Demand forprime office space lifts off Brighter economic prospects have led to increased demand for premium offi ce space, with giant schemes such as Marina One, DUO, Paya Lebar Quarter and Frasers Tower benefi ting from a pickup in activity. See our Cover Story on Pages 10 to 12.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of January 22, 2018 | ISSUE 814-35

MCI (P) 136/08/2017 PPS 1519/09/2012 (022805)

Market TrendsNew-home sales

highest since 2013EP4

SpotlightTerraced house on Watten Drive going for $5.68 mil

EP6

Done DealsInterest picks up in Robertson Quay

EP14

Gains and LossesHelios Residences unit sold at $1.39 mil loss

EP16

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EP2 • EDGEPROP | JANUARY 22, 2018

Hollandia up for collective sale at $163 milThe 48-unit Hollandia (right) was put up for collec-

tive sale by tender on Jan 17 for $163.15 million. The

price translates into a land rate of $1,515 psf per plot

ratio (ppr), according to sole marketing agent Sav-

ills Singapore.

Built in the 1980s, the development in prime District

10 sits on a 53,505 sq ft, freehold site at the junction

of Holland Road and Queensway. The site is zoned

for residential use under the 2014 Master Plan, and

has a gross plot ratio of 1.6 with a 12-storey height

limit. The site can therefore be redeveloped into a

new development with a gross floor area of 107,688

sq ft. Owing to the high development baseline, no de-

velopment charge is payable even for the additional

10% GFA for balconies, says Savills.

The tender for Hollandia closes on Feb 28.

En-bloc sale of Balmoral Gardens at $92 milThe 37-year-old Balmoral Gardens, located on Balmoral

Road, has been put up for collective sale by tender,

with Huttons Asia as the exclusive marketing agent.

The owners of Balmoral Gardens are expecting of-

fers of above $92 million. The price translates into a

land rate of $1,872 psf ppr and includes an estimat-

ed $18.1 million development charge for inten sifying

the land use to the maximum GFA. An application to

URA has been submitted to establish the amount of

development charge payable.

The existing Balmoral Gardens is a freehold 40-

unit condominium occupying a 36,752 sq ft plot. The

site has a plot ratio of 1.6 and a height limit of up to

12 storeys. It is zoned for residential use under the

2014 Master Plan.

All the owners have given their approval for the

sale, thus, the sale need not obtain Strata Titles

Board approval. A successful purchaser can take

possession of the site upon the end of the vacant

possession period to market and build the new de-

velopment, according to Huttons. The tender clos-

es on Feb 7.

Dunearn Gardens on the market for $489 milThe 114-unit Dunearn Gardens (above, right) was put

up for collective sale by tender on Jan 15 for $488.8

million. Including a development charge of $35.7

million, this translates into a land rate of $1,962 psf

ppr, according to sole marketing agent Knight Frank.

Under the 2014 Master Plan, the site is zoned for

residential use with a gross plot ratio of 2.8. The re-

developed site may have a maximum permissible GFA

of 267,239 sq ft, yielding 354 new residential units of

753 sq ft each. With the inclusion of a 10% bonus bal-

cony GFA and a proposed plot ratio of 3.08, the land

rate works out to $1,861 psf ppr, subject to approval.

The high-rise development is situated on a 95,442

sq ft site, and comprises three adjoining residential

blocks. The existing units at Dunearn Gardens range

from 807 sq ft for a two-bedder to 3,294 sq ft for a

penthouse. The Land Transport Authority has con-

firmed that a Pre-Application Feasibility Study on

traffic impact will not be required for the site.

“We believe [Dunearn Gardens] is one of the last

freehold high-rise residential development sites with-

in 100m of the Newton MRT station,” says Ian Loh,

executive director and head of investment and capital

markets at Knight Frank Singapore. With the current

limited supply of new luxury residential projects, the

new development is likely to be highly sought after

by homebuyers and investors, says Loh.

The tender closes on Feb 13. — Compiled by

Timothy Tay

EN BLOC WATCH

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Far East H-REIT to acquire Oasia Hotel Downtown for $210 milFar East Hospitality Real Estate Investment Trust (Far

East H-REIT) has announced its intention to acquire

Oasia Hotel Downtown (above) for $210 million. The

seller is Far East SOHO, a member of the Far East Or-

ganization group of companies. The purchase con-

sideration was negotiated on a willing buyer-willing

seller basis. The amount is at the lower end of two

independent valuations by Knight Frank and Savills

Valuation, says Far East H-REIT. The property has 65

years left on its lease.

The 314-room Oasia Hotel is part of a 27-storey

hotel-and-office development in downtown Tanjong

Pagar. It is within walking distance of the Tanjong

Pagar MRT station and boasts a roof terrace, infinity

and rooftop pools, a club lounge and meeting rooms.

Oasia commenced operations in 2016. Upon comple-

tion of the acquisition, the property will be leased to

Far East SOHO for an initial term of 20 years.

City Developments not extending Jan 26 deadline for Millennium & Copthorne Hotels offerCity Developments says it is not extending its

Jan 26 deadline for its offer to privatise Millennium

& Copthorne Hotels. The acceptance is conditioned

on CDL’s receiving acceptances of the final offer of

more than 50% of M&C shares.

Given that it already owns 65.2% of M&C, CDL

believes there is little possibility of any third-party

offeror emerging. “Thus, the final offer is likely to be

the only liquidity event that offeree shareholders will

have the opportunity to benefit from in the near to

medium term in an illiquid stock,” it says.

CDL adds that the final offer creates a period of

uncertainty, which is in the interests of neither the

offeree nor the group. In particular, CDL believes that

the full offeree board should be given time to consid-

er the offeree’s medium-term investment needs and

capital distribution policy before announcing its pre-

liminary results for the year ended Dec 31, 2017, due

to be released in February 2018, with clarity on the

ownership structure and listing status.

This is because M&C faces multiple challenges and

a competitive landscape, requiring significant capital

investment. Last December, CDL raised its offer price

to 620 pence a share, up from 552.5 pence earlier. The

final offer represents a premium of 36.3% to the clos-

ing price of M&C shares of 455 pence on Oct 6, the

last business day before the start of the offer period.

The first closing date remains 1pm (London time)

on Jan 23. — By Lee Pang Chuan

Qingjian Realty tops developer sales in 2017Among property developers, Qingjian Realty (South

Pacific) Group is said to have sold the highest num-

ber of new homes, recording a total of 1,216 units.

The figure includes both executive condos and private

residential projects. Last year, Qingjian also chalked

up the highest sales of ECs, with a total of 923 units.

The Visionaire by Qingjian was fully sold in 2017,

and the 497-unit iNZ Residence is almost fully sold,

with a total of 480 units sold by end-2017. Last Au-

gust, Qingjian launched its first mixed-use development

in Singapore, the 516-unit Le Quest in Bukit Batok.

A total of 284 units were sold at the launch of the

first phase. The second phase of Le Quest and the new

development at the site of the former Shunfu Ville are

expected to be launched this year.

Manhattan project 125 Greenwich Street launches in Singapore Knight Frank Singapore will be exhibiting 125 Green-

wich Street (above), a new 88-storey project in lower

Manhattan, New York City, at the Hilton Singapore

over the weekend of Jan 20 and 21.

Located one block from One World Trade Centre

and the Oculus train station, the development is sur-

rounded by panoramic views of the Hudson River, the

Statue of Liberty and the World Trade Centre Com-

plex, says Knight Frank. The 273-unit condo at 125

Greenwich Street has a mix of studios and three-bed-

room apartments, as well as penthouses. Prices of

units range from US$1.22 million ($1.69 million) for

a 418 sq ft studio to US$12.75 million for a 3,150 sq

ft penthouse.

The condo features an exposed concrete column

that runs throughout the height of the building, as

well as a curved glass façade. This structural solution

facilitates a nearly column-free interior for flexible

residential configurations and sweeping views of the

city. A 15,000 sq ft private club is located on the top

three floors, fitted with lifestyle and wellness amen-

ities. It has a screening room and a 10-seater private

dining room with fireplace and catering kitchen. In

addition, there is a 50ft lap pool, spa and sauna fa-

cilities, fitness centre and yoga studio.

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EDGEPROP | JANUARY 22, 2018 • EP3

EP4 • EDGEPROP | JANUARY 22, 2018

MARKET TRENDS

PROPERTY BRIEFS

Capital World launches Malaysia’s largest indoor theme park in JohorOn Jan 15, developer Capital World announced

the launch of its Capital City Project in Johor,

featuring Malaysia’s biggest theme park con-

cept. Expected to commence operations this

year, the indoor theme park will also be one

of the world’s top five largest indoor theme

parks. The project, which will also include a

shopping mall, will occupy a gross floor area

of 1.2 million sq ft in total.

Located on Jalan Tampoi — a 15-minute

drive from Woodlands Causeway and 30 min-

utes away from Senai International Airport —

the theme park will include attractions such

as Movie Planet, Cartoon Planet and Music

Planet. The group has also signed a number

of lease agreements with international and

local brands, ranging from F&B to consum-

er products.

With Johor’s economy shifting from man-

ufacturing to services in recent years, Capi-

tal World says the state government is keen

to further grow the tourism industry in Johor

by leveraging its strategic location and trans-

forming Johor Baru into a family-friendly travel

destination.

Investors set to increase allocationsto real estate in 2018According to a joint survey report by the Asian

Association for Investors in Non-Listed Real

Estate Vehicles, the European Association for

Investors in Non-Listed Real Estate Vehicles,

and the Pension Real Estate Association, 56%

of global investors plan to increase their expo-

sure to real estate in the next 24 months. At

least 17.1% of the total amount planned to be

invested will come from Asia-Pacific investors.

Australia appears to be the favoured desti-

nation among investors, with 76% of respond-

ents viewing Sydney as their top pick within

the region. It is closely followed by Melbourne

(65.8%). Tier-1 cities in China and Tokyo tied

for third (55.3%).

Sydney and Melbourne’s office sectors and

industrial and logistics sectors were also ranked

among the top four preferred sector combina-

tions in the region, the report says. It cautioned

that while interest in real estate investment is

booming, 60% of Asia-Pacific investors describe

the availability of suitable products as a barrier

to investing in non-listed real estate. Sixty-eight

per cent of North American respondents viewed

currency risk exposure as the main obstacle. —

Compiled by Timothy Tay

FROM PAGE EP2

E

| BY ANGELA TEO |

For the whole of 2017, develop-

ers sold a total of 10,682 private

homes, according to various an-

alysts and URA data released

on Jan 15. This marks a 34%

increase from the 7,972 units sold in

2016. According to Tricia Song, Col-

liers International head of research

for Singapore, the new-home sales

achieved last year were the highest

since 2013.

In the traditionally slow month of

December, the school holidays and

year-end festive season, only 231

new units were released for sale com-

pared with 450 units in November,

says Nicholas Mak, executive direc-

tor at ZACD Group. Meanwhile, new-

home sales last month rang in at 431

units, a 45% drop m-o-m compared

with the 788 units sold in November.

The take-up rate in December,

which is almost double the number

of units launched for sale (187%),

has led to “faster clearance of de-

velopers’ inventory of launched and

unsold units”, adds Mak. This ex-

plains why developers’ inventory

of launched and unsold uncomplet-

ed private housing units (exclud-

ing executive condominiums) de-

creased further from 2,190 units in

November to 2,073 units in Decem-

ber, notes Mak.

EL Development’s Symphony

Suites in Yishun and Parc Riviera

topped new-home sales in Decem-

ber (see Table 1). At Symphony

Suites, 50 units were sold at a me-

dian price of $1,027 psf, while Parc

Riviera saw 44 units snapped up at a

median price of $1,223 psf. Both pro-

jects were launched earlier — Sym-

phony Suites in February 2015 and

Parc Riviera in November 2016. Sing

Holdings and Wee Hur Holdings’ Parc

Botannia in Sengkang ranked third

for the month of December; the de-

veloper moved 32 units at a median

price of $1,283 psf.

In fourth place was Hao Yuan

Investment’s Queens Peak, with 24

units sold in December 2017 at a me-

dian price of $1,679 psf. Meanwhile,

Malaysian property developer Gamu-

da Land and its partners, Singapore-

an fund and property management

firm Evia Real Estate and Singapore

engineering and construction firm

United Engineers, moved 21 units at

GEM Residences at a median price of

$1,501 psf. GEM Residences ranked

fifth in terms of sales volume for De-

cember 2017.

“Developers might be holding

back property launches in anticipa-

tion of a further increase in prices

this year,” says Christine Li, Cush-

man & Wakefield’s head of research

for Singapore. According to her, ex-

pected launches in 1H2018 include

Low Keng Huat’s 99-year lease-

hold, mixed-use development on

Perumal Road at Farrer Park; MCL

Land’s 99-year leasehold, 275-unit

residential development on Margaret

Drive; and City Developments’ 124-

unit New Futura, a freehold condo

on Leonie Hill Road, where private

preview by invitation only will be

held on Jan 18.

“We would be watchful of such

key new project launches as well as

the close of tender of four Govern-

ment Land Sales sites on Jan 30,” says

Louis Chua, equity research analyst

at Credit Suisse. They would be used

as a gauge for signs of a continued

rise in sentiment among developers

and buyers, he adds.

For the whole of 2017, units in

the suburbs, or Outside Central Re-

gion (OCR), accounted for 58% of

total developer sales, while the city-

fringe areas known as Rest of Cen-

tral Region (RCR) made up 33%.

The prime districts, or Core Central

Region (CCR), made up just 8% of

total developer sales, according to

Credit Suisse (see Table 2).

However, it was the CCR that

saw the strongest y-o-y growth in

sales volume, with developers sell-

ing 67% more units in 2017 com-

pared with 2016. Sales volume in

RCR and OCR rose 34% and 4%

y-o-y respectively.

New-home sales highest since 2013

Private projects with most units sold in December 2017

PROJECT NAME REGION TOTAL SOLD IN SOLD SO TOTAL MEDIAN PRICE UNITS DECEMBER 2017 FAR SOLD (%) ($ PSF)

Symphony Suites OCR 660 50 591 90 1,027

Parc Riviera OCR 752 44 729 97 1,223

Parc Botannia OCR 735 32 265 36 1,283

Queens Peak RCR 736 24 575 78 1,679

GEM Residences RCR 578 21 496 86 1,501

Sims Urban Oasis RCR 1,024 16 962 94 1,397

Sturdee Residences RCR 305 16 291 95 1,587

Kingsford Waterbay OCR 1,165 15 975 84 1,351

Seaside Residences OCR 841 15 564 67 1,747

Sophia Hills CCR 493 14 469 95 2,127

Table 1

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Number of private residential units sold by region in December 2017

UNITS SOLD Y-O-Y SALES % COMPOSITION

DECEMBER NOVEMBER 2017 INCREASE DECEMBER NOVEMBER 2017 2017 (COMPARED 2017* 2017* WITH 2016)

Core Central Region (CCR) 40 57 893 67 9 7

Rest of Central Region (RCR) 150 243 3,554 34 35 31

Outside Central Region (OCR) 241 488 6,234 4 56 62

Total 431 788 10,681** 17 100 100

Table 2

*Sum of percentages may not total 100%, owing to rounding**Credit Suisse arrived at a figure of 10,681 private homes sold in 2017, a negligible difference from the 10,682 homes estimated by various analysts

Malaysian property developer Gamuda Land and its partners, Evia Real Estate and Maxdin, moved 21 units at GEM Residences in December at a median price of $1,501 psf

GEM

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EDGEPROP | JANUARY 22, 2018 • EP5

EP6 • EDGEPROP | JANUARY 22, 2018

SPOTLIGHT

Award-winning terraced house on Watten Drive going for $5.68 mil

CONTINUES ON PAGE EP8

| BY CECILIA CHOW |

An intermediate terraced

house on Watten Drive has

been put on the market for

sale by private treaty. The

house is owned by the ar-

chitect who designed and rebuilt

the old house for his family a dec-

ade ago. He continues to live there

with his wife, a private banker and

their daughter.

“While it’s a terraced house, we

have designed it in such a way that

it feels like a semi-detached house,”

says the architect, who declined to

be named. One of the walls of the

house was tilted slightly, resulting

in a wedge-shaped gap between the

house and the common wall shared

with the neighbouring house. The gap

allows the architect to have windows

on that wall, allowing natural light

and fresh air into the house. A lap

pool was also slotted into the space.

“Most terraced houses tend to be

long and dark, with the interiors lit

mainly by artificial light,” explains

the architect. “Rather than introduce

a courtyard, which would have been

predictable, we decided to bend the

wall slightly, prying it away from

the common wall so that slivers of

light could illuminate the interiors.”

Clean, white paletteThe house was deliberately designed

with a clean, white palette so that

the architectural lines stand out.

And it has several other interesting

features. A sculptural “floating spi-

ral staircase” surrounded by water

stands next to a powder room that

leads directly to the lap pool.

There is also a built-in “triple-storey-

height bookcase” starting from the

first floor and ending at the attic. The

first floor of the house is an open

plan with living and dining area lead-

ing to a dry kitchen. The space is

even big enough to fit a grand piano

comfortably.

The wet kitchen is spacious for a

terraced house, with generous stor-

age space and a bomb shelter. There

are also a helper’s room and an ad-

jacent bathroom as well as a gran-

ny’s room or guest bedroom at the

rear of the house.

Bedrooms with views and ample wardrobe spaceThe second level is where the fami-

ly’s bedrooms are. The master bed-

The living room has sliding glass doors and a view of the lap pool

The wall that has been bent slightly and pried away from the common wall, with the swimming pool slotted in the space

The living and dining area with dry kitchen has two doorways — one leading to the guest bedroom and the other to the wet kitchen and utility area

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EDGEPROP | JANUARY 22, 2018 • EP7

BROUGHT TO YOU BY GUOCOLAND

Sims Urban Oasis well positioned for growth

THE recent bullish land bids by de-

velopers are boosting sentiment in

the residential market. Higher land

prices translate into higher sale pric-

es and the price gap represents cap-

ital growth upside for the surrounding

projects that are priced more compet-

itively, particularly those that are also

new developments.

On the Reserve List of the 1H2018

Government Land Sales programme

announced by the Ministry of National

Development is a 1.7ha site on Sims

Drive. According to Tricia Song, head

of research for Singapore at Colliers

International, the site is attractive and

likely to be triggered. “The site is within

walking distance of the Aljunied MRT

station, which is five stations away

from town,” says Song. The parcel is

also beside the 1,024-unit Sims Urban

Oasis by GuocoLand, which was 94%

sold as at December 2017.

Last June, Eunosville, a 330-unit

privatised HUDC development, was

sold en bloc for $765.78 million. The

estimated break-even price for the new

project is $1,400 psf and the launch

price could be close to $1,600 psf,

according to a report by DBS ana-

lysts Rachel Tan and Derek Tan. Eu-

nosville is located close to the Eunos

MRT station, which is two stops fur-

ther away from Raffles Place than the

Aljunied MRT station.

Sims Urban Oasis, located with-

in walking distance of the Aljunied

For enquiries, please call 6225 9000 or visit

simsurbanoasis.com.sg

PICT

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ND

MRT station, was one of the top five

best-selling projects in November

2017. The median price of $1,508

psf for the 35 units sold that month

is about 6% lower than the project-

ed launch price for the Eunosville

redevelopment project.

Sitting on a 2.4ha site, Sims Urban

Oasis offers generously sized units, in-

cluding larger unit-types that are ideal

for growing and multi-generational

families. There is also ample space

for its facilities, which number more

than 50, including two Olympic-length

swimming pools, a Sky Park that of-

fers views of the Sports Hub and Mari-

na Bay, shops and a childcare centre.

Sims Urban Oasis is located in

the city-fringe area, within a 10-min-

ute drive of the CBD and a 15-min-

ute drive of Changi Airport. The Nex-

us International School is constructing

a $232 million campus within walking

distance of Sims Urban Oasis. When

completed in 2020, it will be the sec-

ond international school in the area,

with the other being James Cook Uni-

versity. The students and faculty mem-

bers could be a source of tenants for

those looking to rent out their units at

Sims Urban Oasis.

REPUTABLE DEVELOPER WITH PROVEN TRACK RECORDThe developer of Sims Urban Oa-

sis, GuocoLand, has been listed on

the Singapore Exchange since 1978

and is renowned for its track record.

GuocoLand’s luxury development,

Leedon Residence, received its Tem-

porary Occupation Permit (TOP) in

June 2015 and won the Develop-

ment Excellence award at last year’s

inaugural EdgeProp Singapore Excel-

lence Awards.

Another luxury development by

GuocoLand is Martin Modern, in prime

District 9. According to Colliers’ Song,

the project was a contributing factor to

the 1.6% increase in prices in the Core

Central Region in 4Q2017. GuocoLand

was also awarded the Landmark De-

velopment Leadership Award by BEI

Asia 2017 for its exemplary contribu-

tion to Singapore’s built environment

with the completion of Singapore’s

tallest building, Tanjong Pagar Centre.

THOUGHTFUL HOMES THAT OFFER FLEXIBILITYIf you are looking at an investment

that offers fl exibility, consider the

four-bedroom dual-key units and

fi ve-bedroom units at Sims Urban

Oasis that range from 1,442 to

2,034 sq ft.

The dual-key units comprise a

studio apartment and a larger apart-

ment. They are considered one unit

and share a common entryway, but

each apartment has its own door

and can effectively be separated into

two units. Dual-key units are popu-

lar with rental investors who could

reside in the larger apartment and

lease out the smaller one. There are

also landlords who prefer dual-key

units over regular units as they can

be rented out to two different sets of

tenants. They are also popular with

married couples who wish to live

with their parents and desire privacy.

Owing to their unique configuration,

dual-key units offer a unique value

proposition for buyers.

The five-bedroom units are ideal

for multi-generational and growing

families.The ample space meets the

needs of various members of the

fam ily. And you can finally get to de-

sign that man cave of yours, an en-

tertainment room or an office suite.

Sims Urban Oasis received its TOP

in 4Q2017 and is ready for immedi-

ate occupation. With limited choice

units and prices starting from $1,450

psf, the development is expected to

sell out soon.

The spacious five-bedroom units are ideal for multi-generational andgrowing families

Sims Urban Oasis has more than 50 facilities, including two Olympic-length pools and a Sky Park that offers views of the Sports Hub and Marina Bay

Sims Urban Oasis received its TOP in 4Q2017 and is ready for immediate occupation

EP8 • EDGEPROP | JANUARY 22, 2018

SPOTLIGHT

FROM PAGE EP6

‘A terraced house with a semi-detached feel’

room comes with a walk-in ward-

robe leading to the master bathroom,

with shower and free-standing bath-

tub and an adjacent garden. Within

the bedroom is additional storage,

including a concealed vanity area.

The daughter’s bedroom is equal-

ly spacious and comes with a high

ceiling as well as skylight. It also

has an en-suite bathroom and pri-

vate garden space.

On the third level is another en-

suite bedroom that has been turned

into a study. The room has built-in

wardrobe space with sliding doors

that open on both sides. On this lev-

el, there is also a spacious family

room that leads to an open terrace.

Multiple awardsThe house on Watten Drive has won

several awards, including both the

Singapore Institute of Architects’ Ar-

chitectural Design Awards and the

premier award for architecture in

Malaysia, the PAM Awards in 2011.

The house sits on a 2,250 sq ft

site and has a built-up area of 3,540

sq ft (excluding the lap pool) across

three floors. The house was designed

in 2007 and completed in 2008.

Today, the house is on the market

for sale by private treaty with Knight

Frank as the marketing agent. “This

is a very interesting and unique ter-

raced house with the feel of a semi-de-

tached house, and comes with a

swimming pool,” says Sharon Lee,

Knight Frank head of auction, who

is marketing the property. “I haven’t

seen such a house in my 25 years of

marketing property.”

The house was designed to be

“flexible”, with plenty of wardrobe

space in the bedrooms and built-in

storage space in the wet kitchen.

“Condos and houses today under-

provide when it comes to storage,”

says the architect.

For those who want more bed-

rooms, the family room on the attic

level can be converted into an addi-

tional bedroom, says Lee. For older

folk, there is provision for a home

lift within the property.

As the house has been well de-

signed, “most of the potential buyers

are interested in retaining the origi-

nal character of the house, but just

want to do minor updates”, adds

Lee. The price tag on the house is

$5.68 million.

Prime addressThe house is also in a desirable res-

idential address. Located in the cov-

eted Watten Estate, in prime District

11, it is just a short distance from top

schools such as Raffles Girls’ Primary

School, Hwa Chong Institution and

National Junior College. Nanyang

Primary School is about 1km away.

The Tan Kah Kee MRT station on

the Downtown Line is also within

walking distance. Popular eateries in

the vicinity include The Greenwood

Fishmarket and Bistro for those who

want fresh seafood, local favourite

cake shop Lana Cakes, Peperoni piz-

zeria, Italian restaurant Rubato Kitch-

en & Bar, and Baker & Cook Artisan

Bakery. The Singapore Botanic Gar-

dens and Singapore Island Country

Club are also nearby. The master bathroom

The living room with sliding doors leading to the swimming pool

The spiral staircase is a signature of most of the architect’s projects

A bedroom with a skylight

The family room on the attic level can be converted into a bedroom

The master bedroom with outdoor garden and a view of the greenery The reading area of the master bedroom

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EDGEPROP | JANUARY 22, 2018 • EP9

BROUGHT TO YOU BY KEPPEL LAND

can also enjoy lifestyle privileges such

as complimentary games and special

rates for golf, limousine services and

yacht charter, as well as discounts at

selected F&B outlets*.

*Terms and conditions apply to all

privileges stated above

Coveted new condo in historic Tiong BahruTIONG BAHRU was devel-

oped in the 1920s as Singapore’s

first public housing estate by the Sin-

gapore Improvement Trust (SIT), the

predecessor of the Housing and De-

velopment Board. It is still a coveted

location today, as evidenced by the

strong sales at Keppel Land’s High-

line Residen ces, the newest condo-

minium in Tiong Bahru. Homebuyers

snapped up more than 200 of the 270

units that were released when Highline

Residences was officially launched in

2Q2016, according to Keppel Land.

Since then, the 500-unit condo has

seen strong demand, with less than

40 units still available.

Tiong Bahru has been named one

of the coolest neighbourhoods in the

world by American fashion and life-

style magazine Vogue and travel web-

sites Skyscanner and Traveller. It was

also one of the stops on the itinerary

of Britain’s Prince Charles and his wife

Camilla, the Duchess of Cornwall, dur-

ing their official visit to Singapore last

month, when they visited places re-

lated to their interests in the arts and

heritage conservation. Within the es-

tate, the royal couple also visited the

Tiong Bahru Community Centre and

Tiong Bahru Market, which are close

to Highline Residences by Keppel

Land, the newest condo in the estate.

In 2003, URA gazetted 20 blocks

of pre-war flats and 36 units of shop-

houses built by SIT in Tiong Bahru for

conservation. “This is possibly the only

intact public housing scheme from the

[pre-war] period to be found in South-

east Asia today,” according to URA. Ow-

ing to its conservation status, the area is

expected to retain its low-density char-

acter. This means the view from Highline

Residences that overlooks the pictur-

esque SIT flats is likely to be preserved.

The Tiong Bahru Community Cen-

tre is located within the conservation

area, across the street from Highline

Residences. It was originally built in

1951 and was Singapore’s first com-

munity centre. It reopened on July 23

after a two-year facelift with new fea-

tures and activities, including zum-

ba and trampoline classes for fitness

buffs and coding classes for children.

Located beside the conservation

area and within a five-minute walk

of Highline Residences is the Tiong

Bahru Market, which first opened in

1951 and was redeveloped at a cost

The view from Highline Residences that overlooks the SIT flats is likely to be preserved, owing to the conservation status of the flats

Designed by renowned architect Mok Wei Wei, Highline Residences is expected to receive its Temporary Occupation Permit in 1Q2018

Within a five-minute walk of Highline Residences is the Tiong Bahru MRT station, which is connected to retail mall Tiong Bahru Plaza

Tiong Bahru is famed for the food at Tiong Bahru Market and its trendy cafés and eateries

of $16.8 million about a decade ago.

This year, it underwent a three-month

renovation that was completed on May

20, and houses 259 market stalls and

83 hawker stalls. In addition to pop-

ular food stalls at the market, such

as Tiong Bahru Hainanese Boneless

Chicken Rice and Hong Heng Fried

Sotong Prawn Mee, which have re-

ceived the Michelin Bib Gourmand,

the trendy cafés and eateries in Tiong

Bahru such as Creamier, PS Café, Forty

Hands as well as PoTeaTo bistro and

café are also popular with foodies.

Highline Residences is also within

a five-minute walk of the Tiong Bahru

MRT station, which is just three sta-

tions away from Raffles Place. The

Tiong Bahru station is directly con-

nected to Tiong Bahru Plaza. The

215,000 sq ft mall reopened last year

after a $90 million refurbishment and

has 155 shops across its five sto-

reys. It is integrated with Central Pla-

za, an office tower, via an air-condi-

tioned linkway.

As Highline Residences is close to

Outram, which is located beside Sin-

gapore’s downtown, the commute to

the CBD by car takes just minutes. The

Outram Park MRT interchange current-

ly serves the East-West Line and the

North-East Line. It will also serve the

upcoming Thomson-East Coast Line,

which is slated to open in stages start-

ing from 2019. The TEL will connect

Outram Park to Orchard station, and its

famed shopping belt, in just two stops.

While developers have snapped up

more than 30 collective sale and Gov-

ernment Land Sales sites since 2016,

none of the sites have been in Tiong

Bahru. Therefore, the units still availa-

ble for sale at Highline Residences are

the last in the limited supply of new

homes in the coveted Tiong Bahru es-

tate. Three-bedroom units starting from

$2.05 million are still available, as are

four-bedroom units from $2.37 million

and penthouses from $4.26 million.

The architect for Highline Resi-

dences is Mok Wei Wei of W Archi-

tects, a practice famed for its inno-

vative and contemporary designs.

Highline Residences is expected to re-

ceive its Temporary Occupation Permit

in 1Q2018. In addition to a designer

home in one of Singapore’s most his-

toric and popular estates, residents

KEPP

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For more information on

Highline Residences, call 6273 3363.Sales gallery at 1 Kim Tian Road

open from 10am to 6pm.

EP10 • EDGEPROP | JANUARY 22, 2018

COVER STORY

| BY CECILIA CHOW & TIMOTHY TAY |

It could have been sheer coincidence, but

Jan 15 turned out to be an auspicious

date for marking significant milestones

at landmark developments. It was the

day Marina One and DUO — two newly

completed integrated developments with a

combined value of $11 billion — were offi-

cially opened by Malaysian Prime Minister

Najib Razak and Singapore Prime Minister

Lee Hsien Loong.

It was also the day Australian property group

Lendlease held its topping-out ceremony for the

first office tower at the $3.2 billion integrated

development, Paya Lebar Quarter (PLQ), with

Minister for National Development Lawrence

Wong as guest of honour.

Singapore-listed property group Frasers Cen-

trepoint celebrated the topping-out of its 38-sto-

rey Frasers Tower on Cecil Street on Jan 15 too.

‘Phenomenal take-up’“The take-up rate of these new projects has

been phenomenal,” says Christine Li, direc-

tor of research at Cushman & Wakefield, with

Marina One and DUO achieving close to 80%

occupancy rates, while Frasers Tower is more

than 70% taken up and PLQ is 50% pre-commit-

ted. “These projects are likely to reach almost

full occupancy by the end of 2018,” she adds.

The events tell a bigger story about Singa-

pore’s strong fundamentals and its growth as

a major international business destination,

notes Moray Armstrong, CBRE managing di-

rector — advisory & transactions. “All indica-

tors are pointing to stronger leasing activity, as

both existing and pipeline projects are record-

ing notable increases in commitment levels,

as evidenced by the swift take-up of space in

Frasers Tower and Paya Lebar Quarter,” he

says. “There is increasing realisation that the

market could be turning faster than expected.”

The Marina One integrated development

features Southeast Asia’s biggest premium of-

fice floor plates. They span 100,000 sq ft across

the 28th and 29th floors of the twin 30-storey

office towers. One of the 100,000 sq ft plates

has already been taken up by Swiss private

banking group, Bank Julius Baer. Social media

giant Facebook has taken up the other floor,

in addition to several other floors to occupy a

grand total of about 250,000 sq ft.

Tech companies growing office footprint“While all sectors have seen expansion, the

most rapid growth has been in the tech sector,”

says Chris Archibold, JLL head of leasing. “As

for financial institutions, the shrinking of of-

fice space prevalent in 2016 has abated. Most

of the moves are now expansionary.”

Although tech companies have been grow-

ing their footprint rapidly, financial institutions

are still the biggest occupiers of Grade-A office

space, says Archibold.

“Over time, there is definitely more room

for tech companies to grow bigger in the CBD,

especially when they tend to significantly in-

crease their space requirement every two years,

going by the historical trend,” notes Cushman

& Wakefield’s Li. With the dwindling CBD

supply and tight vacancy over the next three

years, some of these tech giants might run out

of space to expand in the micro-market, she

adds. That is when the possibility of moving

to decentralised locations opens up. “Current-

ly, there is no tech cluster in the CBD as well,”

she observes. “The risk of losing some of these

players is quite real.”

Rents to rise 15% to 20%Since economic prospects brightened, prime

Grade-A office has firmed up, with rents start-

ing to recover from 3Q2017, says Credit Su-

Demand for primeoffice space lifts off

Brighter economic prospects have led to increased demand for premium office space, with giant schemes such as Marina One, DUO, Paya Lebar Quarter and

Frasers Tower benefiting from a pickup in activity

Marina One’s light-up during its official opening ceremony on Jan 15

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EDGEPROP | JANUARY 22, 2018 • EP11

COVER STORY

isse in a report dated Jan 15. Big-ticket trans-

actions such as the sale of Asia Square Tower

2 for $2.09 billion last September and bullish

bids at government land sales have allowed

for cap rate compression, with a strong rental

rate recovery of 20% priced in, say Nicholas

Teh, Louis Chua and Daniel Lim, research ana-

lysts at Credit Suisse.

During 2017, the overall Grade-A CBD of-

fice rent grew by 6.6% to $9.20 psf per month,

says Cushman & Wakefield’s Li, compared with

a decline of 6.9% in 2016.

JLL’s projection is that premium office rents

should increase about 15% over the next 12

months and could see further increases of 2%

to 3% a quarter next year. Historically, among

the main real estate sectors, office has been the

most volatile. “Rents are never up just 2% to

3% a year,” says Archibold. “They tend to go

up relatively quickly in an upturn, and come

down relatively quickly too in a downturn.”

Generally, demand for office space averages

a million sq ft annually, notes Archibold. “We

were back to that figure in 2017,” he adds. His

expectation is that office demand in 2018 will

be around a million sq ft as well. In 2016, of-

fice demand totalled just half a million sq ft,

he says.

An estimated 1.65 million sq ft of new

Grade-A office space is expected to be com-

pleted by year-end, says JLL. In the CBD, they

include Frasers Tower (663,000 sq ft) and 18

Robinson, a redevelopment of Robinson Tower

into a new 137,000 sq ft of Grade-A office

tower. PLQ’s three office towers are also on

track to be completed by year-end, introduc-

ing 850,000 sq ft Grade-A office space to the

new commercial hub at Paya Lebar Central.

Marina One — major beneficiaryThese new developments have been among the

CONTINUES NEXT PAGE

DUO’s light-up during its official opening ceremony on Jan 15

Najib Razak, Prime Minister of Malaysia, and Lee Hsien Loong, Prime Minister of Singapore, at the official opening of Marina One and DUO by M+S

The topping-out ceremony of Frasers Tower was officiated by (from left) Tang; Panote; Kim Jung Chul, chief operating officer of the building works division at Hyundai Engineering & Construction; and Kwak Im Koo, project director of Hyundai Engineer-ing & ConstructionThe Oasis at Frasers Tower will feature a three-storey retail podium and greenery

Azman: [For Marina One,] we felt that there were two types of buyers — those who want to buy off-plan and those who want to buy a completed project

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Network Express (an alliance between Mitsui

OSK, K Lines and NYK Lines) has also taken

up 50,000 sq ft in the building.

Today, the 1.88 million sq ft of premium

office space at Marina One is more than 70%

taken up, with some tenants signing options to

expand within the development, says Azman

Yahya, chairman of M+S, the special-purpose

vehicle of sovereign wealth funds Khazanah

Nasional of Malaysia and Temasek Holdings

of Singapore, which developed the $7 billion

integrated development.

Marina One’s retail and residencesIn addition to the office towers, Marina One

contains twin 34-storey residential towers with

1,042 units. All four towers are centred around

a lush, “green heart” with more than 160,000

plant species.

The first four floors of Marina One com-

prise about 140,000 sq ft of retail space, more

than 80% of which has been taken up primar-

ily by F&B operators, says Kemmy Tan, CEO

of M+S. Signature restaurants on the fourth

floor are Japanese restaurant Wakanui Grill

and Majestic Chinese restaurant. On the third

floor, Virgin Active will open its biggest gym

in Singapore, with a rock climbing wall and

swimming pool. There is also a Cold Stor-

age supermarket and Cookhouse by Koufu.

“The retail tenants cater for both the people

working at Marina One as well as the resi-

dents,” says Tan.

M+S launched the first tower of 521 units

at Marina One Residences in October 2014 and

it is more than 80% sold.

The second tower at Marina One Residences

will be launched this year, says Azman of

M+S. “We felt that there are two types of

buyers — those who want to buy off-plan and

those who want to buy a completed project.”

Thus, it was a deliberate strategy to launch

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one tower off-plan, and hold the second tow-

er until completion.

DUO Tower — more than 70% leasedAnother integrated development by M+S is

DUO on Beach Road. Completed last year, the

$4 billion DUO contains the 660-unit DUO Res-

idences, the 570,000 sq ft Grade-A office space

at DUO Tower and Andaz Hotel.

DUO Tower is more than 70% leased, says

Azman. Anchor tenants include US pharma-

ceutical company Abbot, global payments firm

MasterCard and giant US energy group Chevron.

Activity is picking up, with Sumitomo Chem-

icals taking up 30,000 sq ft in the building.

DUO has about 56,000 sq ft of retail space,

and it is also more than 80% leased.

With the generally more upbeat market sen-

timent, Azman expects the commercial spaces

in both Marina One and DUO to achieve full

occupancy by year-end.

Frasers Tower — more than 70% taken upFrasers Tower, the 38-storey office tower sched-

uled for completion by year-end, is more than

70% leased; its retail podium has a take-up

rate of close to 50%. Frasers Tower’s first ma-

jor anchor tenants are Microsoft and French oil

and gas company Total Oil, which will take up

a combined total of 232,200 sq ft. Other ten-

most active. According to Corporate Locations

in its September market report, some compa-

nies that had signed five-year leases at histor-

ically high rents at the “mini-peak of 2011/12”

realised that they were able to move to more

efficient, newer office space while paying less

than their current overheads. “With the pros-

pect of limited medium-term supply, the larg-

er space users are also aware of the need to

make the decision to move within the next

12 months or wait another four years for the

next batch of new developments to come on-

stream,” says Douglas Dunkerley, director of

Corporate Locations.

Many of the large occupiers decided not to

wait until 2021, and this is one of the reasons

Marina One has been so successful, points out

Dunkerley. Besides Facebook and Bank Julius

Baer, some of the biggest tenants at Marina One

are The Bank of Tokyo Mitsubishi, BP, Pruden-

tial Assurance and PwC. Shipping group Ocean

EP12 • EDGEPROP | JANUARY 22, 2018

COVER STORY

ants at Frasers Tower include Sumitomo Corp,

Arup, Fonterra, Pacific Life and serviced of-

fice provider The Executive Centre. CBRE and

JLL were appointed joint marketing agents at

Frasers Tower.

“We are encouraged by the pre-commit-

ment of over 70% as a testament to Frasers

Tower’s being the top-of-mind choice for estab-

lished organisations to grow their business,”

says Christopher Tang, CEO of Frasers Centre-

point Singapore.

Located in the CBD and adjacent to the Tan-

jong Pagar MRT station, Frasers Tower is near

the upcoming Greater Southern Waterfront area.

When completed, Frasers Tower will have

663,000 sq ft in total net lettable area. The

38-storey office tower will have “community

zones” called The Sky, The Terrace and The

Park. Numazu, a sushi and sake bar from Ja-

pan, will be located at The Park.

Frasers Tower has a three-storey retail po-

dium with a roof garden called The Oasis. It

will have an eclectic mix of F&B outlets, from

new-to-market concept Ocha Fresh Thai to

perennial favourite Cedele. Cedele Group will

also bring in its other F&B concepts such as

Chiak, Cedele Bakery, Workspace Espresso

and Grain Bowl.

Standing 235m tall, Frasers Tower will have

floor plates of 20,000 to 22,000 sq ft that are

regular shaped and free of interior columns

for greater workspace efficiency. The develop-

ment has received the BCA Green Mark Plati-

num Award, in recognition of its environmen-

tally friendly features.

Paya Lebar Quarter — more than 50% leasedAt PLQ’s topping-out ceremony of the first of

three office towers, Lendlease said more than

half of the total office space of close to a mil-

lion sq ft is either leased, under final offer

or in advanced negotiations. Prospective tenants

include MNCs in the financial services, tech,

infrastructure and real estate sectors and

co-working providers as well as a premium

gym, says Tony Lombardo, Lendlease CEO,

Asia. “We hope to get a mix of local and inter-

national firms.”

The office towers at PLQ are expected to be

completed and occupied from September this

year. Average asking rents for the office space

at PLQ range from $7 to $8 psf per month.

PLQ is focused on health and wellness too.

There will be 100,000 sq ft of public landscaped

green spaces, walking and cycling paths integrat-

Frasers Tower, PLQ filling up ahead of completion

FROM PREVIOUS PAGE

The topping-out ceremony of Paya Lebar Quarter’s first office tower was officiated by (from left) Paine; Fatimah Lateef, member of parliament for Marine Parade; Wong; and Lendlease’s Lombardo and Ng

Artist’s impression of Paya Lebar Quarter by Lendlease, with three office towers, three residential towers and a mall linked to the Paya Lebar MRT interchange station

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ciency is still a key consideration, attracting

and retaining talent as well as staff productiv-

ity have become increasingly more important.

To have high productivity, you need a happy,

healthy workforce.”

Cushman & Wakefield’s Li agrees. “Compa-

nies are therefore willing to shell out extra for

prime office space with plush fit-outs to secure

top talent and boost their productivity,” she

says. “These relocations are often expansion-

ary, owing to the increasing trend of provid-

ing large breakout areas and leisure amenities,

which enable their staff to rejuvenate and re-

sume work with heightened focus and clarity.”

Transport linksProximity to transport hubs is also becoming

increasingly important to people. PLQ is linked

to the Paya Lebar MRT interchange for the East-

West and Circle Line, a 10-minute drive to the

CBD and a 15-minute drive to Changi Airport.

Frasers Centrepoint’s Frasers Tower is located

just across the street from the entrance to the

Tanjong Pagar MRT station on the East-West

Line, which is just one stop from the Raffles

Place MRT interchange station for the North-

South and East-West Lines. Frasers Tower is

also just a five- to seven-minute walk to the

Telok Ayer MRT station on the Downtown Line.

When the Thomson-East Coast Line is com-

pleted, Marina One will be linked to four MRT

lines, says M+S’s Azman. Meanwhile, DUO is

linked directly to the Bugis MRT Interchange

for the Downtown and East-West Lines.

‘Shadow space’People generally worry about the emerging “shad-

ow space” in older office buildings when big

tenants move to newer premises. According to

C&W Research, there was 172,000 sq ft of shad-

ow space in 2017, compared with an average

of 112,000 sq ft from 2014 to 2016. “Neverthe-

less, we believe these older spaces will eventu-

ally be taken up by cost-conscious tenants who

are unable to afford prime office rents,” says Li.

She sees these “backfill tenants” of older

office spaces having a diversified profile, and

include small finance, tech and professional

services companies. Co-working operators are

also a significant occupier, with Distrii taking

up space in Republic Plaza and WeWork leas-

ing three floors at 71 Robinson Road and Beach

Centre respectively.

And as “shadow space” gets filled, along

with the new office spaces, the outlook for the

office market is expected to brighten over the

next two years, says JLL’s Archibold.

ed into the wider Park Connector Network (PCN)

and end-of-trip facilities including showers, towel

service and secure lockers. To enable the future

10,000 workforce at the three office towers to

stay connected at PLQ outside their offices, the

landscaped green spaces will be WiFi enabled.

Beyond office The PLQ mall will have a total retail area of

340,00 sq ft, and will contain more than 200

shops with retail, entertainment and F&B of-

ferings, including a range of al fresco dining

options. Anchor tenants include a 22,000 sq

ft NTUC Fairprice Finest supermarket and a

15,000 sq ft Kopitiam food court. The mall

is scheduled for completion later this year.

More than 40% of the space has already

been pre-committed — either leased or un-

der final offer.

Park Place Residences, the residential ele-

ment in PLQ, has residential towers with 429

units. The first phase of 215 units was launched

last March and sold in a single day at an aver-

age of $1,801 psf, setting a new price bench-

mark for the area. The second phase is antic-

ipated to be released in 1H2018.

Designing the future workplace “The workplace of the future is going to be

more mobile, flexible and wellness-centric,”

says Ng Hsueh Ling, Lendlease chief invest-

ment officer for Asia. “To attract and retain the

best talent, progressive companies will require

sustainable modern workplaces that leverage

technology to benefit its employees and en-

hance productivity.”

To address the growing demand for flex-

ible spaces in Singapore, up to 15% of the

available office space across PLQ’s three of-

fice towers will be allocated to co-working

facilities designed to cater for both smaller

space users such as start-ups and established

small and medium-sized enterprises with larg-

er headcount requirements. “This approach is

designed to support the agility of businesses

within a flexible co-working and business en-

vironment,” adds Richard Paine, PLQ manag-

ing director at Lendlease.

The bigger trend around health and well-

ness is related to companies wanting to increase

staff productivity. “A couple of years ago, one

of the key drivers was centred around cost and

efficiency,” says JLL’s Archibold. “While effi-

Grade-A offi ce schemes to be completed in 2018

PROJECT DEVELOPER ESTIMATED FLOOR PLACE (SQ FT)

Frasers Tower (former Telok Ayer Performing Arts Centre) Frasers Centrepoint 663,000

18 Robinson (redevelopment of Robinson Tower) Tuan Sing Holdings 137,000

Paya Lebar Quarter Lendlease 850,000

Total 1,650,000

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Offi ce potential supply (Grade-A CBD)

URA,

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& W

AKEF

IELD

‘000 sq ft

2000

1500

1000

500

0

Frasers Tower/18 Robinson

BeachRoad

79 Robinson Road/Afro Asia Building/Hub Synergy Point

GoldenShoe

CentralBoulevard

Park Mall

Funan

2018 2019 2020 2021 2022

Marina Bay

Shenton Way/Tanjong Pagar

Bugis

City Hall/Marina CentreOrchard

Raffles Place

E

EDGEPROP | JANUARY 22, 2018 • EP13

OFFSHORE

Billionaire Wang Jianlin has

agreed to sell one of the larg-

est luxury residential projects

under development in London

as his Beijing-based Dalian

Wanda Group Co continues to shed

assets acquired in a spree that once

made the founder China’s richest man.

Two of the company’s units sold

their interests in the One Nine Elms

project on the south bank of London’s

River Thames for about £59 million

($108 million), according to a filing

on Jan 16 in Hong Kong. Guangzhou

R&F Properties Co is the buyer, accord-

ing to two people with knowledge of

the matter who asked not to be iden-

tified discussing private information.

The sale of a project billed as worth

£700 million at completion adds to

more than US$9 billion ($12 billion)

worth of disposals over the past 12

months as the real estate-to-enter-

tainment group responds to govern-

ment pressure to pare debt and fo-

cus overseas investments on assets

considered strategically important to

China. Wang’s Wanda Hotel Develop-

ment Co said last November that it

was doing a strategic review of its pro-

jects stretching from Sydney to Chi-

cago and would consider opportuni-

ties that create value for shareholders.

Pressure has mounted on Wang

to raise cash and cut debt after Fitch,

Standard & Poor’s and Moody’s Inves-

tors Service cut the flagship property

unit’s credit rating to junk over the

past few months.

Under the One Nine Elms sale

agreement, the purchaser will also as-

sume a £159.5 million loan owed by

Wanda Hotel, according to the state-

ment. A representative for R&F de-

clined to comment.

In July, R&F, one of China’s top 20

developers by contracted sales, agreed

to pay about US$3 billion for the 77

Wanda hotels, stepping in to ease fi-

nancing for the conglomerate’s sale

of its tourism and theme park pro-

jects to rival developer Sunac Chi-

na Holdings.

Last August, R&F and C C Land Hold-

ings, the owner of London’s Cheese-

grater tower, partnered to replace Dali-

an Wanda as the buyers of the adjacent

10-acre Nine Elms Square land. New-

home values have been slipping in the

district as developers compete to sell

apartments to overseas buyers.

Construction has begun on the

plot, which has planning approval for

an apartment tower of about storeys

and a five-star hotel. The developer

sought approval earlier this month to

enlarge the hotel into space previous-

ly planned as offices, according to a

filing to the borough.

Dalian Wanda paid £88.8 million

for the plot in 2013, a Land Registry

filing shows.

Meanwhile, the group is close to

reaching an agreement to sell two

Australian luxury property projects

— one in Sydney and one on the na-

tion’s Gold Coast, according to peo-

ple familiar with the matter.

The buyer is of Chinese origin,

said two of the people, who asked

not to be identified because discus-

sions are private. A deal could be

announced in the coming days, they

said. Dalian Wanda declined to com-

ment on Jan 18.

Last August, the group had said

that it was not in talks to sell its Aus-

tralian projects, following a report in

the Australian Financial Review that

parties were discussing a sale of the

Circular Quay tower and Jewel re-

sort projects.

Shares in Wanda Hotel surged as

much as 15% in Hong Kong trading

before closing at HK$1.38, up 3.8%,

on Jan 18. Wanda Hotel owns 60%

stakes in each of the Australian pro-

jects, a regulatory filing shows.

The group agreed in 2015 to buy

Gold Fields House at Sydney’s Cir-

cular Quay for A$414.7 million and

nearby Fairfax House for A$73 mil-

lion. Plans had included a 185m

tower and a 160-room five-star ho-

tel. Development costs are A$1.2 bil-

lion ($1.27 billion) for the Circular

Quay project and A$900 million for

the Jewel complex on the Gold Coast,

according to the group’s website. —

Bloomberg LP

After relinquishing the Nine Elms Square site last August, Wanda Dalian is now selling its interests in the adjacent One Nine Elms project

Dalian Wanda sells its London towers

| BY FREDERIK BALFOUR |

For the eighth year in a row, Hong Kong holds

the dubious distinction of being the world’s

least affordable city to buy a home. And yet,

as locals clamour to get a foothold on the prop-

erty ladder and wealthy Chinese seeking an off-

shore haven keep buying into the top end of the

market, demand for real estate continues to rise.

Prices of homes in the secondary market rose

14.4% in 2017 and could climb as much as 20%

this year if the stock market keeps roaring, says

Denis Ma, head of Hong Kong research at con-

sulting firm Jones Lang LaSalle. In November,

a four- bedroom house at the Mount Nicholson

development in the city’s Peak neighbourhood

sold for about US$148 million ($195.7 million),

or US$16,211 psf, a record sum in Asia. The

9,178 sq ft property has an elevator, pool, gar-

den and unobstructed views of Hong Kong and

Victoria Harbour.

For most foreigners, buying is not an op-

tion because of a 30% tax levied on purchases

by non-permanent residents as part of the gov-

ernment’s attempt to rein in prices. Overseas

hopefuls must live in the city for seven years

to satisfy the residency requirement; the stamp

duty levied on home purchases for locals is a

much lower 4.25%.

Even renters accustomed to high prices

should brace for serious sticker shock. “If you

bring your family from London or Sydney, you

are going to have to accept a different reality,”

says Steven McCrindle, partner in charge of Hong

Kong at executive search company Heidrick &

Struggles International. “You will probably end

up paying three to four times more in rent than

what you are used to in your home country.”

Nowhere is this more apparent than on the

Peak, the highest point on Hong Kong Island,

which comes with cooling maritime breezes

and city views. Sun Hung Kai Properties recent-

ly rented a 3,537 sq ft, three-storey, five- bedroom

villa complete with a pool and an elevator for

US$57,725 a month.

Less lofty, but immensely popular, are apart-

ments in Mid-Levels. Perched on the city’s steep

slopes, these high-rises are only minutes from

downtown but also have access to nearby na-

ture trails. Prices range from US$18,855 a month

for a 1,741 sq ft, three-bedroom apartment on

the 30th floor at Kerry Properties’ Branksome

Crest to US$23,000 for a 2,200 sq ft duplex at

Sun Hung Kai’s Dynasty Court.

For those who prefer a nostalgic taste of the

colonial era, the height of elegance is to rent

a Kadoorie Estates villa in Kowloon. The neigh-

bourhood is in such demand that on average only

one of its 86 houses becomes vacant each year,

says general manager Raymond Ho. This year’s

property, a 3,000 sq ft house with a walled gar-

den, just rented for US$31,950 a month.

A more vacation vibe awaits those who rent

at the 1,604-acre resort-style project called Dis-

covery Bay on Lantau Island, which is also home

to Hong Kong Disneyland. The project, a 25-min-

ute ferry ride into the city, was built by HKR

International and has a 27-hole golf course, an

inter national school and a 263-berth marina.

Private cars are banned — it is served only by

golf carts and buses. Prices can reach as high

as US$12,800 a month for a 1,995 sq ft duplex

with a terrace overlooking the beach and with-

in walking distance of the ferry pier, according

to Savills Hong Kong. Expatriate families make

up half of the enclave’s residents.

Another escape is Repulse Bay on the south

side of Hong Kong Island. A 20- minute ride from

downtown, it is favoured by expatriates because

of its proximity to the Hong Kong Internation-

al School, beaches and panoramic views of the

South China Sea. At the Lily, prices range from

US$21,850 a month for a 2,602 sq ft, three-bed-

room apartment on the 12th floor to US$58,500

for a penthouse duplex, according to Jones

Lang LaSalle, the property’s sole leasing agent.

For many, access to good schools is more

important than the commute time, says Stella

Abraham, head of residential leasing and reloca-

tion services at Jones Lang LaSalle. She says the

Drake, a new development by the Manhattan

Group in the Tuen Mun district of the New Terri-

tories, appeals to families with children enrolled

in the nearby Harrow International School. Rents

range from US$5,500 a month for a 1,934 sq ft

apartment to US$14,700 a month for a 4,510 sq

ft house with a small garden.

There is a natural limit to how far one can

move in search of more space. The Drake is al-

ready closer to the mainland than it is to down-

town, and the opening of a new bridge to Ma-

cau and China, expected later this year, will

bring more competition from those looking to

live close to the border. — Bloomberg LP

A guide to real estate in the priciest city on earth

E

E

Residential developments in Discovery Bay

PICT

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: BLO

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EP14 • EDGEPROP | JANUARY 22, 2018

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

Residential transactions with contracts dated Jan 2 to 9

District 1 MARINA ONE RESIDENCES Apartment 99 years Jan 04, 2018 1,507 3,616,770 - 2,400 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years Jan 02, 2018 1,507 3,831,525 - 2,543 2017 New SaleV ON SHENTON Apartment 99 years Jan 04, 2018 484 1,180,000 - 2,436 2017 Sub SaleDistrict 2 SPOTTISWOODE 18 Apartment Freehold Jan 03, 2018 506 960,000 - 1,898 2014 ResaleDistrict 3 ARTRA Apartment 99 years Jan 04, 2018 1,044 1,947,500 - 1,865 Uncompleted New SaleASCENTIA SKY Condominium 99 years Jan 08, 2018 1,475 1,930,000 - 1,309 2013 ResaleHIGHLINE RESIDENCES Condominium 99 years Jan 07, 2018 1,292 2,625,000 - 2,032 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Jan 07, 2018 1,292 2,587,500 - 2,003 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Jan 06, 2018 1,227 2,245,000 - 1,830 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Jan 06, 2018 1,152 2,301,750 - 1,998 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Jan 05, 2018 1,292 2,362,500 - 1,829 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Jan 05, 2018 1,292 2,662,500 - 2,061 Uncompleted New SaleLANDMARK TOWER Apartment 99 years Jan 02, 2018 1,033 1,035,000 - 1,002 1985 ResalePRINCIPAL GARDEN Condominium 99 years Jan 05, 2018 764 1,418,000 1,413,000 1,849 Uncompleted New SaleTHE CREST Condominium 99 years Jan 02, 2018 1,216 2,488,000 - 2,045 2017 Resale

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

District 4 REFLECTIONS AT KEPPEL BAY Condominium 99 years Jan 05, 2018 2,928 8,000,000 - 2,732 2011 ResaleDistrict 5 BLUE HORIZON Condominium 99 years Jan 03, 2018 1,152 1,195,000 - 1,038 2005 ResaleCHELSEA VILLAGE Terrace Freehold Jan 08, 2018 2,013 2,950,000 - 1,464 1993 ResaleLE HILL CONDOMINIUM Condominium Freehold Jan 05, 2018 1,012 1,070,000 - 1,058 1999 ResalePARC RIVIERA Condominium 99 years Jan 06, 2018 603 811,000 - 1,345 Uncompleted New SalePARC RIVIERA Condominium 99 years Jan 04, 2018 1,184 1,376,430 - 1,162 Uncompleted New SalePARC RIVIERA Condominium 99 years Jan 03, 2018 990 1,141,000 - 1,152 Uncompleted New SalePARC RIVIERA Condominium 99 years Jan 02, 2018 1,152 1,348,000 - 1,170 Uncompleted New SalePASIR PANJANG COURT Apartment Freehold Jan 09, 2018 1,346 1,635,000 - 1,215 Unknown ResaleTHE CLEMENT CANOPY Apartment 99 years Jan 02, 2018 990 1,462,000 - 1,476 Uncompleted New SaleTHE TRILINQ Condominium 99 years Jan 04, 2018 1,109 1,466,000 - 1,322 2017 New SaleDistrict 7 DUO RESIDENCES Apartment 99 years Jan 02, 2018 1,528 3,809,520 - 2,492 2017 New SaleDistrict 8 CITYLIGHTS Condominium 99 years Jan 09, 2018 1,442 1,880,000 - 1,303 2007 ResaleCITYLIGHTS Condominium 99 years Jan 02, 2018 893 1,310,000 - 1,466 2007 ResaleFORTE SUITES Apartment Freehold Jan 07, 2018 678 1,305,100 - 1,925 2016 New SaleKENTISH LODGE Apartment 99 years Jan 05, 2018 1,184 950,000 - 802 1998 ResaleKERRISDALE Condominium 99 years Jan 02, 2018 1,281 1,500,000 - 1,171 2005 ResaleRESIDENCES @ SOMME Apartment Freehold Jan 02, 2018 635 780,000 - 1,228 2008 ResaleSTURDEE RESIDENCES Condominium 99 years Jan 04, 2018 947 1,459,800 - 1,541 Uncompleted New SaleDistrict 9 HELIOS RESIDENCES Apartment Freehold Jan 08, 2018 1,701 3,980,000 - 2,340 2011 ResaleMARTIN EDGE Apartment Freehold Jan 02, 2018 517 850,000 - 1,645 2006 ResaleNEWTON EDGE Apartment Freehold Jan 08, 2018 463 935,000 - 2,020 2011 ResaleRESIDENCES @ KILLINEY Apartment Freehold Jan 05, 2018 1,076 2,080,000 - 1,932 2012 ResaleRIVERGATE Apartment Freehold Jan 05, 2018 1,507 3,056,888 - 2,029 2009 ResaleSOPHIA HILLS Condominium 99 years Jan 05, 2018 1,023 2,025,000 - 1,980 Uncompleted New SaleTHE INSPIRA Condominium Freehold Jan 03, 2018 1,249 2,380,000 - 1,906 2009 ResaleTHE TRILLIUM Condominium Freehold Jan 04, 2018 1,399 2,875,000 - 2,055 2010 ResaleTHE WHARF RESIDENCE Condominium 999 years Jan 08, 2018 1,066 2,105,000 - 1,975 2012 ResaleTHE WHARF RESIDENCE Condominium 999 years Jan 03, 2018 1,475 2,780,000 - 1,885 2012 ResaleURBANA Condominium Freehold Jan 05, 2018 1,475 2,750,000 - 1,865 2007 ResaleWILKIE 87 Apartment Freehold Jan 03, 2018 1,227 1,620,000 - 1,320 2004 ResaleDistrict 10 AVALON Condominium Freehold Jan 05, 2018 2,239 3,930,000 - 1,755 1999 ResaleD’LEEDON Condominium 99 years Jan 03, 2018 5,134 6,800,000 - 1,324 2014 ResaleDRAYCOTT DRIVE Apartment Freehold Jan 04, 2018 1,507 3,080,000 - 2,044 2000 ResaleFOUR SEASONS PARK Condominium Freehold Jan 05, 2018 2,260 6,682,820 - 2,956 1994 ResaleGALLOP GABLES Condominium Freehold Jan 04, 2018 1,733 3,000,000 - 1,731 1997 ResaleGALLOP GREEN Condominium Freehold Jan 03, 2018 3,261 5,660,000 - 1,735 2002 ResaleGOODWOOD RESIDENCE Condominium Freehold Jan 02, 2018 2,831 5,200,000 - 1,837 2013 ResaleHOLLAND ROAD Detached 947 years Jan 02, 2018 12,110 12,400,000 - 1,024 Unknown ResaleJAYA TOWER Apartment Freehold Jan 08, 2018 2,142 3,350,000 - 1,564 1979 ResaleLE NOUVEL ARDMORE Condominium Freehold Jan 04, 2018 3,821 15,660,100 - 4,098 2014 ResaleONE JERVOIS Condominium Freehold Jan 08, 2018 990 1,665,000 - 1,681 2009 ResaleORCHARD BEL AIR Condominium 99 years Jan 05, 2018 3,208 4,300,000 - 1,341 1984 Resale

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

| BY TIMOTHY TAY |

Robertson Quay, the enclave on the Singapore

River, has traditionally been more idyllic

and residential compared with Clarke Quay

and Boat Quay, which are more commercial,

with bars, clubs and restaurants.

The opening of new F&B concepts, including those

at RB Capital’s revamp of the former Quayside retail

podium, has brought a livelier buzz to the area. The

latest debut is Intercontinental Singapore Robertson

Quay last December.

When URA announced that it was going to launch

the former Zouk site on Jiak Kim Street, it stirred

further interest. The site, which is zoned for a new

residential development, was sold to Frasers Centre-

point, which submitted the highest bid of $955.4 mil-

lion, or $1,733 psf per plot ratio, beating nine others

to win the site.

The Jiak Kim Street site is “a rare location”, ac-

cording to Frasers Centrepoint Singapore CEO Chris-

topher Tang, upon winning the site. It sits right on

the edge of the Singapore River.

It is not just GuocoLand’s 450-unit Martin Mod-

ern located at Martin Place across the road that has

benefited. The sale of the site has also stoked interest

in other condominiums in the Robertson Quay area.

The week of Jan 2 to 9 saw a 1,507 sq ft, three-bed-

room unit on the 19th floor at the Rivergate condo-

minium sold for $3.06 million ($2,029 psf) on Jan 5.

The 545-unit, freehold condo developed by Capita-

Land and Hwa Hong Corp was completed in 2009.

Rivergate is the only high-rise condo in the Robertson

Quay area fronting the Singapore River and contains

three 43-storey towers, dwarfing the shorter towers,

which that are typically 10 storeys.

Since October, two- and three-bedroom units at

Rivergate have changed hands at prices above $2,000

psf. The last transaction of a similar-sized three-bed-

der at Rivergate was last October. The unit was sold

for $2.9 million ($1,897 psf), according to a caveat

lodged on Oct 26.

Nearby on Martin Road is a boutique nine-unit

development, Martin Edge, developed by Macly

Group and completed in 2006. The latest transac-

tion at Martin Edge was that of a 517 sq ft, one-bed-

room unit that changed hands for $850,000 ($1,645

psf) on Jan 2. The last transaction prior to that was

that of a 936 sq ft, one-bedroom unit located on the

sixth floor that was sold for $1.46 million ($1,555

psf) in November 2012.

On Tong Watt Road, just off Mohamed Sultan

Road is The Wharf Residence, a 186-unit, 999-year

leasehold development by CapitaLand. Completed in

2012, the development contains 13 retrofitted terraced

houses and four 10- to 23-storey condominium blocks.

Two units at The Wharf Residence changed hands

recently. One was a 1,475 sq ft, three-bedder on the

10th floor that fetched $2.78 million ($1,885 psf)

when it was sold on Jan 3. The other unit sold was

a 1,066 sq ft, two-bedder for $2.11 million ($1,975

psf) on Jan 8.

On the other side of the Singapore River is Kim

Seng Road. The Trillium, a 237-unit freehold con-

do by Lippo Realty, was completed in 2010. Located

just across the road from Great World City mall, the

development is also popular with potential buyers,

as it will be directly across the road from the upcom-

ing Great World MRT station as well.

A 1,399 sq ft, two-bedroom unit on the 21st floor

of one of the three towers at The Trillium was sold for

$2.88 million ($2,055 psf) on Jan 4. The unit fetched

$2.55 million ($1,821 psf) when it was launched by

the developer in May 2007. E

Interest picks up in Robertson Quay

DONE DEALS

The condos in the Robertson Quay area have seen a jump in interest with the surge in real estate activity in the vicinity, including the opening of two hotels

SAM

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EDGEPROP | JANUARY 22, 2018 • EP15

Residential transactions with contracts dated Jan 2 to 9

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

THE SIERRA Apartment 947 years Jan 03, 2018 1,206 1,648,000 - 1,367 1998 ResaleTHE SOLITAIRE Condominium Freehold Jan 02, 2018 2,164 3,600,000 - 1,664 2009 ResaleDistrict 11 AMARYLLIS VILLE Condominium 99 years Jan 04, 2018 657 1,010,000 - 1,538 2004 ResaleJALAN BAHASA Detached Freehold Jan 04, 2018 8,913 14,000,000 - 1,571 2014 ResaleNINETEEN SHELFORD ROAD Condominium Freehold Jan 09, 2018 947 1,480,000 - 1,562 1997 ResaleNINETEEN SHELFORD ROAD Condominium Freehold Jan 08, 2018 861 1,350,000 - 1,568 1997 ResaleNINETEEN SHELFORD ROAD Condominium Freehold Jan 03, 2018 1,561 1,920,000 - 1,230 1997 ResalePARK INFINIA AT WEE NAM Condominium Freehold Jan 05, 2018 1,130 2,223,000 - 1,967 2008 ResaleSHELFORD 23 Apartment Freehold Jan 03, 2018 1,346 2,120,000 - 1,576 2011 ResaleSOLEIL @ SINARAN Condominium 99 years Jan 05, 2018 1,722 3,250,000 - 1,887 2011 ResaleSUITES @ NEWTON Apartment Freehold Jan 03, 2018 484 950,000 - 1,961 2016 ResaleTHE RESIDENCES AT BARKER Detached Freehold Jan 03, 2018 4,338 7,300,000 - 1,684 2004 ResaleDistrict 12 GEM RESIDENCES Condominium 99 years Jan 06, 2018 1,249 1,760,000 - 1,410 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Jan 05, 2018 980 1,538,460 - 1,571 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Jan 05, 2018 1,313 1,987,000 - 1,513 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Jan 02, 2018 980 1,468,000 - 1,499 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Jan 02, 2018 936 1,395,000 - 1,490 Uncompleted New SaleREGENT RESIDENCES Apartment Freehold Jan 09, 2018 409 688,888 - 1,684 2015 ResaleVISTA RESIDENCES Condominium Freehold Jan 02, 2018 1,335 2,000,000 - 1,498 2013 ResaleDistrict 13 BARTLEY RIDGE Condominium 99 years Jan 09, 2018 980 1,310,000 - 1,337 2016 ResaleBLOSSOMS @ WOODLEIGH Condominium Freehold Jan 02, 2018 1,206 1,638,000 - 1,359 2007 ResaleHAPPY AVENUE EAST Terrace Freehold Jan 08, 2018 2,067 2,250,000 - 1,087 1958 ResaleDistrict 14 ASTORIA PARK Condominium 99 years Jan 09, 2018 958 958,000 - 1,000 1995 ResaleATRIUM RESIDENCES Apartment Freehold Jan 04, 2018 1,023 1,008,888 - 987 2008 ResaleCENTRAL GROVE Condominium 99 years Jan 04, 2018 1,259 1,350,000 - 1,072 2001 ResaleEUHABITAT Condominium 99 years Jan 04, 2018 635 669,000 - 1,053 2015 ResaleEUHABITAT Condominium 99 years Jan 02, 2018 549 640,000 - 1,166 2015 ResaleIDYLLIC SUITES Apartment Freehold Jan 09, 2018 441 570,000 - 1,292 2014 ResaleIDYLLIC SUITES Apartment Freehold Jan 09, 2018 441 560,000 - 1,269 2014 ResaleJALAN KEMBANGAN Terrace Freehold Jan 04, 2018 2,659 4,000,000 - 1,503 2017 ResaleLORONG MARZUKI Terrace Freehold Jan 04, 2018 2,153 2,630,000 - 1,220 1974 ResaleMALAYSIA PARK Terrace Freehold Jan 09, 2018 3,423 3,720,000 - 1,085 1971 ResalePARK 1 SUITES Apartment Freehold Jan 03, 2018 1,098 1,373,000 - 1,251 2017 New SaleREZI 35 Apartment Freehold Jan 04, 2018 850 1,196,500 - 1,407 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Jan 04, 2018 1,033 1,500,700 - 1,452 2017 New SaleSIMS URBAN OASIS Condominium 99 years Jan 03, 2018 1,033 1,605,600 - 1,554 2017 New SaleSIMS URBAN OASIS Condominium 99 years Jan 02, 2018 1,033 1,592,100 - 1,541 2017 New SaleSIMS URBAN OASIS Condominium 99 years Jan 02, 2018 1,033 1,585,500 - 1,534 2017 New SaleSIMS URBAN OASIS Condominium 99 years Jan 02, 2018 1,033 1,598,900 - 1,547 2017 New SaleSIMS URBAN OASIS Condominium 99 years Jan 02, 2018 1,033 1,635,800 - 1,583 2017 New SaleTHE NAVIAN Apartment Freehold Jan 07, 2018 667 1,022,000 - 1,531 Uncompleted New SaleWING FONG MANSIONS Apartment Freehold Jan 02, 2018 1,238 860,000 - 695 1997 ResaleDistrict 15 11 AMBER ROAD Apartment Freehold Jan 05, 2018 1,507 2,088,000 - 1,386 2004 ResaleAMBER RESIDENCES Condominium Freehold Jan 04, 2018 1,249 1,700,000 - 1,361 2011 ResaleCANTIZ @ RAMBAI Apartment Freehold Jan 03, 2018 850 1,000,000 - 1,176 2010 ResaleCARPMAEL THIRTY-EIGHT Apartment Freehold Jan 07, 2018 1,076 1,785,600 - 1,659 Uncompleted New SaleCASTLE LOFT Apartment Freehold Jan 05, 2018 657 700,000 - 1,066 1996 ResaleCOSTA RHU Condominium 99 years Jan 08, 2018 1,012 1,168,000 - 1,154 1997 ResaleFLAMINGO VALLEY Condominium Freehold Jan 05, 2018 1,238 1,862,189 - 1,504 2014 ResaleHAIG 162 Apartment Freehold Jan 09, 2018 484 680,000 - 1,404 2013 ResaleHAIG 162 Apartment Freehold Jan 04, 2018 2,056 1,680,000 - 817 Unknown ResalePARK EAST Condominium Freehold Jan 08, 2018 1,722 1,880,000 - 1,092 1994 ResaleSEASIDE RESIDENCES Apartment 99 years Jan 07, 2018 1,087 1,970,000 - 1,812 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Jan 06, 2018 1,259 2,007,000 - 1,594 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Jan 06, 2018 1,259 2,018,000 - 1,602 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Jan 02, 2018 1,023 1,588,000 - 1,553 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Jan 02, 2018 1,259 2,041,000 - 1,621 Uncompleted New SaleSILVERSEA Condominium 99 years Jan 08, 2018 980 1,420,000 - 1,450 2014 ResaleSPRINGVALE Apartment Freehold Jan 02, 2018 969 1,088,000 - 1,123 1995 ResaleTHE SHORE RESIDENCES Condominium 103 years Jan 02, 2018 1,378 2,200,000 - 1,597 2014 ResaleVILLA MARINA Condominium 99 years Jan 03, 2018 1,496 1,220,000 - 815 1999 ResaleWATER PLACE Condominium 99 years Jan 03, 2018 1,216 1,505,000 - 1,237 2004 ResaleDistrict 16 CASA FLORA Condominium Freehold Jan 02, 2018 1,808 1,540,000 - 852 1987 ResaleEAST MEADOWS Condominium 99 years Jan 04, 2018 1,378 1,300,000 - 944 2001 ResaleECO Condominium 99 years Jan 04, 2018 840 1,150,000 - 1,370 2017 Sub SaleGRANDEUR PARK RESIDENCES Condominium 99 years Jan 02, 2018 624 998,000 - 1,599 Uncompleted New SaleIDYLLIC EAST Apartment Freehold Jan 02, 2018 1,927 1,950,000 - 1,012 2010 ResaleRICH EAST GARDEN Condominium Freehold Jan 08, 2018 2,443 2,160,000 - 884 1983 ResaleTHE BAYSHORE Condominium 99 years Jan 09, 2018 1,238 1,180,000 - 953 1997 ResaleWATERFRONT ISLE Condominium 99 years Jan 05, 2018 592 725,000 - 1,225 2015 ResaleWATERFRONT ISLE Condominium 99 years Jan 02, 2018 1,152 1,255,000 - 1,090 2015 ResaleDistrict 17 LOYANG VALLEY Condominium 99 years Jan 08, 2018 1,001 730,000 - 729 1985 ResaleLOYANG VALLEY Condominium 99 years Jan 05, 2018 1,873 1,200,000 - 641 1985 ResaleDistrict 18 D’NEST Condominium 99 years Jan 05, 2018 936 950,000 - 1,014 2017 Sub SaleEASTPOINT GREEN Condominium 99 years Jan 04, 2018 969 800,000 - 826 1999 ResaleLIVIA Condominium 99 years Jan 05, 2018 1,539 1,330,000 - 864 2011 ResaleLIVIA Condominium 99 years Jan 03, 2018 1,410 1,230,000 - 872 2011 ResaleTHE ALPS RESIDENCES Condominium 99 years Jan 06, 2018 1,066 1,191,000 - 1,118 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Jan 06, 2018 1,087 1,196,000 - 1,100 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Jan 06, 2018 1,087 1,174,000 - 1,080 Uncompleted New SaleTHE TROPICA Condominium 99 years Jan 04, 2018 1,238 965,000 - 780 2000 ResaleDistrict 19 BEAUTY GARDEN Terrace 999 years Jan 05, 2018 2,519 2,250,000 - 893 Unknown ResaleBOATHOUSE RESIDENCES Condominium 99 years Jan 04, 2018 1,109 970,000 - 875 2015 ResaleCENTRAL VIEW Condominium 99 years Jan 04, 2018 1,292 1,100,000 - 852 2002 ResaleCENTRAL VIEW Condominium 99 years Jan 02, 2018 1,259 1,060,000 - 842 2002 ResaleEDEN GROVE Terrace Freehold Jan 03, 2018 1,873 2,000,000 - 1,070 Unknown ResaleFOREST WOODS Condominium 99 years Jan 07, 2018 947 1,438,000 - 1,518 Uncompleted New SaleFOREST WOODS Condominium 99 years Jan 06, 2018 915 1,365,000 - 1,492 Uncompleted New SaleGOLDEN HILL ESTATE Terrace Freehold Jan 08, 2018 1,679 2,530,000 - 1,503 1976 ResaleKENSINGTON PARK CONDOMINIUM Condominium 999 years Jan 02, 2018 1,658 1,780,000 - 1,074 1990 ResaleLANGE ROAD Terrace 999 years Jan 02, 2018 1,884 2,800,000 - 1,489 Unknown ResaleONE ROSYTH Apartment 999 years Jan 08, 2018 2,024 1,800,000 - 889 2011 ResalePARK GREEN EC 99 years Jan 04, 2018 1,356 930,000 - 686 2004 ResalePARK GREEN EC 99 years Jan 02, 2018 2,164 1,545,000 - 714 2004 ResalePARRY AVENUE Semi-Detached 999 years Jan 02, 2018 2,443 2,320,000 - 949 1994 Resale

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

RIVERSAILS Condominium 99 years Jan 04, 2018 1,184 1,120,000 - 946 2016 ResaleRIVERSAILS Condominium 99 years Jan 04, 2018 980 950,000 - 970 2016 ResaleRIVERSAILS Condominium 99 years Jan 03, 2018 517 630,000 - 1,219 2016 ResaleSERANGOON GARDEN ESTATE Terrace 999 years Jan 04, 2018 2,153 2,600,000 - 1,208 Unknown ResaleSTARS OF KOVAN Apartment 99 years Jan 07, 2018 969 1,527,000 - 1,576 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Jan 06, 2018 743 1,083,600 - 1,459 Uncompleted New SaleTHE FLORIDA EC 99 years Jan 03, 2018 1,313 950,000 - 723 2000 ResaleTHE MORNING GLORY Apartment Freehold Jan 09, 2018 1,033 930,000 - 900 2003 ResaleTHE MORRIS RESIDENCES Terrace Freehold Jan 04, 2018 3,692 2,750,000 - 745 2016 ResaleUPPER PAYA LEBAR ROAD Detached Freehold Jan 08, 2018 5,038 4,300,000 - 854 1959 ResaleDistrict 20 GRANDEUR 8 Condominium 99 years Jan 05, 2018 1,195 1,300,000 - 1,088 2005 ResaleISLAND COUNTRY VILLAS Semi-Detached 99 years Jan 02, 2018 2,411 2,080,000 - 863 1999 ResaleSEMBAWANG HILLS ESTATE Terrace Freehold Jan 09, 2018 1,808 2,832,888 - 1,565 1998 ResaleSKY VUE Condominium 99 years Jan 03, 2018 807 1,310,000 - 1,623 2016 ResaleTHOMSON GARDEN ESTATE Terrace Freehold Jan 04, 2018 893 1,500,000 - 1,687 Unknown ResaleDistrict 21 BUKIT REGENCY Condominium Freehold Jan 05, 2018 1,399 1,488,889 - 1,064 1995 ResaleBUKIT REGENCY Condominium Freehold Jan 04, 2018 1,432 1,450,000 - 1,013 1995 ResaleENG KONG PLACE Terrace Freehold Jan 03, 2018 1,981 2,550,000 - 1,290 Unknown ResaleHIGH OAK CONDOMINIUM Condominium 99 years Jan 05, 2018 1,216 1,060,000 - 871 1999 ResalePANDAN VALLEY Condominium Freehold Jan 08, 2018 3,089 2,800,000 - 906 1978 ResalePANDAN VALLEY Condominium Freehold Jan 04, 2018 1,668 1,900,000 - 1,139 1978 ResaleSIAN TUAN AVENUE Semi-Detached 999 years Jan 05, 2018 3,434 7,250,000 - 2,113 2017 ResaleSUNSET WAY Semi-Detached Freehold Jan 04, 2018 4,446 5,500,000 - 1,237 Unknown ResaleTHE BEVERLY Apartment Freehold Jan 03, 2018 3,660 2,850,000 - 779 2012 ResaleDistrict 22 LAKE GRANDE Condominium 99 years Jan 02, 2018 1,152 1,595,000 - 1,385 Uncompleted New SaleLAKE GRANDE Condominium 99 years Jan 02, 2018 1,152 1,600,000 - 1,389 Uncompleted New SalePARC OASIS Condominium 99 years Jan 02, 2018 1,507 1,325,000 - 879 1994 ResaleSUMMERDALE EC 99 years Jan 02, 2018 1,270 828,000 - 652 2000 ResaleTHE CENTRIS Apartment 99 years Jan 03, 2018 1,087 1,050,000 - 966 2009 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years Jan 05, 2018 1,001 1,310,000 - 1,309 2014 ResaleWESTVILLE Terrace 99 years Jan 02, 2018 1,647 1,272,180 - 772 1998 ResaleDistrict 23 CHESTERVALE EC 99 years Jan 04, 2018 1,410 840,000 - 596 1999 ResaleGUILIN VIEW Condominium 99 years Jan 04, 2018 1,259 875,000 - 695 1999 ResaleHILLBROOKS Condominium Freehold Jan 02, 2018 1,098 1,100,000 - 1,002 1999 ResaleHILLVIEW REGENCY Condominium 99 years Jan 04, 2018 904 785,000 - 868 2005 ResaleHILLVIEW REGENCY Condominium 99 years Jan 04, 2018 1,119 880,000 - 786 2006 ResaleINZ RESIDENCE EC 99 years Jan 07, 2018 1,012 870,000 - 860 Uncompleted New SaleINZ RESIDENCE EC 99 years Jan 06, 2018 1,012 826,000 - 816 Uncompleted New SaleINZ RESIDENCE EC 99 years Jan 06, 2018 990 858,000 - 866 Uncompleted New SaleINZ RESIDENCE EC 99 years Jan 05, 2018 990 839,000 - 847 Uncompleted New SaleINZ RESIDENCE EC 99 years Jan 03, 2018 1,012 866,000 - 856 Uncompleted New SaleMAYSPRINGS Apartment 99 years Jan 05, 2018 915 820,000 - 896 1998 ResaleSOL ACRES EC 99 years Jan 03, 2018 1,098 875,000 - 797 Uncompleted New SaleTHE DEW EC 99 years Jan 03, 2018 1,206 1,037,000 - 860 2003 ResaleTHE HILLIER Apartment 99 years Jan 02, 2018 517 770,000 - 1,490 2016 ResaleDistrict 25 BEECHWOOD TERRACE Terrace 99 years Jan 02, 2018 2,196 1,950,000 - 886 1997 ResaleNORTHWAVE EC 99 years Jan 06, 2018 990 727,500 - 735 Uncompleted New SaleROSEWOOD Condominium 99 years Jan 08, 2018 1,173 860,000 - 733 2003 ResaleDistrict 26 FOREST HILLS CONDOMINIUM Condominium 99 years Jan 05, 2018 1,227 945,000 - 770 2003 ResaleHONG HENG MANSIONS Apartment Freehold Jan 05, 2018 926 760,000 - 821 1996 ResaleSEASONS PARK Condominium 99 years Jan 02, 2018 1,292 1,110,000 - 859 1997 ResaleTHE CALROSE Condominium Freehold Jan 02, 2018 1,410 1,810,000 - 1,284 2007 ResaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years Jan 07, 2018 1,098 1,445,320 - 1,316 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Jan 06, 2018 1,098 1,490,400 - 1,357 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Jan 06, 2018 1,152 1,455,440 - 1,264 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Jan 04, 2018 1,098 1,456,360 - 1,326 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Jan 03, 2018 1,163 1,529,040 - 1,315 Uncompleted New SalePARC LIFE EC 99 years Jan 07, 2018 1,001 824,670 - 824 Uncompleted New SalePARC LIFE EC 99 years Jan 05, 2018 1,109 840,510 - 758 Uncompleted New SalePARC LIFE EC 99 years Jan 04, 2018 1,066 940,500 - 883 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Jan 06, 2018 1,184 957,000 - 808 2017 New SaleSIGNATURE AT YISHUN EC 99 years Jan 04, 2018 764 599,000 - 784 2017 New SaleSYMPHONY SUITES Condominium 99 years Jan 07, 2018 1,023 1,033,900 - 1,011 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 07, 2018 1,023 1,044,000 - 1,021 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 07, 2018 1,023 1,087,000 - 1,063 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 06, 2018 1,023 1,155,000 - 1,129 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 05, 2018 786 886,000 - 1,128 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 05, 2018 915 973,000 - 1,063 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 04, 2018 1,023 1,059,000 - 1,036 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 03, 2018 915 973,000 - 1,063 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 03, 2018 1,023 1,044,000 - 1,021 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 03, 2018 893 991,000 - 1,109 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 03, 2018 1,023 1,069,000 - 1,045 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 02, 2018 1,023 1,015,000 - 993 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Jan 02, 2018 915 1,000,000 - 1,093 Uncompleted New SaleTHE BROWNSTONE EC 99 years Jan 07, 2018 915 756,000 - 826 2017 New SaleTHE BROWNSTONE EC 99 years Jan 07, 2018 969 796,800 - 822 2017 New SaleTHE BROWNSTONE EC 99 years Jan 04, 2018 936 754,400 - 806 2017 New SaleTHE CRITERION EC 99 years Jan 07, 2018 1,249 992,800 - 795 Uncompleted New SaleTHE CRITERION EC 99 years Jan 04, 2018 1,098 844,000 - 769 Uncompleted New SaleYISHUN EMERALD Condominium 99 years Jan 03, 2018 1,335 850,000 - 637 2002 ResaleYISHUN SAPPHIRE Condominium 99 years Jan 04, 2018 1,356 971,000 - 716 2001 ResaleDistrict 28 BELGRAVIA VILLAS Semi-Detached Freehold Jan 05, 2018 3,961 3,600,000 - 909 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jan 07, 2018 506 670,000 - 1,324 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jan 07, 2018 506 668,000 - 1,320 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jan 06, 2018 581 778,000 - 1,338 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jan 05, 2018 581 771,000 - 1,326 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jan 03, 2018 667 857,000 - 1,284 Uncompleted New SalePARC BOTANNIA Condominium 99 years Jan 03, 2018 1,281 1,585,000 - 1,237 Uncompleted New SaleSELETAR HILLS ESTATE Terrace 999 years Jan 08, 2018 2,486 2,020,000 - 813 Unknown ResaleSELETAR HILLS ESTATE Semi-Detached Freehold Jan 05, 2018 3,401 2,800,000 - 822 Unknown ResaleTHE GREENWICH Condominium 99 years Jan 02, 2018 603 635,000 - 1,053 2014 Resale

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated Jan 16, 2018. 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.

EC stands for executive condominium

GAINS AND LOSSES

EP16 • EDGEPROP | JANUARY 22, 2018

Helios Residences unit sold at $1.39 mil loss

Top 10 gains and losses from Jan 2 to 9

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Most profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Pandan Valley 21 3,089 Jan 8 906 Aug 14, 1997 560 1,070,000 62 2 20.4

2 The Wharf Residence 9 1,475 Jan 3 1,885 June 11, 2009 1,221 980,000 54 5 8.6

3 11 Amber Road 15 1,507 Jan 5 1,386 July 7, 2006 772 925,000 80 5 11.5

4 Park Infinia At Wee Nam 11 1,130 Jan 5 1,967 Aug 1, 2008 1,212 853,000 62 5 9.4

5 Nineteen Shelford Road 11 1,561 Jan 3 1,230 March 23, 2000 705 820,000 75 3 17.8

6 Joo Chiat Apartment 15 2,056 Jan 4 817 March 15, 1996 427 802,000 91 3 21.8

7 Urbana 9 1,475 Jan 5 1,865 March 27, 2007 1,356 750,000 38 3 10.8

8 Villa Marina 15 1,496 Jan 3 815 May 30, 2003 370 670,000 122 6 14.6

9 Gallop Gables 10 1,733 Jan 4 1,731 July 10, 2009 1,380 608,460 25 3 8.5

10 Pasir Panjang Court 5 1,346 Jan 9 1,215 Aug 10, 2010 769 600,000 58 6 7.4

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Helios Residences 9 1,701 Jan 8 2,340 July 30, 2007 3,158 1,390,000 26 3 10.5

2 Goodwood Residence 10 2,831 Jan 2 1,837 April 21, 2010 1,964 360,000 6 1 7.7

3 The Greenwich 28 603 Jan 2 1,053 Oct 4, 2010 1,333 168,585 21 3 7.3

4 One Jervois 10 990 Jan 8 1,681 Aug 27, 2017 1,818 135,000 8 19 0.4

5 Residences @ Killiney 9 1,076 Jan 5 1,932 July 23, 2009 2,048 124,918 6 1 8.5

6 Amaryllis Ville 11 657 Jan 4 1,538 Oct 29, 2012 1,652 75,000 7 1 5.2

7 V On Shenton 1 484 Jan 4 2,436 Oct 10, 2012 2,554 57,000 5 1 5.2

8 Ascentia Sky 3 1,475 Jan 8 1,309 May 30, 2011 1,345 53,400 3 0.4 6.6

9 Haig 162 15 484 Jan 9 1,404 Aug 31, 2012 1,476 35,000 5 0.9 5.4

10 Costa Rhu 15 1,012 Jan 8 1,154 March 14, 2013 1,186 32,000 3 1 4.8

Note: Computed based on URA caveat data as at Jan 16 for private non-landed houses transacted between Jan 2 and 9. The profit-and-loss computation excludes transaction costs such as stamp duties.

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)DISTRICT SOLD ON (2018) BOUGHT ON LOSS ($) ANNUALISED LOSS (%)

Non-profi table deals

| BY ANGELA TEO |

A 1,701 sq ft, three-bed-

room unit at Helios Res-

idences changed hands

for $3.98 million ($2,340

psf), according to a ca-

veat lodged with URA Realis on

Jan 8. The seller registered a $1.39

million loss, as the unit was pur-

chased for $5.37 million ($3,158

psf) in July 2007, a month after

Helios Residences was launched.

This transaction accounted for

the highest loss among non-land-

ed units sold between Jan 2 and

9. The recent buyer of the unit at

Helios Residences is a Singapore-

an, according to URA caveat data.

The 140-unit freehold Helios

Residences was completed in 2011,

and with its cantilevered swimming

pool and cascading greenery, it is

one of the most outstanding de-

velopments in the prime Cairn-

hill area in District 9. The prop-

erty is within walking distance of

Paragon shopping centre and oth-

er malls along the Orchard Road

shopping belt.

Meanwhile, at Pandan Valley in

District 21, a 3,089 sq ft, three-bed-

room unit on the fifth floor of the

freehold condominium changed

hands for $2.8 million ($906 psf),

according to a caveat lodged with

URA Realis on Jan 8.

The three-bedroom unit was last

sold for $1.73 million ($560 psf)

more than 20 years ago, accord-

ing to a caveat lodged in August

1997. Therefore, the seller realised

a gain of $1.07 million, or 61.84%.

The recent sale at Pandan Valley

was considered the most profit-

able deal between Jan 2 and 9.

Pandan Valley is a 623-unit de-

velopment completed in 1977 and

sits on a sprawling 871,884 sq ft

site. There has been speculation

as to whether the owners of Pan-

dan Valley would embark on a col-

lective sale, as the owners at the

neighbouring Ridgewood Condo

are now mulling over theirs.

According to the matching of

URA caveat data as at Jan 16, most

of the 23 transactions at Pandan

Valley last year were sold at a prof-

it; only one registered a slight loss.

Developed by DBS Land, Pandan

Valley comprises 606 residential

and 17 commercial units.

The freehold Helios Residences at Cairnhill Circle was completed in 2011. Find the most affordable listing in the project at edgepr.link/HeliosResidences.

A 3,089 sq ft unit on the fifth floor of Pandan Valley condominium was sold at a $1.07 million (62%) profit. Find the most affordable listing in the project at edgepr.link/PandanValley.

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DEAL WATCH

EDGEPROP | JANUARY 22, 2018 • EP17

Recent rental contracts for shophousesin the vicinity of the property

LEASE DATE MONTHLY RENT $ $ PSF

July 2017 14,000 4.53

February 2017 5,632 4.80

December 2015 13,000 2.74

$

14,000

5,632

13,000

| BY ANGELA TEO |

A four-storey conservation shop-

house near Farrer Park has been

put on the market for $6.8 mil-

lion (about $1,700 psf). “Ap-

proval was given for a hostel

to operate within the shophouse,” says

marketing agent Van, associate division

director at ERA Realty. The property is

currently leased to a hostel operator at a

monthly rental rate of $12,000 for a five-

year period. As two years have gone by,

the lease will expire in three years.

The property sits on a freehold land area

of about 1,800 to 1,900 sq ft with an esti-

mated built-up area of about 4,000 sq ft.

It comes with parking space for one vehi-

cle. As the shophouse is zoned “residen-

tial with commercial at first storey” un-

Shophouse near Farrer Park going for $6.8 mil

Recent transactions of conservation shophousesin the area off Rangoon Road

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

July 14, 2014* 2,960 6,160,000 2,079

May 28, 2012 1,496 3,300,000 2,201

Sept 23, 2009 1,722 2,000,000 1,161*Caveat lodged for two shophouses

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der the 2014 Master Plan, the buyer will

be subject to the additional buyer’s stamp

duty (ABSD). The interiors of the property

have been refurbished, and it also sports

a roof terrace.

The latest rental transactions of com-

parable shophouses in the same location

off Rangoon Road were done in February

and July last year, according to URA Realis

data downloaded on Jan 16. The monthly

rental rate in the February transaction was

$5,632 ($4.80 psf) while the one in July

was $14,000 ($4.53 psf).

The last transaction in the vicinity

was in July 2014, when two freehold

shophouses zoned “residential with

commercial at first storey” under the

2014 Master Plan were sold for $6.16

million ($2,079 psf), according to cave-

ats lodged with URA Realis as at Jan 16.

The shophouses had a combined land

area of 2,960 sq ft.

Located within walking distance of the

Farrer Park MRT station, the shophouse that

is currently on the market is also within

walking distance of City Square Mall, which

has tenants such as Decathlon, NTUC Fair-

price and Golden Village.

Nearby is Connexion, an integrated

healthcare and hospitality complex with

medical, specialist and preventive medi-

cine centres as well as the 250-room One

Farrer Hotel & Spa.

According to ERA Realty’s Van, the property is currently leased out to a hostel operator at $12,000 a month

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EP18 • EDGEPROP | JANUARY 22, 2018

EDGEPROP | JANUARY 22, 2018 • EP19

EP20 • EDGEPROP | JANUARY 22, 2018