is not their first property purchase, observes Chng. “They are buying a unit for their own use, for their children or for investment,” she says. “We have a number of people who fell in love with our project and are currently living in prime District 10; they are now asking the real estate agent to sell their existing property before they purchase the new one.”

Besides the locals, the Chinese, in particular,

are drawn to the four-bedroom units because of the luxury fittings and the space, adds Chng. In fact, 10 out of the 25 units sold to date are for the four-bedroom units of 2,067 sq ft, where prices are from $7 million each; and premium four-bedroom units of 2,411 sq ft, which start from $7.8 million.

Besides private lift access, the premium four-bedroom units come with a kitchen island counter and high-end appliances from DeDietrich and Swiss brand V-Zug, which include a vacu-um-packing drawer to seal food in airtight packs and a combi-steam cooker for sous vide cook-ing. “The vacuum pack drawer and steam cooker are new to the luxury market here,” says Chng.

The Avenir: Defining luxury in River Valley

The high-end condominium in prime District 9 made a splash at the start of the year. While sales may have slowed due to the Covid-19 outbreak, the developer is looking beyond the short term.

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Tang Kok Thye (left) and Raymond Yap of ADDP Architects standing next to the scale model of The Avenir, which they designed in collaboration with studioMilou

Betsy Chng of Hong Leong Holdings and Jean Francois Milou of studioMilou at one of the showflats of The Avenir


COVER STORY

Meanwhile, bathroom fittings and sanitary-ware are from top-end Italian brand Antoniolu-pi. “We make sure we provide good finishes and a functional layout for all our units,” she adds.

‘ONE OF THE MOST LUXURIOUS’ADDP Architects associate partner, Tang Kok Thye, has designed many of the upscale con-dominiums in the CCR, including GuocoLand’s Martin Modern where he collaborated with iPli Architects; New Futura in collaboration with in-ternational firm SOM (Skidmore, Owings & Mer-rill) by City Developments (CDL); and Pullman Residences Newton by EL Development.

“This [The Avenir] is one of the most luxuri-ous we have done,” he says. “In addition to the design, it has to do with the selection of mate-rials and finishes.”

Besides the kitchen and bathroom fittings, Raymond Yap, ADDP senior principal architect, points to the marble slabs in the larger units, such as the premium three- and four-bedroom units, which are 900mm by 900mm. The small-er units feature 600mm by 600mm marble slabs.

Details include a bronze finish for the frames of the vanity mirror and shower compartments. “We make sure that we choose materials that do not require too much maintenance and can with-stand the test of time,” says Tang. “As architects, it’s not just about designing a nice façade; we have to be concerned about minimising mainte-nance issues for the homeowners downstream.”

SENSE OF SPACEWith high land prices, most property develop-ers are concerned with maximising gross floor area (GFA) and efficiency of the units, adds Tang. “For luxury properties, you have to make sure that the units are efficient, yet make the rooms feel spacious.” At The Avenir, ceiling height of apartments has been raised to 3.2m for an ele-vated sense of space, he adds.

“In the early days, when I designed a con-do project, the master bedroom has to have a width of 3.6m – 2.1m for the king-sized bed, another 0.6m for the console table for the tele-vision, and 0.9m for people to walk around the bed,” relates Tang.

“These days, with wall-mounted flat screen

or smart TV, the need for the console table is gone,” he says. “With the change in lifestyle, the length of the master bedroom becomes more im-portant, and it’s a space where you can use as a dressing area or workspace.”

ADDP is also involved in the design of two up-coming projects to be launched this year: KOPAR at Newton at Kampong Java Road by Chip Eng Seng Corp; and GuocoLand’s upcoming pro-ject, Midtown Gardens, at Tan Quee Lan Street.

“As an architect, we have to be progressive,” says Tang. “We are never happy with what we have done. We are always striving to do better for our next project.” Hence, for some of the recent high-end projects, ADDP had sought collaboration with artists, designers or other architectural firms.

‘STRONG IDENTITY’At The Avenir, it was the desire to create a prod-uct with a strong identity that led to ADDP’s collaboration with StudioMilou. “We felt that the neighbourhood lacked identity,” says Tang.

The Avenir is a redevelopment of the former Pacific Mansion, which sat on a freehold site of 128,352 sq ft at River Valley Close. The site was purchased en bloc by the Hong Leong-led con-

sortium for $980 million in March 2018, and it marked the highest collective sale deal in over a decade.

Shortly after ADDP was appointed the design architect for The Avenir, Tang chanced upon a luxury bungalow that Milou had designed and was intrigued. He learnt that the architect for the bungalow was the same as that for the National Gallery Singapore. “By collaborating with Jean [Milou], I felt that we could create something with a strong presence,” says Tang.

While The Avenir was not the first luxury res-idential project that studioMilou has designed, it is the first high-rise luxury condominium project the architectural firm has undertaken in Singapore.

‘CLASSICAL INSPIRATION’The twin 36-storey towers at The Avenir are “a classical inspiration” drawn from the vertical form and proportions of a cathedral, says Mi-lou. “While The Avenir is of course a very sec-ular work of architecture, we aimed to contrib-ute a design that is an integral part of the street itself, which is more likely to make a lasting im-pression,” he adds.

He felt that there was a need to create “a con-

sistently powerful experience of elegance and tranquillity” not just from the entrance into the development, but also from the street level. “The intention was to see the street as a beautiful cor-ridor leading to your apartment,” adds Milou. “It is not something I have seen in Singapore. I hope we can make a difference.”

For the new owner of a unit at The Avenir, “it is not just about buying an apartment, but an address”, says Milou. “We want to enforce that River Valley Close will remain a prime ad-dress in the city in the future.”

Emphasis was also placed on landscaping, with Tinderbox Landscape Studio as the land-scape design architect. “The grounds are divid-ed into a series of landscaped courtyards, where you come in from a public space to a semi-pri-vate space and then a private space,” explains ADDP’s Tang. The residential towers are elevat-ed more than 10m above ground, which frees up more space for greenery such as the lawn and facilities from tennis courts to the swim-ming pool on the undulating terrain, he adds. There are also landscaped roof terraces on the top of both towers.

“We are not trying to capture the last trendy thing circulating in town,” says Milou. “That’s not our thing. We try to create verticality, no-blesse of materials, and the well-defined articu-lation of space.”

CAPITALISING ON VIEWSThe residential towers are oriented to capitalise on views of Orchard Road on one side and the Singapore River on the other, says Milou.

The premium tower contains a mix of pre-mium three- and four-bedroom units, while the other residential tower has a mix of one- to three-bedroom units with sizes from 527 to 1,141 sq ft. The premium tower of The Avenir over-looks River Valley Primary School, a sought-after primary school among local home buyers, notes Hong Leong’s Chng. The upcoming Great World City MRT Station is also nearby.

“River Valley is a neighbourhood favoured by Singaporeans, and many of the buyers of The Avenir were those living in the area,” notes PropNex’s Lee. “In fact, The Avenir is one of the nicest new launches in that area.” E


The kitchen of the premium four-bedroom unit with island counter and DeDietrich and V-Zug kitchen appliances including a vacuum pack drawer and combi steam cookerThe living room of the premium four-bedroom show suite at The Avenir

The master bedroom of the premium four-bedroom show suite


MARKET TRENDS


A total of 618 new private residential units (excluding executive condomin-iums or ECs) were sold last month. This is an increase of 14.9% m-o-m compared to 538 units sold in De-

cember last year, and up 41.4% y-o-y, accord-ing to the latest statistics by URA.

According to Christine Li, head of research for Singapore and Southeast Asia at Cushman & Wakefield (C&W), “the January 2020 sales figure is encouraging given that the first two months of the year tend to be seasonally low-er due to the start of the school term. Nota-bly, this is the highest January sales figure over the last seven years since January 2013, when 2,028 units were sold”.

This January also saw the launch of three new projects – all located in the city centre or Core Central Region (CCR) – namely Lee-don Green, The Avenir, and Van Holland. Li says: “New launches in 2020 will be dominat-ed by the high-end market with around half of potential new launches expected to come from the CCR.”

Ismail Gafoor, CEO of PropNex Realty, says: “Even though the economic climate is tumultu-ous, the number of foreign buyers entering the private property market in the CCR segment has remained stable.” He points to data from URA showing an increase of 32.3% m-o-m in the number of private new homes purchased by foreigners last month.

The top-performing project last month was the 1,206-unit JadeScape which launched in September 2018. The development sold 56 units at a median price of $1,690 psf last month. It was followed by Treasure at Tampines which shifted 50 units at a median price of $1,371

psf. Other top-selling developments include Parc Esta which sold 44 units ($1,684 psf), while Parc Botannia and Parc Clematis each transacted 39 units ($1,371 psf and $1,610 re-spectively).

Nicholas Mak, head of research & consul-tancy at ERA Realty, notes that last month was the fourth consecutive month where the over-all take-up rate exceeded 100%. “This reflected the healthy buying demand and active market-ing efforts invested in the launched projects. A high take-up rate also reduces the risk of an oversupply in the primary market,” says Mak.

“There are concerns that the coronavi-rus outbreak could dent demand for homes due to weaker overall market sentiment; so-cial distancing as people shun crowded plac-es, including showflats; and postponement of home purchases (likely high-end units) by foreign buyers, particularly Chinese buy-ers, given the travel curbs,” says Tricia Song, head of research for Singapore at Colliers In-ternational. She adds that depending on how severe and protracted the situation develops,

some of the planned new launches could be pushed to 2021.

Mak adds that a key determinant will be the duration of the outbreak, and market re-covery may even start in the quarter after the end of the outbreak. “Some savvy home buy-ers may take this opportunity to pick up some

properties, especially when the market condi-tion is at its bleakest,” he says.

Gafoor of PropNex says: “Historically, most crises or downturns do not last long and are short-lived. When the storm calms, the tide of the market re-emerges with pent up demand from buyers and investors.” E

BY NICHOLAS SPIRO

Last year was a bumper one for Asia’s com-mercial real estate investment market. Ac-cording to a report published by JLL last week, transaction volumes surged to an all-time high of US$169 billion ($235 bil-

lion), a 6% rise year on year, compared with a 4% increase globally and a 5% decline in Eu-rope, where Brexit-related uncertainty weighed on sentiment.

Among the world’s 10 most actively traded property markets, four – Seoul, Tokyo, Shang-hai and Singapore – were in Asia. The region is also attracting increasing amounts of foreign capital, with Shanghai, Singapore and Sydney among the top 10 recipients of cross-border in-vestment, data from JLL shows.

Over the past decade, the combination of historically low interest rates, institutional in-vestors’ higher allocations to real estate and re-cord amounts of capital waiting to be deployed has pushed down rental yields – and thus driv-en up prices – in the world’s office, retail and logistics property markets.

According to data from CBRE, the global all-property yield – a weighted composite of of-fice, retail and logistics prime yields in 50 major cities – fell from 6% in 2011 to just above 4% at the end of last quarter.

However, while prime office yields in Lon-

don and New York currently stand above their cyclical lows, they have fallen below them in all 10 Asia-Pacific cities tracked by CBRE.

In a sign of the extent to which the wall of money targeting Asian real estate has caused yields to compress, among the 30 global office markets analysed by CBRE, the gap between yields at the end of last quarter and their cy-clical lows was the widest in Asian and Euro-pean cities.

While benchmark borrowing costs have dropped in tandem with property yields over the past several years, spreads, or the risk premium, between real estate yields and their fixed income equivalents are the narrowest in Beijing, Shang-hai and Hong Kong, data from CBRE shows.

In all three cities, spreads are significantly be-low or just under 2%, as opposed to between 2% and 4% in most North American and Eu-ropean cities.

The exceptionally low yields in mainland China’s two biggest property markets, and in Hong Kong, is striking given the sharp deteri-oration in the fundamentals of the three cities’ occupier markets.

Leasing activity and rents in Asia’s office and retail real estate markets fell in the second half of last year, mainly because of weaker de-mand and oversupply in Hong Kong and Chi-na’s Tier 1 cities.

According to CBRE, net absorption of office

space in the Asia-Pacific region last quarter fell 18% y-o-y to a five-year low, mostly due to a sharp decline in demand in “Greater China, par-ticularly Beijing and Shanghai, with net absorp-tion shrinking 44% [y-o-y]”.

In the retail sector, rents in Asia fell 1.5% last quarter, with the “regional average pulled down by Hong Kong, where rents declined 9.7% [q-o-q] amid rising vacancy along prime streets in core districts”, CBRE notes.

Long before the outbreak of the coronavirus – which has brought China’s economy to a near standstill and threatens to severely disrupt sup-ply chains across Asia – investors in Asian prop-erty were not being adequately compensated for the increased risks in the region.

The risk-return profile, particularly in main-land China and Hong Kong, now looks even less appealing as concerns about the world’s second-largest economy intensify.

The combination of excessively low yields and downward pressure on rents is weighing on capital values. CBRE expects average gross an-nualised total returns – the sum of income and capital appreciation – for all sectors in Asian commercial property to fall to 3.4% in the next three years, compared with 8.2% between 2017 and 2019. In Hong Kong’s office and retail sec-tors, returns are forecast to be negative.

Still, while the weight of capital seeking ex-posure to Asian real estate has conspired with

weaker occupier fundamentals in mainland China and Hong Kong to diminish the appeal of the region’s property markets, investors are not about to turn their backs on the asset class.

First, while yield compression has gone too far in many cities, global financial conditions remain exceptionally loose, with the “lower for longer” interest rate regime likely to persist for the foreseeable future. Real estate will retain its appeal relative to government bonds, which are trading in negative territory in Japan and Europe.

Second, several countries and sectors are still attractively priced. Prime office yields in Aus-tralia’s main cities currently stand at between 4% and 6.5%, according to CBRE, with the sec-tor benefitting from rental growth. Moreover, the logistics market, which offers investors the highest yields in commercial property, is proving more resilient, underpinned by the rapid growth and sophistication of e-commerce.

Third, prime yields have begun to rise in Hong Kong and Shanghai in a sign that weak-er fundamentals are beginning to affect pric-ing. If this trend continues, this could be the catalyst for a much-needed repricing of risk in Asian real estate.

The wall of money targeting Asian property has pushed yields down to unsustainably low levels. However, stretched valuations should help discipline investors and developers, encouraging a flight to quality. – South China Morning Post E

January new home sales up 14.9% before local coronavirus outbreak

How Asia’s commercial property has become a victim of its own success

JadeScape was the best-selling project last month, shifting 56 units at a median price of $1,690 psf

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

OFFSHORE

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

PROJECT NAME LOCALITY* UNITS SOLD IN JANUARY 2020

MEDIAN PRICE ($PSF)

TOTAL NUMBER OF UNITS IN PROJECT

CUMULATIVE UNITS SOLD TO-DATE

UNITS SOLD (%)

JADESCAPE RCR 56 1,690 1,206 625 52TREASURE AT TAMPINES OCR 50 1,371 2,203 921 42PARC ESTA RCR 44 1,684 1,399 1053 75PARC BOTANNIA OCR 39 1,371 735 708 96PARC CLEMATIS OCR 39 1,610 1,468 564 38LEEDON GREEN CCR 35 2,782 638 35 5THE AVENIR CCR 24 3,245 376 24 6AVENUE SOUTH RESIDENCE RCR 18 2,028 1,074 460 43VIEW AT KISMIS RCR 16 1,698 186 69 37WHISTLER GRAND OCR 16 1,440 716 469 66

URA, CUSHMAN & WAKEFIELD

Top-selling projects in January


INSIGHT

BY DENNIS YEO AND BRENDA ONG

Following the outbreak of the coronavirus, supply chains have undergone tremen-dous pressure. Recent reports document how the distribution of goods has been disrupted by factories in China shutting

down on a massive scale and transport links being cut to contain the virus.

A lot of the impact is assessed on the prem-ise that manufacturing continues to be large-ly traditional – that is, manufacturers produce goods of the same materials and components in bulk and distribute them through well-estab-lished supply chain networks around the world.

The outbreak has now cast the spotlight once again on the benefits of Industry 4.0 and cloud manufacturing – in particular, what manufac-turers call a “high mix, low volume” solution that gives manufacturers the flexibility to pro-duce on demand, at varying quantities, in re-sponse to orders that are made at irregular in-tervals, at varying amounts each time.

Footwear makes up a substantial portion of China’s exports, according to the World Bank. Imagine a future in manufacturing where shoes are produced bespoke, on demand, immune from the volatility that arises from sudden dis-ruptions. To reduce the over-reliance on goods produced in bulk from a large manufacturing

base such as China, manufacturers have to also embrace a radical shift in paradigm by harness-ing cloud computing, the Internet of Things (IoT), virtualisation and advanced computing technologies.

Cloud – manufacturing’s next frontierMany mistake Industry 4.0 with large-scale ro-botics and automation but that is only scratch-ing the surface. Many firms have embarked on some level of automation but very often, the digitisation of manufacturing processes is lim-ited to robotic tools and digitising Enterprise Resource Planning (ERP) processes to enable machine operators to collect, store, manage and integrate manufacturing processes on a software that is accessible on the go.

With cloud computing, manufacturers oper-ate within a smart factory environment, plugged into an alliance of manufacturing resources and services supporting the whole life-cycle of man-ufacturing. An alliance that is shared between companies trans-border means manufacturers can pull from the cloud components and parts they require for a particular product, enabling them to diversify their sources without relying on a single manufacturing base. The benefits of cloud manufacturing are tremendous if one considers the substantial impact on supply chain disruption when an outbreak situation paraly-ses the smooth movement of goods.

Take precision engineering, for example. In a highly advanced cloud manufacturing envi-ronment, precision engineering companies tap an alliance of designers, simulators, producers, testers and maintenance resources to find the most cost-effective way to manufacture any kind of goods from aeroplanes to home appliances. Some precision engineering firms even go so far as to provide real-time AI-enabled tools to auto-correct processes in the test environment.

Some precision engineering firms in Singa-pore have recorded production efficiency lev-els of 300% after implementing these AI-ena-bled tools, and are expecting more when they fully transition to the cloud. And in a market that is increasingly pressured to be sustainable, AI-enabled tools will also help manufacturers turn waste into wealth. Some companies tem-porarily rent out inventory that are waiting to be picked up from other cities.

UK manufacturers lead the wayBritish Sugar, an award-winning horticul-ture business, is modelled on circular strate-gies. The company takes excess carbon diox-ide from its sugar factory and pumps it into a separate plot where plants absorb it during photosynthesis. This way, whatever is waste-ful and harmful is re-used.

Another UK company, TrakRap, has found success in adopting new technologies that sim-ulate manufacturing so they can inspect every component before it cuts any metal for pro-duction, cutting down development costs by more than half.

$300 million to encourage tech startupsIn its 2020 Budget, the Singapore government announced it will allocate $300 million to en-courage tech startups with deep capability to get off the ground and market themselves globally. It called out emerging areas such as pharmbio, medtech, advanced manufacturing and agri-food tech that might benefit from this injection in funds.

These are the sectors that would benefit from governmental support of capex-heavy in-vestments such as blockchain technology and cloud manufacturing platforms, where they can collaborate with each other to create a cloud

environment, form alliances with other manu-facturers to tap a range of resources to produce goods faster and more cost effectively.

Sungei Kadut – a brand new slate for Industry 4.0Plans for the revitalisation of older industrial estates like Sungei Kadut present tremendous opportunities for Industry 4.0 – a brand new slate for the government to build the neces-sary infrastructure so that manufacturers can be supported as they accelerate the use of technology.

Along with infrastructure, there is also the promise of nurturing talent to support high-er-value manufacturing processes including nano manufacturing where humans supervise from a remote operations centre in a clean room away from the dirt and dust typical of heavy duty factories, operating from the cloud to con-trol machines who speak to each other in an-other part of the smart factory. This trend is in step with manufacturers looking to attract the millennial worker and upskill older workers.

In fact, all the players in the supply chain – manufacturers, distributors, transport and logis-tics players in the last mile delivery process that traditionally rely on manpower will have to be retrained and reskilled to take on higher value roles. This is particularly relevant to urban city centres where labour is often tight.

As manufacturing processes mature, the qual-ity of talent in this pillar of Singapore’s econo-my will definitely have to improve. Singapore will then be able to bolster its status as a talent hub in the manufacturing space. E

Dennis Yeo is chief executive for Singapore and Southeast Asia and Brenda Ong is the head of the logistics and industrial business for Cush-man & Wakefield

Another push for Industry 4.0 amid coronavirus outbreak

Empty cargo barges on the Yangtze River in China illustrate how the virus outbreak has disrupted supply chains in traditional manufacturing processes, casting the spotlight on the benefits of Industry 4.0 and cloud manufacturing

BLOOMBERG


DONE DEALS

PARC ESTA Apartment 99 years Feb 8 743 1,269,000 - 1,709 Uncompleted New SalePARC ESTA Apartment 99 years Feb 9 420 799,000 - 1,903 Uncompleted New SaleREZI 24 Apartment Freehold Feb 9 506 832,000 - 1,645 Uncompleted New SaleURBAN TREASURES Condominium Freehold Feb 6 721 1,347,000 - 1,868 Uncompleted New SaleDistrict 15 AALTO Condominium Freehold Feb 11 1,528 2,930,000 - 1,917 2010 ResaleAMBER PARK Condominium Freehold Feb 7 700 1,761,750 - 2,518 Uncompleted New SaleFRANKEL ESTATE Terrace Freehold Feb 6 1,722 3,850,000 - 2,235 2014 ResaleJUPITER 18 Apartment Freehold Feb 11 581 720,000 - 1,239 2014 ResaleMANDARIN GARDENS Condominium 99 years Feb 6 732 770,000 - 1,052 1986 ResaleOPERA ESTATE Terrace Freehold Feb 10 2,626 3,300,000 - 1,257 2006 ResaleTHE ATRIA AT MEYER Condominium Freehold Feb 7 1,044 1,640,000 - 1,571 1996 ResaleTHE ESTA Condominium Freehold Feb 5 1,001 1,840,000 - 1,838 2008 ResaleTHE MAKENA Condominium Freehold Feb 7 1,582 2,490,000 - 1,574 1998 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years Feb 5 1,227 940,000 - 766 2000 ResaleDistrict 17 PARC KOMO Apartment Freehold Feb 5 1,130 1,628,000 - 1,440 Uncompleted New SaleDistrict 18 BELYSA EC 99 years Feb 7 829 770,000 - 929 2014 ResaleCHANGI RISE CONDOMINIUM Condominium 99 years Feb 5 1,130 815,000 - 721 2004 ResaleEASTPOINT GREEN Condominium 99 years Feb 5 1,884 1,360,000 - 722 1999 ResaleMELVILLE PARK Condominium 99 years Feb 6 936 690,000 - 737 1996 ResaleTHE TAPESTRY Condominium 99 years Feb 8 743 940,410 - 1,266 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Feb 9 990 1,258,700 - 1,271 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 6 915 1,165,112 - 1,273 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 7 1,033 1,346,112 - 1,303 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 1,012 1,366,112 - 1,350 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 463 690,112 - 1,491 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 463 702,112 - 1,517 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 1,324 1,767,112 - 1,335 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 1,012 1,343,112 - 1,327 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 657 868,112 - 1,322 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 1,238 1,545,000 - 1,248 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 1,238 1,522,112 - 1,230 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 1,238 1,608,112 - 1,299 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 915 1,132,112 - 1,237 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 592 820,112 - 1,385 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 8 678 967,112 - 1,426 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Feb 9 678 906,112 - 1,336 Uncompleted New SaleDistrict 19 BARTLEY RESIDENCES Apartment 99 years Feb 5 463 760,000 - 1,642 2015 ResaleBARTLEY RESIDENCES Apartment 99 years Feb 6 1,023 1,330,000 - 1,301 2015 ResaleCOMPASS HEIGHTS Apartment 99 years Feb 6 667 688,000 - 1,031 2002 ResaleEVERGREEN PARK Apartment 99 years Feb 6 1,076 800,000 - 743 1999 ResaleHAUS@SERANGOON GARDEN Terrace 99 years Feb 7 1,819 2,000,000 - 1,101 2016 ResaleST. XAVIER’S LANE Semi-Detached Freehold Feb 5 2,260 3,600,000 - 1,593 2014 ResalePHILLIPS RESIDENCE Semi-Detached 999 years Feb 11 4,080 2,080,000 - 510 2008 ResalePIERMONT GRAND EC 99 years Feb 8 1,335 1,476,800 - 1,106 Uncompleted New SalePIERMONT GRAND EC 99 years Feb 9 1,335 1,479,060 - 1,108 Uncompleted New SaleREGENTVILLE Apartment 99 years Feb 10 1,076 820,000 - 762 1999 ResaleRIVERFRONT RESIDENCES Apartment 99 years Feb 8 517 714,000 - 1,382 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 9 517 709,000 - 1,372 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Feb 9 872 1,247,000 - 1,430 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Feb 8 936 1,545,600 - 1,650 Uncompleted New SaleSERANGOON GARDEN ESTATE Detached 999 years Feb 5 4,650 6,750,000 - 1,452 2019 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years Feb 5 2,799 2,700,000 - 966 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years Feb 10 2,809 2,900,000 - 1,031 Unknown ResaleSUNGLADE Condominium 99 years Feb 10 1,238 1,345,000 - 1,087 2003 ResaleTAI HWAN GARDEN Terrace Freehold Feb 11 1,905 2,800,000 - 1,470 1979 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Feb 5 667 999,000 - 1,497 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Feb 7 753 1,122,000 - 1,489 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Feb 9 1,119 1,753,900 - 1,567 Uncompleted New SaleTHE LUXURIE Condominium 99 years Feb 10 732 830,000 - 1,134 2015 ResaleTHE SCALA Apartment 99 years Feb 7 829 1,200,000 - 1,448 2013 ResaleDistrict 20 GRANDEUR 8 Condominium 99 years Feb 7 1,259 1,270,000 - 1,008 2005 ResaleJADESCAPE Condominium 99 years Feb 7 527 898,600 - 1,704 Uncompleted New SaleJADESCAPE Condominium 99 years Feb 8 527 899,400 - 1,705 Uncompleted New SaleJADESCAPE Condominium 99 years Feb 8 764 1,288,000 - 1,685 Uncompleted New SaleJALAN PINTAU Terrace Freehold Feb 6 2,336 3,100,000 - 1,328 Unknown ResaleSKY VUE Condominium 99 years Feb 6 797 1,380,000 - 1,733 2016 ResaleDistrict 21 CHARISMA VIEW Apartment Freehold Feb 11 1,066 1,235,000 - 1,159 2002 ResaleMAYFAIR MODERN Condominium 99 years Feb 8 1,044 2,205,423 - 2,112 Uncompleted New SaleDistrict 22 LAKEVILLE Condominium 99 years Feb 5 775 1,150,000 - 1,484 2017 ResaleSUMMERDALE EC 99 years Feb 5 1,399 970,000 - 693 2000 ResaleDistrict 23 HAZEL PARK CONDOMINIUM Condominium 999 years Feb 7 1,518 1,800,000 - 1,186 2000 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years Feb 10 1,346 1,580,000 - 1,174 2000 ResaleHILLINGTON GREEN Condominium 999 years Feb 10 1,776 1,710,000 - 963 2002 ResaleHILLINGTON GREEN Condominium 999 years Feb 11 990 1,208,000 - 1,220 2002 ResaleHILLVIEW RESIDENCE Condominium 999 years Feb 11 1,259 1,265,000 - 1,004 2002 ResaleLE QUEST Apartment 99 years Feb 5 936 1,308,000 - 1,397 Uncompleted New SaleLE QUEST Apartment 99 years Feb 8 936 1,299,000 - 1,387 Uncompleted New SaleLE QUEST Apartment 99 years Feb 9 1,023 1,460,000 - 1,428 Uncompleted New SaleLE QUEST Apartment 99 years Feb 9 936 1,295,000 - 1,383 Uncompleted New SaleMAYSPRINGS Apartment 99 years Feb 10 807 750,000 - 929 1998 ResaleMONT BOTANIK RESIDENCE Condominium Freehold Feb 5 947 1,631,500 - 1,722 Uncompleted New SaleTHE QUINTET EC 99 years Feb 7 1,561 1,205,000 - 772 2006 ResaleVILLA VERDE Terrace 99 years Feb 10 2,153 1,630,000 - 757 2000 ResaleWINDERMERE EC 99 years Feb 5 1,432 920,000 - 643 1999 ResaleDistrict 25 LA CASA EC 99 years Feb 6 1,259 920,000 - 731 2008 ResaleROSEWOOD Condominium 99 years Feb 5 1,012 766,000 - 757 2003 ResaleDistrict 26 THE ESSENCE Apartment 99 years Feb 5 538 756,370 - 1,405 Uncompleted New SaleTHE ESSENCE Apartment 99 years Feb 7 624 886,000 - 1,419 Uncompleted New SaleDistrict 27 ORCHID PARK CONDOMINIUM Condominium 99 years Feb 5 1,249 830,000 - 665 1994 ResaleDistrict 28 GRANDE VISTA Condominium 999 years Feb 5 1,238 1,330,000 - 1,074 1993 ResaleLUSH ACRES EC 99 years Feb 5 915 870,000 - 951 2016 ResaleNIM COLLECTION Terrace 99 years Feb 6 2,486 3,100,000 - 1,247 2019 New SalePARC BOTANNIA Condominium 99 years Feb 5 980 1,371,000 - 1,400 Uncompleted New SalePARC BOTANNIA Condominium 99 years Feb 5 980 1,352,000 - 1,380 Uncompleted New SalePARC BOTANNIA Condominium 99 years Feb 6 786 1,087,800 - 1,384 Uncompleted New SalePARC BOTANNIA Condominium 99 years Feb 6 775 975,100 - 1,258 Uncompleted New SalePARC BOTANNIA Condominium 99 years Feb 7 667 959,420 - 1,438 Uncompleted New SalePARC BOTANNIA Condominium 99 years Feb 9 667 967,260 - 1,449 Uncompleted New SaleSARACA VILLAS Terrace 99 years Feb 7 3,348 1,600,000 - 478 2002 Resale

Residential transactions with contracts dated Feb 4 to 11

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

District 1 MARINA ONE RESIDENCES Apartment 99 years Feb 7 1,593 3,496,452 - 2,195 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Feb 7 753 1,705,493 - 2,263 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Feb 7 1,582 3,833,500 - 2,423 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Feb 10 732 1,669,962 - 2,282 2017 ResaleDistrict 3 ARTRA Apartment 99 years Feb 5 786 1,673,900 - 2,130 Uncompleted New SaleARTRA Apartment 99 years Feb 6 1,044 2,020,400 - 1,935 Uncompleted New SaleASCENTIA SKY Condominium 99 years Feb 10 1,475 2,120,000 - 1,438 2013 ResaleAVENUE SOUTH RESIDENCE Apartment 99 years Feb 6 689 1,422,000 - 2,064 Uncompleted New SaleCLYDESVIEW Condominium Freehold Feb 7 2,088 2,600,000 - 1,245 1991 ResaleMARGARET VILLE Apartment 99 years Feb 8 1,184 2,153,354 - 1,819 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 5 689 1,316,000 - 1,910 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Feb 9 1,055 2,000,000 - 1,896 Uncompleted New SaleTANGLIN VIEW Condominium 99 years Feb 10 1,927 2,500,000 - 1,298 2001 ResaleTHE CREST Condominium 99 years Feb 7 936 1,850,000 - 1,976 2017 ResaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years Feb 7 786 1,220,000 - 1,553 2009 ResaleDistrict 5 BLUE HORIZON Condominium 99 years Feb 7 1,184 1,200,000 - 1,013 2005 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years Feb 6 474 825,000 - 1,742 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Terrace 99 years Feb 8 1,830 2,760,000 - 1,508 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Feb 8 775 1,418,000 - 1,830 Uncompleted New SaleZEHNDER ROAD Semi-Detached Freehold Feb 7 5,640 5,500,000 - 975 Unknown ResaleNEWEST Apartment 956 years Feb 7 2,551 1,950,000 - 764 2016 ResalePARC CLEMATIS Apartment 99 years Feb 6 1,292 2,162,000 - 1,674 Uncompleted New SalePARC CLEMATIS Apartment 99 years Feb 8 721 1,118,000 - 1,550 Uncompleted New SalePARC CLEMATIS Apartment 99 years Feb 8 1,076 1,694,000 - 1,574 Uncompleted New SalePARC CLEMATIS Apartment 99 years Feb 8 1,044 1,624,000 - 1,555 Uncompleted New SaleTHE ROCHESTER RESIDENCES Apartment 99 years Feb 5 1,206 1,830,000 - 1,518 2011 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years Feb 10 2,325 2,160,000 - 929 2008 ResaleDistrict 7 BURLINGTON SQUARE Apartment 99 years Feb 7 861 1,100,000 - 1,277 1998 ResaleDistrict 8 THE CITRON RESIDENCES Apartment Freehold Feb 5 732 1,100,000 - 1,503 2017 ResaleUPTOWN @ FARRER Apartment 99 years Feb 8 1,001 1,910,000 - 1,908 Uncompleted New SaleUPTOWN @ FARRER Apartment 99 years Feb 9 538 1,044,309 - 1,940 Uncompleted New SaleDistrict 9 BELLE VUE RESIDENCES Condominium Freehold Feb 10 2,045 3,980,000 - 1,946 2010 ResaleCAVENAGH HOUSE Apartment Freehold Feb 6 1,604 2,550,000 - 1,590 Unknown ResaleMOUNT SOPHIA SUITES Apartment Freehold Feb 10 431 805,000 - 1,870 2010 ResaleNIVEN ROAD Terrace Freehold Feb 7 1,442 3,850,000 - 2,667 Unknown ResaleSKYLINE 360 @ SAINT THOMAS WALK Condominium Freehold Feb 11 1,733 3,780,000 - 2,181 2012 ResaleSTARLIGHT SUITES Apartment Freehold Feb 7 1,055 1,850,000 - 1,754 2014 ResaleTHE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILL Apartment Freehold Feb 6 2,831 10,140,000 - 3,582 2011 ResaleTHE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILL Apartment Freehold Feb 6 2,831 10,140,000 - 3,582 2011 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Feb 5 1,916 3,065,600 - 1,600 2008 ResaleDistrict 10 BAN GUAN PARK Detached Freehold Feb 5 9,053 15,500,000 - 1,713 1982 ResaleCUSCADEN RESIDENCES Condominium Freehold Feb 6 1,453 3,438,000 - 2,366 2002 ResaleD’LEEDON Condominium 99 years Feb 10 1,722 2,780,000 - 1,614 2014 ResaleLE NOUVEL ARDMORE Condominium Freehold Feb 7 3,940 16,800,000 - 4,264 2014 ResaleLEEDON RESIDENCE Condominium Freehold Feb 5 2,110 4,950,000 - 2,346 2015 ResaleHOLLAND ROAD Detached 947 years Feb 7 6,103 12,380,000 - 2,028 2020 ResaleNOUVEL 18 Condominium Freehold Feb 5 1,335 4,528,000 - 3,392 2014 ResaleONE TREE HILL COLLECTION Detached Freehold Feb 6 5,145 15,500,000 - 3,013 Uncompleted New SaleSPRING GROVE Condominium 99 years Feb 6 1,389 2,050,000 - 1,476 1996 ResaleTHE ENCLAVE . HOLLAND Apartment Freehold Feb 6 657 1,500,000 - 2,284 2019 New SaleTHE ENCLAVE . HOLLAND Apartment Freehold Feb 6 721 1,562,000 - 2,166 2019 New SaleTHE NASSIM Condominium Freehold Feb 7 5,307 15,100,000 - 2,845 2015 ResaleDistrict 11 AMARYLLIS VILLE Condominium 99 years Feb 11 1,690 2,650,000 - 1,568 2004 ResaleL’VIV Apartment Freehold Feb 6 614 1,210,000 - 1,972 2013 ResaleTHE GLYNDEBOURNE Condominium Freehold Feb 5 1,475 3,080,000 - 2,089 2013 ResaleTHE GLYNDEBOURNE Condominium Freehold Feb 6 1,475 3,100,000 - 2,102 2013 ResaleDistrict 12 CALARASI Apartment Freehold Feb 6 1,184 1,230,000 - 1,039 2004 ResaleEIGHT RIVERSUITES Condominium 99 years Feb 10 441 760,000 - 1,722 2016 ResaleEIGHT RIVERSUITES Condominium 99 years Feb 11 1,044 1,320,000 - 1,264 2016 Resale19B KIM KEAT CLOSE Apartment Freehold Feb 6 1,130 1,168,000 - 1,033 Unknown ResaleTHE CALLISTA Apartment 999 years Feb 6 1,109 1,200,000 - 1,082 2005 ResaleDistrict 13 MACPHERSON GARDEN ESTATE Terrace Freehold Feb 11 883 1,368,000 - 1,550 Unknown ResalePARK COLONIAL Condominium 99 years Feb 5 1,012 1,914,000 - 1,892 Uncompleted New SalePARK COLONIAL Condominium 99 years Feb 6 603 1,242,000 - 2,060 Uncompleted New SalePARK COLONIAL Condominium 99 years Feb 6 1,184 2,236,000 - 1,888 Uncompleted New SaleTHE TRE VER Condominium 99 years Feb 8 743 1,274,112 - 1,715 Uncompleted New SaleTHE TRE VER Condominium 99 years Feb 8 1,012 1,635,112 - 1,616 Uncompleted New SaleDistrict 14 GROSVENOR VIEW Condominium Freehold Feb 5 1,313 1,430,000 - 1,089 2006 ResaleCHANGI ROAD Semi-Detached Freehold Feb 6 3,272 3,380,000 - 1,032 1988 ResaleLENGKONG TIGA Terrace Freehold Feb 10 4,661 3,950,000 - 847 1989 ResalePARC ESTA Apartment 99 years Feb 5 915 1,498,000 - 1,637 Uncompleted New SalePARC ESTA Apartment 99 years Feb 5 1,033 1,777,000 - 1,720 Uncompleted New SalePARC ESTA Apartment 99 years Feb 6 958 1,555,000 - 1,623 Uncompleted New SalePARC ESTA Apartment 99 years Feb 7 743 1,249,000 - 1,682 Uncompleted New SalePARC ESTA Apartment 99 years Feb 7 420 796,000 - 1,896 Uncompleted New SalePARC ESTA Apartment 99 years Feb 7 527 962,000 - 1,824 Uncompleted New Sale

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

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

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

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE


DONE DEALS

BY CHARLENE [email protected]

The seller of a unit at Watermark Robertson Quay, on Rodyk Street, made the top gain of $1.47 million over the week of Feb 4 to 11. The 1,916 sq ft unit on the 10th floor

was bought for $1.6 million ($835 psf) in December 2005 and sold for $3.07 million ($1,600 psf) on Feb 5. The seller therefore made a 92% profit, or an annualised profit of 5% over 14 years.

Located in District 9, Watermark Robertson Quay was completed in 2008 and comprises 206 freehold units. It is a 14-minute walk to the upcoming Havelock MRT Station on the Thomson East-Coast Line, which is slated for completion in 2021.

The second top gain made over the week – a 129% profit of $1.21 million – was at Var-sity Park Condominium, along West Coast Road. The 2,325 sq ft unit on the fifth floor was purchased for $944,905 ($406 psf) in January 2006 and sold for $2.16 million ($929 psf) on Feb 10. This means that the seller made an annualised profit of 6% over 14 years.

Varsity Park Condominium, in District 5, comprises 530 units on a 99-year lease-

hold. It was completed in 2008 and is a six- minute drive to Kent Ridge MRT Station on the Circle Line.

A unit sold at Spring Grove, along Grange Road in District 10, made the third largest gain over the week, netting a 125% prof-it of $1.14 million for the seller. The 1,389 sq ft unit on the 18th floor was bought for $910,000 ($655 psf) in June 1998, and sold for $2.05 million ($1,476 psf) on Feb 6. The seller therefore made an annualised profit of 4% over almost 22 years.

Spring Grove, completed in 1996, com-prises 325 units on a 99-year leasehold. It is a 10-minute walk to the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line.

On the other hand, the greatest loss in-curred over the week was from the resale of a 2,551 sq ft unit at NEWest in District 5. Hav-ing sold the property for $1.95 million ($764 psf) on Feb 7, the seller suffered a 21% loss of $524,500. The unit was purchased in June 2013 for $2.47 million ($970 psf). Over a hold-ing period of almost seven years, this trans-lates into an annualised loss of 4%.

NEWest is a 136-unit project on a 999-year leasehold along West Coast Drive. Complet-ed in 2016, it is 16 minutes by foot to Clem-enti MRT Station on the East-West Line. E

Top gains and losses from Feb 4 to 11

Non-profitable deals PROJECT DISTRICT AREA

(SQ FT)SOLD ON

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

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

(YEARS)

1 NEWEST 5 2,551 Feb 7 764 Jun 11, 2013 970 524,500 21 4 6.7

2 THE GLYNDEBOURNE 11 1,475 Feb 5 2,089 Nov 24, 2010 2,240 223,400 7 1 9.2

3 ASCENTIA SKY 3 1,475 Feb 10 1,438 Jun 13, 2012 1,575 202,100 9 1 7.7

4 THE CITRON RESIDENCES 8 732 Feb 5 1,503 Sep 17, 2014 1,598 70,000 6 1 5.4

5 EASTPOINT GREEN 18 1,884 Feb 5 722 Mar 12, 2012 759 70,000 5 1 7.9

6 MANDARIN GARDENS 15 732 Feb 6 1,052 Aug 29, 2014 1,148 70,000 8 2 5.4

7 THE GLYNDEBOURNE 11 1,475 Feb 6 2,102 Nov 24, 2010 2,141 57,000 2 0.2 9.2

8 THE METROPOLITAN CONDOMINIUM

3 786 Feb 7 1,553 Aug 17, 2012 1,578 20,000 2 0.2 7.5

9 CHANGI RISE CONDOMINIUM 18 1,130 Feb 5 721 May 21, 2010 734 15,000 2 0.2 9.7

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

Most profitable deals PROJECT DISTRICT AREA

( SQ FT)SOLD ON

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

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

(YEARS)

1 WATERMARK ROBERTSON QUAY 9 1,916 Feb 5 1,600 Dec 8, 2005 835 1,465,600 92 5 14.2

2 VARSITY PARK CONDOMINIUM 5 2,325 Feb 10 929 Jan 3, 2006 406 1,215,095 129 6 14.1

3 SPRING GROVE 10 1,389 Feb 6 1,476 Jun 1, 1998 655 1,140,000 125 4 21.7

4 AMARYLLIS VILLE 11 1,690 Feb 11 1,568 Oct 18, 2005 987 982,000 59 3 14.3

5 THE ESTA 15 1,001 Feb 5 1,838 Jun 18, 2007 920 919,000 100 6 12.6

6 HAZEL PARK CONDOMINIUM 23 1,345 Feb 10 1,174 Feb 7, 2007 498 910,000 136 7 13.0

7 LEEDON RESIDENCE 10 2,110 Feb 5 2,346 Oct 15, 2012 2,005 720,475 17 2 7.3

8 HAZEL PARK CONDOMINIUM 23 1,518 Feb 7 1,186 Feb 17, 1997 714 716,240 66 2 23.0

9 GRANDEUR 8 20 1,259 Feb 7 1,008 Jul 8, 2003 480 666,000 110 5 16.6

10 HILLINGTON GREEN 23 1,776 Feb 10 963 Jul 31, 2009 591 660,000 63 5 10.5

11 TANGLIN VIEW 3 1,927 Feb 10 1,298 Aug 8, 2009 960 650,000 35 3 10.5

12 HILLINGTON GREEN 23 990 Feb 11 1,220 Apr 29, 2002 583 631,000 109 4 17.8

13 CALARASI 12 1,184 Feb 6 1,039 Jan 24, 2003 531 600,760 95 4 17.0

14 GRANDE VISTA 28 1,238 Feb 5 1,074 Aug 6, 2000 602 585,000 79 3 19.5

15 19B KIM KEAT CLOSE 12 1,130 Feb 6 1,033 Feb 8, 1996 525 575,000 97 3 24.0

Unit at Watermark Robertson Quay reaps $1.47 mil profit

The second top gain made over the week – a 129% profit of $1.21 million – was at Varsity Park Condominium, along West Coast Road

The seller of a unit at Watermark Robertson Quay, on Rodyk Street, made the top gain over the week of Feb 4 to 11



cation of the site, and an extension of the lease to 99 years, the owner is expecting of-fers from $1,800 psf per plot ratio. This takes into consideration the sale of Realty Cen-tre along nearby Enggor Street which was sold for $148 million, or $2,438 psf ppr, in April last year.

“We believe that IOB Building presents a truly unique and rare redevelopment op-portunity within the CBD given the excep-tional, tightly held commercial market in Singapore,” says Ian Loh, head of invest-ment and capital markets (land, building, collective sales) at Knight Frank Singapore.

He adds that office supply is expected to remain low for the next five years as no of-fice sites are under the government’s land sales programme, barring one white site at Marine View under the Reserve List.

The tender for IOB Building closes on March 24.

Long-term property investor sentiment positive amid coronavirus outbreak: JLLDespite macroeconomic challenges and the highly unpredictable nature of the corona-virus outbreak, longer-term investor sen-timent remains “extremely positive”, says Stuart Crow, CEO of capital markets in Asia Pacific at JLL. “We foresee investor strate-gies becoming more selective and further diversification into the logistics, living and data centre sectors.”

The continued low interest rate environ-ment and supportive central bank policies are also expected to offset some of the mac-ro headwinds this year, and provide further confidence to investors’ cross border strat-egies, says Crow.

According to Regina Lim, executive di-rector, Asia Pacific capital markets research at JLL, “investors will remain highly selec-tive in their capital allocations in Asia Pacif-ic. A shortage of supply will likely prompt investors to rethink medium-term strategies and look more closely at alternative asset classes across the region”.

Last year, global commercial real estate investment stood at US$245 billion ($341 billion), bringing the full-year activity to US$800 billion, and up 4% y-o-y. But JLL expects global investment in commercial real estate to slide to about US$780 billion this year. Investors will exercise caution and se-lectivity especially given the limited avail-ability of assets, and this could negatively impact transaction volumes.

In the Asia Pacific, JLL says that the re-gion saw a robust start to the year, and a rise in investment activity centred around core markets such as China, Japan, Singa-pore, and South Korea. Meanwhile, political uncertainty continues to impact Hong Kong where investment fell 53% y-o-y in 2019.

Globally, REITs have outperformed other global asset classes over the last 10 years, producing annualised total returns of 11%, compared to single-digit performances from global equities and fixed income funds. JLL says it expects more listings in Singapore and India this year will further diversity the re-gional REIT base.

Singapore real estate investment up 26% y-o-y in 2019 to record US$9.6 bilA series of big-ticket office deals by global investors drove up the total investment vol-ume in Singapore to a record high of US$9.6 billion ($13.34 billion) in 2019, an increase of 26% y-o-y, according to Real Capital An-alytics (RCA).

According to David Green-Morgan, Asia Pacific managing director at RCA, “the pro-portion of cross-border capital has vacillated between 10% and 60%. Part of this is due to investors’ preference for trophy assets in the city-state, with megadeals of US$500 million or more making up just over half

of deal volume within the past five years”.Total investment volume for the entire

Asia Pacific region stood at US$158.5 bil-lion in 2019, declining 8% y-o-y but still the third highest level on record. But cross-bor-der transactions picked up momentum and market share as investment volumes reached US$57 billion over the entire year.

Green-Morgan says: “The growing attrac-tiveness of Asia Pacific real estate as an in-vestment asset class and the depth of liquid-ity now available in the large city markets as safe havens for capital, meant transaction volumes in the region displayed incredible resilience last year.”

The last two years have also seen Euro-pean players consistently represented among the top 10 regional investors, alongside North American and regional super investors such as Blackstone and Singapore’s GIC.

German-based institutional investor Al-lianz entered the region in 2017, and ven-tured into Singapore, Australia, and Japan last year. The company is the second largest cross-border investor in the region in 2019, behind Blackstone.

Transaction volumes in alternative asset sectors such as hotels, apartments, and sen-ior housing and care surged, even as tradi-tional sectors such as offices, industrial, and retail all declined. The hotel sector record-ed its second record-breaking year in a row as sales of individual hotel assets increased by 50%, boosting overall investment volume to US$15.8 billion in 2019.

“[The hotel sector] has raced ahead of other alternative real estate asset classes and is almost on a par with the industrial sector in terms of market size,” says Green-Morgan, adding that investors are starting to venture into Southeast Asian markets including Vi-etnam and Myanmar.

Tech firms drive up premium office rents in SingaporePremium office occupancy costs in Singa-pore have been ranked as the 14th most expensive in the world, with net effective rents and occupancy costs running at about US$117 ($162.73) per year psf (py/psf), or just over half the premium rents in Hong Kong’s Central District.

The result is based on JLL’s “Premium Of-fice Rent Tracker” report, which compares occupancy costs for premium office build-ings in leading global real estate markets.

According to Chris Archibold, head of leasing at JLL Singapore, “tech firms have been prioritising Singapore as a key hub due to the government’s supportive policies and the conducive business environment here. The smart nation digitalisation plans have also helped to fuel the growth of this sector”.

While some of this occupational demand

is finding its way to business park loca-tions, the office sector is a significant driv-er of Grade-A office space in Singapore due to the need to attract and retain top talent, says Archibold.

Five Southeast Asian cities, including Sin-gapore, rank in the world’s top 86 most ex-pensive premium office rental markets. Ho Chi Minh City takes 38th place, with occu-pancy costs at about US$78 py/psf, while Jakarta clinched 55th place at US$60 py/psf.

These two cities, as well as other gate-way cities in Southeast Asia, are competing with Singapore to become the next Silicon Valley, says Archibold. “Their fast-growing tech start-up ecosystems are diverting some of the attention of venture capital and pri-vate equity investors from Singapore. They may eventually challenge Singapore for its position as Asia’s investment and innova-tion hub,” he adds.

Crown Group launches two trophy penthouses in Sydney for A$3.95 mil and A$4.13 mil Australian property developer Crown Group has launched the sale of two duplex penthous-es in its Infinity by Crown Group develop-ment located in Sydney. One of the three-bed-room penthouse is priced at A$3.95 million ($3.69 million), while the other three-bed-room penthouse is priced at A$4.13 million.

Infinity by Crown Group is a 20-storey de-velopment in Sydney’s Green Square precinct.

The A$575 million development is designed by Koichi Takada Architects and was com-pleted last year. It is close to the city centre and three train stops from the internation-al airport. The development also features resort-style facilities, including an infinity edged pool, a sky lounge boasting uninter-rupted city views, a spa and a gym, a mu-sic room, and a private cinema.

The A$3.95 million penthouse comprises 1,388 sq ft of indoor living space and 1,722 sq ft of outdoor areas. Two bedrooms are on the entry level while the en suite mas-ter bedroom is on the floor above. The unit boasts a living area and rooftop terrace with 270-degree views of Sydney’s skyline and Botany Bay.

The other penthouse, priced at $4.13 mil-lion, comprises 1,593 sq ft of indoor living space. The unit’s entry level features a 667 sq ft balcony, which connects to a 65 sq ft study area as well as the living room. All three bedrooms are on the second floor, and the en suite master bedroom features a free-standing bathtub.

According to Prisca Edwards, director of sales at Crown Group, “these are the best penthouses within Sydney’s newest land-mark building, Infinity by Crown Group, a special trophy home for either owner-occu-piers or investors”. She adds that the pent-houses would allow buyers to own a pres-tigious home in a convenient part of Sydney with spectacular city views.

GIC acquires Grade-A office developments in Beijing for RMB8 bil Singapore’s sovereign wealth fund GIC has acquired two Grade-A office buildings and a retail podium from South Korean conglom-erate LG Group for RMB8 billion ($1.59 bil-lion). They are high-quality integrated de-velopments with a total gross floor area of 1.51 million sq ft, and have a well-diversi-fied tenant mix.

The properties are located in China and are in Beijing’s Guomao Central Business District. It is located along Chang’an Ave-nue, a key artery road in Beijing, and has direct access to Yong’an’li subway station.

According to Lee Kok Sun, chief invest-ment officer at GIC Real Estate, “GIC has been investing in China for more than two decades. China remains a key focus for us, and this investment reflects our continued commitment to identifying attractive oppor-tunities in this market”.

The developments will benefit from strong office demand in central Beijing, and gener-ate resilient returns over the long term, says Lee. — Compiled by Timothy Tay E

PROPERTY BRIEFSFROM PAGE EP2 CROWN GROUP

Crown Group has launched the sale of two duplex penthouses in its Infinity by Crown Group development

LG GROUP

GIC acquired two Grade-A office buildings and a retail podium from South Korean conglomerate LG Group

EDGEPROP | FEBRUARY 24, 2020 EP15

SUBSCRIBE NOW& READ ANYTIME, ANYWHERE(Download past issues, read offline and on-the-go)

Digital Only(Special Rate)

$59.90*for 12 months (U.P $99)

Print only (12 months)

$139.00Print + Digital (12 months)

$169.00*Promotion is valid till 31 March 2020

Scan here or visitbit.ly/readtheedge

Terms and conditions apply

��

Swipe to navigate betweenpages while on PDF view

Swipe to scroll through the article

Swipe to navigatebetween articles

��


PROP HUNT CLASSIFIEDS

Scan QR code for more details

Properties for Sale & Rent For sales enquiries, please contact [email protected] or call 6232-8820

UNDER THE HAMMER

$6,350,000The Edge on CairnhillD9 CAIRNHILL ROAD | Freehold Size(sqft): 3,175 | PSF: $2,000 Bedroom: 4

Masterfully designed by Moshe Safdie. Generous space with impressive double volume ceiling and unique wide angle windows. Conveniently located in picture perfect Cairnhill Conservation Area. Short walking distance to Orchard Road, Newton MRT & food centre, Emerald Hill & Somerset area.

Kent Yunandar SAVILLS RESIDENTIAL PTE LTD R060434A 65 9235 6777

$2,750,000The TeneriffeD10 LAURELWOOD AVENUE | 99 yearsBuilt-Up(sqft): 3,121

4-storey home nestled in the tranquil and prestigious D10 environment. Master bedroom overlooks greenery. 2 private parking lots in front of unit. Easy access to PIE/BKE. Near many reputable primary & secondary schools, and JCs! Near Sixth Ave MRT station. Great fit and value for larger families!

Kenneth Goh ORANGETEE & TIE PTE LTDR058866D 65 9692 5460

$4,500,000Land OnlyD14 LORONG 32 GEYLANGBuilt-Up(sqft): 5,769 | Land(sqft): 2,403PSF: $1,873

UNIQUE 4-storey FH building with 3 strata units, each unit per floor spanning 147 sqm (7BR). Superb central location with Dakota MRT Station about 550m away and a short walk to PLQ Mall/Paya Lebar Square/Singpost. Zoned Residential (URA). Great investment potential! Sale is with Vacant Possession.


$10,800ShophouseD12 BALESTIER ROADSize(sqft): 3,600 | PSF: $3

Be unique! Locate your office in a Heritage Building with beautiful façade at the City Fringe, close proximity to Novena Medical Hub & Health City Novena. Enjoy a high ceiling, lovely stained glass windows and split air-con units. Enjoy fitted out open office with meeting rooms or rent as bare unit.



A 2,293 sq ft, four-bedroom unit at The Grange – in prime District 10 – will be put on the block by Colliers In-ternational on Feb 27. The freehold property will be sold in a sheriff’s

sale. This means the property has been repos-sessed by the High Court, who has appointed Colliers to auction it. The proceeds will likely go towards satisfying the owners’ debts. Ac-cording to Colliers, the indicative price will only be disclosed on the day of the auction to ensure a fair and transparent auction.

Steven Tan, senior director of capital mar-kets at Colliers International, says: “The sub-ject property is a sheriff’s sale and the sale is subject to High Court approval, unlike an own-er’s sale, where the seller usually hopes to sell the property at as high a price as possible. In this instance, as it is a sheriff’s sale, it is like-ly that the price is competitive.”

Located between Grange Road and Orchard Boulevard, the freehold condominium is with-in a luxury residential enclave. Nearby devel-opments include 3 Orchard-By-The-Park, Cus-caden Reserve and One Tree Hill Collection, a freehold residential concept with six maison-ettes and seven apartments.

Tan says the residential apartments around the Orchard Boulevard vicinity are highly sought after because of their proximity to the Orchard Road shopping belt and easy access via public transport. It is also considered a prestigious lo-cation with five-star hotels and specialist med-ical facilities located nearby, he adds.

The Grange was completed in 2008 and is close to Orchard MRT Station on the North-South Line. It is also accessible via Orchard Boulevard, Tanglin Road and the Central Ex-pressway. The property is also beside the up-coming Orchard Boulevard MRT Station on

the Thomson-East Coast MRT Line, which is expected to be completed next year.

The 95-unit condo has a mix of three- and four-bedroom units from 2,281 sq ft to 2,301 sq ft, as well as penthouses from 4,379 sq ft to 4,433 sq ft.

The unit for sale was purchased for $3.76 million ($1,642 psf) in November 2005. Sim-ilar-sized units have changed hands for $5.4 million to $6 million, based on transactions lodged last year. This translates to a psf price of about $2,355 to $2,605.

According to Colliers, the indicative price for the subject unit will be within the price range established by these past transactions. This means the unit could be priced in the re-gion of $5.5 million to $6 million.

Colliers’ Tan explains: “Property stock in this area is rarely available. Usually, vendors in this vicinity are well-to-do and prices are quite firm.” He expects the unit to appeal to

high-net-worth individuals including foreign-ers, and investors who intend to lease the unit to C-suite level executives.

The property auction market could see more properties repossessed and being offered in mortgagee sale given the more downbeat economic outlook. “We would expect more properties will go under the hammer as some owners may fall into hardship and be una-ble to service the mortgage for their proper-ty,” Tan adds. E

Four-bedroom unit at The Grange to be auctioned in sheriff’s sale

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

Jan 8, 2020 1,765 4,600,000 2,606Dec 23, 2019 2,303 6,000,000 2,605Jun 20, 2019 1,765 4,500,000 2,549Apr 18, 2019 2,293 5,400,000 2,355Feb 15, 2019 1,765 4,550,000 2,577

URA

Recent transactions at The Grange

PICTURES: COLLIERS INTERNATIONAL

The four-bedroom unit will be sold with vacant possession at the auction

The Grange is a freehold condo in prime District 10, and was completed in 2008

T H E A L L U R E O F S E L E T A RT H E P R I M E L A N D E D H O U S I N G E S T A T E

NIM COLLECTION Developer: Singapore United Estates (Pte) Limited (Co. Regn No: 195500005N) Developer’s Licence No. C1204 for Phase 1, C1205 for Phase 2. Tenure: 99-year leasehold commencing from 13 October 2016. Expected Date of Vacant Possession for Phase 1: 31 March 2021, Phase 2: 30 June 2021. Expected Date of Legal Completion: Phase 1: 31 March 2024, Phase 2: 30 June 2024. Lot No.18257X MK 18. Building Plan Approval No: Phase 1: A1002-00003-2016-BP01 dated 13 January 2017. A1002-00003-2016-BP02 dated 29 June 2017, A1002-00003-2016-BP03 dated 11 June 2018, A1002-00003-2019-BP04 dated 01 November 2018. Phase 2: A1002-00004-2016-BP01 dated 22 December 2016 and A1002-00004-2016-BP02 dated 12 June 2017, A1002-00004-2016-BP03 dated 07 July 2017, A1002-00004-2016-BP04 dated 22 January 2019. Encumbrance: NIL. *Estimated date of T.O.P. *Terms and conditions apply.

Often regarded as a pioneer developer in Singapore, Bukit Sembawang Estates Limited laid the foundation for our first landed property in the 1950s. And we have continued to refine our craft with every home built ever since. We have consistently delivered homes that are characterised for thoughtful planning, outstanding design, fine detailing and quality finishing. The BCI Asia “Singapore Top Ten Developers 2017” Award is testament to our promise of

building quality lifestyle homes of the highest standards and satisfaction for every generation.

BUILDING QUALITY HOMESFOR EVERY GENERATION

Building homes, achieving dreams for generations

L O C A T I O N M A P

G r e e n w i c h V 3 m i n s

N E X M a l l 8 m i n s

H o u g a n g M a l l 9 m i n s

A M K H u b 1 0 m i n s

S e l e t a r A e r o s p a c e P a r k 9 m i n s

S e l e t a r R e g i o n a l C e n t r e 1 0 m i n s

O r c h a r d 1 5 m i n s

C T E 8 m i n s

T P E 9 m i n s

• E s t i m a t e d t i m e b y c a r . S u b j e c t t o t r a f f i c c o n d i t i o n s . ( S o u r c e : G o o g l e M a p )

L E G E N D

N o r t h S o u t h L i n e C i r c l e L i n e

N o r t h E a s t L i n e C r o s s I s l a n d L i n e

C U L T U R A L H E R I T A G E

L I V I N G E N V I R O N M E N TA C C E S S I B I L I T YE C O N O M I C A C T I V I T I E S

• Close to all the amenities of Ang Mo Kio, Hougang, Sengkang and Punggol

• Surrounded by malls like Greenwich V, The Seletar Mall, Hougang 1, AMK Hub, Waterway Point and more

T H E C O N V E N I E N C E S

T H E G R E A T O U T D O O R S E D U C A T I O N H U BD I G I T A L D I S T R I C T

• Punggol Digital District in Punggol North will integrate a business park, university and community facilities and house key growth sectors of the digital economy

• As Singapore’s first Enterprise District, this area is also expected to generate 28,000 digital economy jobs

Nim Collection and Luxus Hills are strategically located in the landed housing estate of Seletar. This area is a cosy and niche residential enclave with a family-centric community. Its exclusivity is also enhanced by the tranquility and greenery.

The surrounding region has also seen much growth lately due to the completion of the new Seletar Aerospace Park. More developments abound, making the estate one of Singapore’s most desired residential areas for landed home owners.

8500 03338800 0333For Pleasure of Ownership, Please Call

Another quality development by

BY AN AWARD-WINNING TRUSTED DEVELOPER

An exclusive limited collection of landed homes by BUKIT SEMBAWANG

• Black and white colonial bungalows in Seletar Aerospace Park are transformed into vibrant lifestyle and dining venues

• Discover heritage neighbourhood eateries that continue to draw customers from all over Singapore

• Rapidly developing Seletar Regional Centre and Seletar Aerospace Park

• Close to aerospace companies like Rolls Royce Group, Airbus Helicopter, ST Aerospace and more

• Myriad water activities await at Seletar Reservoir or Punggol Waterway Park

• Enjoy the beauty of nature at Punggol Promenade Nature Park, Coney Island, Lorong Halus Wetlands or Seletar West Farmway

• Completion of Cross Island Line will have two future MRT stations nearby

• Easily connect to Ang Mo Kio, Singapore’s first model walking and cycling town

• Surrounded by parks and gardens like Punggol Waterway Park and Promenade Nature Walk, Coney Island and Bishan-Ang Mo Kio Park

• Nearby Ang Mo Kio Linear Park will link Seletar Hills, Buangkok and Cheng San neighbourhoods to the greater Coast-To-Coast Trail

• Seletar is a popular landed housing estate for families with schooling children

• Near reputable schools: Catholic High, CHIJ St Nicholas Girls, Ai Tong, Rosyth School, Nan Chiau Primary and High Schools, and Nanyang Polytechnic

bsel.sg/luxushillsbsel.sg/nimcollection

C O N T E M P O R A R Y C O L L E C T I O N

9 9 9 Yea r T enure

THE PRIVILEGE OF A PRIZED TROPHY HOME

Luxus Hillsby Bukit Sembawang

Estates Limited

WINNER

BEST LANDED HOUSING INTERIOR DESIGN


Estates Limited

WINNER

BEST LANDED HOUSING DEVELOPMENT


Estates Limited

BEST HOUSING ARCHITECTURAL DESIGN

(SINGAPORE)

T O P O B T A I N E D . R E A D Y F O R I M M E D I A T E O C C U P A T I O N . F L E X I B L E P A Y M E N T S C H E M E .

Artist’s Impression

A recipient of the BCA Green Mark GoldPlus

Award, Luxus Hills is offering two exclusive design concepts based on tranquil nature living and a modern take on the family home.

Courtyard Concept TerracesThese homes perfectly embody the concept of living with nature. Features include a soaring central airwell that seamlessly integrates living, dining and resting spaces, and a veranda on every storey to invite in the beauty of nature.

3-Generation Concept TerracesThis design concept adopts URA’s latest envelope control guidelines that allow new landed homes to be developed with greater flexibility in design and interior space configuration.

Both concepts offer 4- to 5-ensuite bedrooms, complete with private lifts and private carparking and are perfect for multi-generation living.

Nim Collection is designed by W Architects, winners of the President’s Design Award. With its unique and ingenious design, Nim Collection has garnered awards for outstanding architectural design, as well as the BCA Green Mark Gold

Plus Award.

Created for multi-generation living, indulge in the extravagance of space. Each 3-storey home is endowed with 5 ensuite bedrooms, an attic and a mezzanine level. The unique Envelope Design incorporates double-volume living and dining spaces, an open-plan ground level and a courtyard between the second and third storeys. All homes come with private lifts and private carparking, while an exclusive number enjoy the luxury of a private pool.

NEW GENERATION HOMES FOR THE DISCERNING FEW

99 Y e a r L e a se ho ld

T O P O B T A I N E D . R E A D Y F O R I M M E D I A T E O C C U P A T I O N . L A S T F E W H O U S E S F O R S A L E .

Nim Collectionby Bukit Sembawang

Estates Limited

BEST HOUSINGARCHITECTURAL DESIGN

(ASIA)



Estates Limited

WINNER

BEST LANDED DEVELOPMENT


Estates Limited

HIGHLYCOMMENDED


LIVE LANDED. YOUR LAND. YOUR HOME.

Landed living redefines your way of living. A landed home readily affords you and your family abundant space to make the most of your time, and opportunities for your family to grow.

Equally prized is the control a land owner holds over the use of their land.

The autonomy and flexibility translate to a home that may be re-configured, re-designed and re-built to evolve with your family, way of life, and different phases in life. All based on the lifestyle one chooses. From generation to generation.

RARITY OF LANDED HOMES IN SINGAPORE

74% HDB Q1/2018

5%LANDED PROPERTIES Q1/2019

21%NON-LANDED PROPERTIES Q1/2019

As of 2020, landed propertiestake up only 5% of total residential stock. The percentage is unlikely to increase further due to limitation of land and the fixed supply of freehold and 999-years land for redevelopment.

Source: URA

REDEFINE RECONFIGURE REDESIGN REBUILD.Unparalleled advantages for full fledged landed home owners There is no comparison when it comes to

owning a full fledged landed home. After all, nothing says “you have arrived” more than being a proud owner of a landed home. This is because in land-scarce Singapore, private ownership of landed homes is still relatively rare and highly valued.

Due to land limitations, landed homes comprise only 5% of all residential stock in Singapore. As such, the rarity of landed homes has driven up the demand while supply has remained relatively limited. Both Nim Collection and Luxus Hills offer the opportunity for you to own a piece of land in

THE ULTIMATE HOME OWNERSHIP

FLEXIBLEPAYMENT SCHEMES AVAILABLE*

STAY-AND-PAY SCHEME*Move in immediately with a 20% down payment.

RESERVATION SCHEME*Reserve a unit with a 10% down payment.

*Terms and conditions apply and are subject to changes without prior notice.

Singapore where land scarcity makes it a very prized asset. This makes the landed home one of the most resilient assets with a very strong potential for capital appreciation.

With flexible payment schemes*, the dream of owning a landed home with title deeds could now be a reality.

Therefore, seize the opportunity to own a landed home that is now ready for you and your family to move in and enjoy. Take your pick from Nim Collection or Luxus Hills, two award-winning landed home developments.

C O N T E M P O R A R Y C O L L E C T I O N

999 Y e a r Te nur e

THE PRIVILEGE OF A PRIZED TROPHY HOME


Estates Limited

WINNER

BEST LANDED HOUSING INTERIOR DESIGN


Estates Limited

WINNER

BEST LANDED HOUSING DEVELOPMENT


Estates Limited


(SINGAPORE)

T O P O B T A I N E D . R E A D Y F O R I M M E D I A T E O C C U P A T I O N . F L E X I B L E P A Y M E N T S C H E M E .


A recipient of the BCA Green Mark GoldPlus

Award, Luxus Hills is offering two exclusive design concepts based on tranquil nature living and a modern take on the family home.

Courtyard Concept TerracesThese homes perfectly embody the concept of living with nature. Features include a soaring central airwell that seamlessly integrates living, dining and resting spaces, and a veranda on every storey to invite in the beauty of nature.

3-Generation Concept TerracesThis design concept adopts URA’s latest envelope control guidelines that allow new landed homes to be developed with greater flexibility in design and interior space configuration.

Both concepts offer 4- to 5-ensuite bedrooms, complete with private lifts and private carparking and are perfect for multi-generation living.

Nim Collection is designed by W Architects, winners of the President’s Design Award. With its unique and ingenious design, Nim Collection has garnered awards for outstanding architectural design, as well as the BCA Green Mark Gold

Plus Award.

Created for multi-generation living, indulge in the extravagance of space. Each 3-storey home is endowed with 5 ensuite bedrooms, an attic and a mezzanine level. The unique Envelope Design incorporates double-volume living and dining spaces, an open-plan ground level and a courtyard between the second and third storeys. All homes come with private lifts and private carparking, while an exclusive number enjoy the luxury of a private pool.

NEW GENERATION HOMES FOR THE DISCERNING FEW

99 Y e a r L e a se ho ld

T O P O B T A I N E D . R E A D Y F O R I M M E D I A T E O C C U P A T I O N . L A S T F E W H O U S E S F O R S A L E .


Estates Limited

BEST HOUSINGARCHITECTURAL DESIGN

(ASIA)



Estates Limited

WINNER

BEST LANDED DEVELOPMENT


Estates Limited

HIGHLYCOMMENDED


LIVE LANDED. YOUR LAND. YOUR HOME.

Landed living redefines your way of living. A landed home readily affords you and your family abundant space to make the most of your time, and opportunities for your family to grow.

Equally prized is the control a land owner holds over the use of their land.

The autonomy and flexibility translate to a home that may be re-configured, re-designed and re-built to evolve with your family, way of life, and different phases in life. All based on the lifestyle one chooses. From generation to generation.

RARITY OF LANDED HOMES IN SINGAPORE

74% HDB Q1/2018

5%LANDED PROPERTIES Q1/2019

21%NON-LANDED PROPERTIES Q1/2019

As of 2020, landed propertiestake up only 5% of total residential stock. The percentage is unlikely to increase further due to limitation of land and the fixed supply of freehold and 999-years land for redevelopment.

Source: URA

REDEFINE RECONFIGURE REDESIGN REBUILD.Unparalleled advantages for full fledged landed home owners There is no comparison when it comes to

owning a full fledged landed home. After all, nothing says “you have arrived” more than being a proud owner of a landed home. This is because in land-scarce Singapore, private ownership of landed homes is still relatively rare and highly valued.

Due to land limitations, landed homes comprise only 5% of all residential stock in Singapore. As such, the rarity of landed homes has driven up the demand while supply has remained relatively limited. Both Nim Collection and Luxus Hills offer the opportunity for you to own a piece of land in

THE ULTIMATE HOME OWNERSHIP

FLEXIBLEPAYMENT SCHEMES AVAILABLE*

STAY-AND-PAY SCHEME*Move in immediately with a 20% down payment.

RESERVATION SCHEME*Reserve a unit with a 10% down payment.

*Terms and conditions apply and are subject to changes without prior notice.

Singapore where land scarcity makes it a very prized asset. This makes the landed home one of the most resilient assets with a very strong potential for capital appreciation.

With flexible payment schemes*, the dream of owning a landed home with title deeds could now be a reality.

Therefore, seize the opportunity to own a landed home that is now ready for you and your family to move in and enjoy. Take your pick from Nim Collection or Luxus Hills, two award-winning landed home developments.

budget watch co-working market trends under the hammer · 2020-02-20 · sq ft, to $4.2 million or...

Documents