The new Courtyard by Marriott Singapore Novena is the latest hotel to open at Health City Novena. See our Cover Story on Pages 8 and 9.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of November 6, 2017 | ISSUE 804-26

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

Market TrendsMore government land sites rolled out for sale

EP3

New launchParc Botannia to be

launched at an averageprice of $1,280 psf EP4

En Bloc WatchFour collective sale sites

launched in fi ve days EP9

Done DealsUnit at Ardmore II sold for $2,678 psf

EP10

Hoi Hup unveils hotel at Royal Square at Novena

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Ascott to operate two Citadines serviced residences in SingaporeThe Ascott, a wholly-owned unit of Cap-

itaLand, is set to operate two new Cit-

adines-branded serviced residences in

Singapore: at the Golden Shoe Car Park

redevelopment at Raffles Place and the

redevelopment of The Verge in Rochor.

Comprising more than 600 units in

total, the two new serviced residences

will be the Ascott’s two largest proper-

ties in the city state. These two new ad-

ditions will bring the Citadines-branded

portfolio to five properties with a total of

989 units in Singapore, says Ervin Yeo,

Ascott’s regional general manager for

Singapore and Malaysia.

The 299-unit Citadines property in Raf-

fles Place will comprise studio apartments

(75% of rooms) as well as loft studios,

and one- and two-bedroom apartments.

Located within walking distance of the

Raffles Place MRT station, the eight-sto-

rey serviced residence is scheduled for

completion in 1H2021.

At Citadines Rochor Singapore (above,

left), about 80% of the 320 units will be

studio apartments; the remaining will be

one-bedroom and loft apartments. Lo-

cated within walking distance of the Ro-

chor MRT station, the property is sched-

uled to open in 2020.

Tiong Seng JV rescinds option to purchase Jervois Road sitesOn Nov 1, Tiong Seng Holdings’

60%-owned joint venture (JV) com-

pany TSky (Jervois), exercised its right

to rescind the option to purchase two

freehold Jervois Road sites. Ocean Sky

International owns the remaining 40%

stake in the JV.

Tiong Seng Holdings announced on

July 17 its plan to jointly acquire with

Ocean Sky International the two residen-

tial sites for $21 million. The two sites

have a combined site area of roughly

13,415 sq ft and a gross plot ratio of 1.4.

As the JV did not obtain the neces-

sary redevelopment approval for the

two sites from the relevant authorities,

however, TSky (Jervois) has decided to

rescind its right to purchase the proper-

ties, according to Tiong Seng.

The Warehouse Hotel wins at URA’s Architectural Heritage AwardsThe Warehouse Hotel (above, right) on

Havelock Road received an award for res-

toration and innovation at the 23rd URA

Architectural Heritage Awards. URA an-

nounced the winners of the award that

recognises sensitive restoration of Na-

tional Monuments and conserved build-

ings in Singapore.

According to URA, the 37-room hotel

clinched the accolade because thoughtful

restoration and sensitive integration of the

old and new helped safeguard the herit-

age value of the former godown, while

adapting it for use as a hotel. The Ware-

house Hotel, operated by the Lo & Be-

hold Group, opened its doors in January.

JTC launches Jalan Lam Huat siteJTC announced on Oct 31 that it had

launched an industrial site on Jalan

Lam Huat under the 2H2017 Industri-

al Government Land Sales (IGLS) pro-

gramme. This marks the fifth of eight

sites on the Confirmed List for 2H2017

to be launched so far.

Zoned for Business-2 development,

the 0.77ha site has a 20-year tenure and

a maximum permissible gross plot ratio

of 2.5. The site is strategically located in

the Northern industrial region, near the

Woodlands Wafer Fab Park, says JTC.

The tender closes on Dec 26.

Fifth straight month of price increases for completed private condosNUS announced on Oct 30 that overall

private condominium and apartment pric-

es rose 0.1% m-o-m in September, based

on the latest flash values of the Singapore

Residential Price Index Series. This marks

the fifth straight month of increase in the

overall SPRI, according to Nicholas Mak,

executive director of ZACD Group.

The SPRI Central index saw the strong-

est growth since April 2017, rising 3.9%

over the five-month period. This is due

to the limited supply of newly launched

private residential homes in the Central

Region, which causes buyers to turn to

the resale market, says Mak. In Septem-

ber, the Central index rose 0.4% m-o-m.

On the other hand, the SPRI Non-Cen-

tral index saw a 2.1% increase over the

same five-month period. The SPRI Small

Units index rose just 0.3% over the five-

month period, but registered the strong-

est growth for September alone, rising

0.9% m-o-m. Both the SPRI Non-Cen-

tral and Small Units indices are going

through a patchy recovery, notes Mak.

Property market sentiment highest in seven years:NUS-REDAS index Overall sentiment for the real estate

market stood at 6.6 in 3Q2017, a 0.5

point increase from 6.1 in 2Q2017, and

the highest since 1Q2010, when it was

6.8, according to the Real Estate Senti-

ment Index (RESI) released by the Na-

tional University of Singapore and the

Real Estate Developers’ Association of

Singapore (REDAS).

Both the indices reflecting current

and future sentiment rose from 2Q2017,

continuing the uptrend from 4Q2015.

Each quarter, NUS and REDAS hold

a survey among senior executives of

REDAS member firms to measure real

estate market sentiment in Singapore.

A score above 5 indicates improving

conditions.

The survey also found that respond-

ents seemed optimistic about the ongo-

ing collective sale fever even amid devel-

opment charge rate hikes. While 36.1%,

31.7% and 30% of respondents expect-

ed the revision of DC rates to have a sig-

nificant impact on the pricing of en bloc

sales, development costs, as well as the

number of en bloc sales, 60.9% of re-

spondents felt the hike would not curb

the collective sale fever.

Chinese investors continue to shift focus from US to Asia, says ColliersChinese investors continue to shift their

focus from the US to Asia. Of particular

interest are the Belt and Road markets

of Southeast Asia, which saw increased

capital flows, says a recent 3Q2017 re-

port on real estate investment in Asia

by Colliers International.

Markets such as Vietnam are already

seeing strong inbound interest from Chi-

nese investors. Hong Kong, Singapore and

Shanghai continue to be the top three in-

vestment destinations in Asia. — Compiled

by Timothy Tay and Angela Teo

EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY EDITOR | Lin ZhiqinWRITERS | Angela Teo, Timothy TayDIGITAL WRITER | Fiona Ho

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

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, COMMERCIAL OPERATIONS | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimSENIOR ACCOUNT MANAGER | Priscilla WongACCOUNT MANAGER |James Chua

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

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620

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PROPERTY BRIEFS

On Oct 30, The Edge Malaysia celebrated the 15th year

of The Edge Malaysia Property Excellence Awards

at a gala dinner at the Grand Hyatt Kuala Lumpur.

S P Setia maintained its leading position in the

Top Property Developer Award (TPDA). Its president

and CEO, Khor Chap Jen, as well as Sarena Cheah,

managing director of Sunway’s property division for

Malaysia and Singapore, were awarded the Outstand-

ing Property CEO Awards. Ter Leong Yap, founder

of Sunsuria, and Lee Tian Hock, founder of Matrix

Concepts Holdings, received the Outstanding Prop-

erty Entrepreneur Award.

The Edge Malaysia celebrates 15 years of Property Excellence Awards

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MARKET TRENDS

| BY ANGELA TEO |

On Oct 31, URA announced

that it would launch for sale

at a future date the 1.85ha

Fourth Avenue residential

site on the Reserve List.

“This is one of the more attractive

sites on the Reserve List of the cur-

rent Government Land Sales [GLS]

programme,” says Nicholas Mak, ex-

ecutive director of ZACD Group. A

developer had triggered the site for

sale after it committed to bid at no

less than $448.8 million ($1,249.92

psf per plot ratio) for the site.

This means the Fourth Avenue

site is the second Reserve List site

to be triggered for sale in just two

months. The previous site that was

triggered was the 1.35ha residential

site (with commercial on the first

level) on Jiak Kim Street at Robert-

son Quay. A developer had commit-

ted to submitting a minimum bid of

$689.353 million ($1,250 psf ppr).

Analysts are expecting bullish bids

for the Fourth Avenue site, which is

adjacent to the Sixth Avenue MRT sta-

tion and in the established residen-

tial estate of Bukit Timah. The site,

which has a gross floor area (GFA) of

359,066 sq ft, can be developed into a

455-unit residential project. Mak ex-

pects the Fourth Avenue site to draw

10 to 15 bids. “The top bid in the

tender for this site could range from

$500 million to $550 million ($1,392

to $1,532 psf ppr),” says Mak. This

year, most of the GLS sites for sale

have drawn more than 10 bids each.

The Fourth Avenue site is also in

the neighbourhood of the Eng Neo

Good Class Bungalow Area and the

Raffles Park GCBA. In the vicinity are

top schools such as Nanyang Girls’

High School, National Junior College

and Hwa Chong Institution.

Just 400m from the Fourth Avenue

GLS site is the 104-unit, freehold Roy-

alville, which was put up for collec-

tive sale in October at $368 million

($1,509 psf ppr). The 174,176 sq ft,

freehold site can be redeveloped into a

323-unit private condominium, assum-

ing an average size of 754 sq ft a unit.

If the Royalville site is successfully

sold, following the close of its ten-

der on Nov 10, this means 778 units

will be in the pipeline in the vicinity

The Chong Kuo Road site is located in an established residential area and accessible via the Seletar Expressway, according to URA

More government land sites rolled out for sale

of the Sixth Avenue MRT station.

Cuscaden RoadOn the Reserve List is also the 0.57ha

Cuscaden Road site, which is adjacent

to Camden Medical Centre and within

walking distance of the future Orchard

Boulevard MRT station on the Thom-

son East Coast Line. The site has a

permissible GFA of 172,482 sq ft, and

could yield a residential development

of 170 units. “Comparable land sales

in this prime location are few and far

between,” says ZACD’s Mak.

He expects the site to attract eight

to 15 bids and bid prices of $250 mil-

lion to $270 million ($1,450 to $1,565

psf ppr). “It is quite likely that the

Cuscaden Road site could be triggered

in the coming months,” says Mak. If

the collective sale fever continues to

push up land prices, he reckons that

could just be the catalyst to trigger

the launch of the Cuscaden Road site.

Almost all condominiums in the

vicinity of the Cuscaden Road site

are freehold, comments Mak. “Tom-

linson Heights and Cuscaden Resi-

dences, which are comparable devel-

opments nearby, have seen average

prices of $2,785 to $1,867 psf in recent

transactions,” he notes. The 70-unit

Tomlinson Heights was completed

in 2014, and the 150-unit Cuscaden

Residences was completed in 2002.

Chong Kuo RoadOver at Sembawang, the URA has

launched a 99-year leasehold site

along Chong Kuo Road on the Con-

firmed List for sale. The tender for

the site will close on Jan 30, and its

closing is batched with two other res-

idential sites that will be launched

for sale in November and December

located on Handy Road in Dhoby

Ghaut and Sumang Walk in Pung-

gol (an executive condo [EC] site).

ET&Co’s head of research, Lee Nai

Jia, says Kandis Residences, a 99-year

leasehold condominium project on

Jalan Kandis off Sembawang Road,

is a likely comparable to the site on

Chong Kuo Road. Tuan Sing had paid

$51.07 million ($481 psf ppr) for the

Jalan Kandis site in April 2016.

In the EC market, the number of

unsold units have slipped to just 698

in September — the lowest since Oc-

tober 2014, notes ZACD’s Mak. “At

the current rate of sales, the develop-

ers’ inventory of launched and unsold

EC units would be fully exhausted

in about two months if there are no

new launches for the rest of 2017.”

This makes the Sumang Walk EC

site attractive, notes Mak, as the devel-

oper will be able to capitalise on the

thinning EC supply by building a new

development of 815 units on the site. E

Just 400m away from the Fourth Avenue site is the freehold Royalville, which was put up for collective sale in October at $368 million ($1,509 psf ppr)

Adjacent to Camden Medical Centre, the Cuscaden Road site is expected to house 170 units, says URA

ZACD Group’s Mak expects the Fourth Avenue site, which is adjacent to the Sixth Avenue MRT station, to draw 10 to 15 bids

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EP4 • EDGEPROP | NOVEMBER 6, 2017

Parc Botannia to be launched at average price of $1,280 psf| BY CECILIA CHOW |

Parc Botannia, the 735-unit

private condominium by

Sing Holdings and Wee Hur

Holdings, previewed on the

weekend of Oct 28 and 29.

The project drew a crowd of near-

ly 4,000 visitors over the weekend.

Given the strong response, the de-

velopers are expected to launch the

project for sale on the weekend of

Nov 11 and 12.

About 250 units will be released

for sale in the first phase at an av-

erage price of $1,280 psf. “We en-

visage that we will need to sell the

units by balloting at the launch

weekend on Nov 11,” says Lee Sze

Hao, managing director and CEO of

Sing Holdings.

The project, located on Fernvale

Street, has a mix of one- to five-bed-

room units ranging from 431 to 1,679

sq ft. At least 62% of the units are

one- and two-bedroom types, priced

below $1 million.

Prices start from $548,000 for

one-bedroom units; $738,000 for

two-bedroom units; $937,000 for two-

bedroom-plus-study units; $1.04 mil-

lion for three-bedroom units, meas-

uring 861 to 1,163 sq ft; $1.3 million

for four-bedroom units, measuring

1,130 to 1,507 sq ft; and $1.6 million

for five-bedroom units, measuring

1,410 to 1,679 sq ft.

“We believe our units are attrac-

tively priced, given the high bid

prices submitted by developers in

recent land tenders,” says Lee. He

notes that the neighbouring 1,390-

unit High Park Residences, which

was launched in July 2015, was sold

out within 20 months of its launch.

“There hasn’t been a new launch

in the last two years,” notes Lee.

“Farther down, off Sengkang West

Way, private condos such as River-

bank @ Fernvale, Rivertrees Resi-

dences and H2O Residences are also

fully sold.”

In addition, after Parc Botannia,

there is no other government land

site (GLS) in the vicinity of Jalan

Kayu and Fernvale Road in the pipe-

line for launch.

The only other new residential

launch in the pipeline in the neigh-

bourhood is an executive condo (EC)

project by Hoi Hup Realty and Sun-

way Development, located on An-

chorvale Lane and slated for launch

in 1H2018.

Interest in Parc Botannia has

also been keen because of its prox-

imity to the Seletar Aerospace and

the future Seletar Regional Centre.

Sengkang is also a sought-after res-

idential neighbourhood, notes Lee.

In terms of site attributes, Parc

Botannia is adjacent to the Thang-

gam LRT station, and there will be

a gate to give residents direct ac-

cess to the station. Sing Holdings

and Wee Hur will also be building

a new 100,000 sq ft park that will

sit between Parc Botannia and High

Park Residences. Parc Botannia is

also located near the Seletar Mall as

well as the eateries on Jalan Kayu.

Sing Holdings and Wee Hur had

purchased the 99-year, 185,085 sq ft

site for $287.1 million ($517 psf per

plot ratio) in September last year.

They beat 13 others to win the hot-

ly contested site. Sing Holdings has

a 70% stake in the joint venture and

Wee Hur holds the balance.

Wee Hur, which has a construc-

tion arm, will undertake the con-

struction of the project, which is

scheduled for completion in 2021. It

will comprise four 22-storey blocks

as well as full condo facilities and

landscaped features.

About 4,000 people thronged the sales gallery of Parc Botannia during its preview on the weekend of Oct 28 and 29

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Artist’s impression of the 735-unit Parc Botannia, comprising four 22-storey towers on a 185,085 sq ft site

Water feature at Parc Botannia

Lee: We believe our units are attractively priced, given the high bid prices submit-ted by developers in recent land tenders

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EP6 • EDGEPROP | NOVEMBER 6, 2017

PERSONALITY

| BY CECILIA CHOW |

Tucked away amid the supersized Good

Class Bungalows of Ridout Road is a

little clearing with two blocks of low-

rise flats fronting a lawn. These blocks

of flats were built by the Singapore Im-

provement Trust to house the young British pro-

fessional architects and others who worked for

SIT, recounts Julian Davison, anthropologist,

architectural historian and former Lee Kong

Chian Research Fellow.

SIT, the predecessor of HDB, was set up in

1927 by the British colonial government in Sin-

gapore to solve overcrowding in shophouses and

squatter settlements. This led to the advent of

affordable public housing for the mainstream

population in Singapore.

Incidentally, Davison is a resident of one

of these flats on Ridout Road, which are now

owned by the Singapore Land Authority (SLA)

and available only for lease. It holds nostalgic

memories for him, as his father, who worked

for SIT as a young architect between 1952 and

1954, had lived in one of these flats too.

“In the early 1950s, there were no trees here

and you had a panoramic view of the whole

downtown. The guys who lived in these flats

could walk to Queenstown [Singapore’s first

satellite new town], which was being built

then,” says Davison. “Otherwise, Swetten-

ham-Ridout Road was a rich area with black-

and-white bungalows in those days, and not

for junior people working in SIT like my fa-

ther then.”

His father, Richard Davison, went on to be-

come a founding partner of architectural prac-

tice Raglan Square & Partners in 1956. The in-

ternational architectural firm is now known as

RSP Architects Engineers & Planners.

Did Davison ever aspire to follow in his fa-

ther’s footsteps and become an architect? “I’ve

always loved architecture and buildings, and

my father knew that. But he resolutely didn’t

push me, and he never said, ‘Why don’t you

become an architect?’ But he did say to me that,

if I liked architecture, to keep it as a hobby.

As an architect, he said he was a ‘95% busi-

nessman’ who went around shaking hands

and was in meetings the whole time. It was

the young architects who had the pleasure of

designing the buildings.”

Davison pursued anthropology and is a rec-

ognised architectural historian. He is also au-

thor of books such as Singapore Shophouse and

Black & White — The Singapore House 1898-

1941, based on the architecture of the bunga-

lows built during the colonial era. He is complet-

ing a history of Singapore’s oldest architectural

practice, Swan & Maclaren, whose origins date

back to the late 1880s, with the book sched-

uled to be published in the last quarter of 2017.

The next book in the pipeline is the histo-

ry of Singapore told through its architecture. It

is not just about the buildings, but who built

them and why they were built then. “If you

look at the way the city grows, it’s always in

response to some major historical event,” says

Davison, who hopes to complete the book by

2019, which coincides with the 200th anni-

versary of the founding of Singapore by Sir

Stamford Raffles.

‘Sea of shophouses’Davison says “Singapore was a sea of shop-

houses” in the 1950s. Even in the early 1900s,

the representation of Singapore was through its

shophouses. “Given the ubiquity of the shop-

houses, it’s not surprising that it has become

a Singapore icon.”

The shophouses were gazetted by URA

for conservation in areas such as Boat Quay,

Chinatown and Little India. The shophous-

es in Chinatown, particularly in

the vicinity of the CBD area such

as Amoy Street, Telok Ayer, Ann

Siang Hill and Duxton Hill, have

also gained the attention of over-

seas investors — hedge funds, pri-

vate-equity firms and family of-

fices — over the past 12 years,

notes Simon Monteiro, associate

director of heritage buildings at

Savills (Singapore). “It’s about

wealth preservation,” he says.

“Given the global market un-

certainty elsewhere, Singapore

looks attractive by comparison.

They want to put their wealth in

assets that will hold their value

and they can pass on to the next

generation.”

Prices in these areas have

soared, as there are restrictions

in buying such assets, he adds.

Of the 8,900 conservation shop-

houses in Singapore, only 3,000

to 3,500 units are zoned for full

commercial use. Foreigners are

allowed to buy only such shop-

houses, notes Monteiro. “For-

eign investors and corporate en-

Passion for shophouses

Davison: In the early 1950s, there were no trees here and you had a panoramic view of the whole downtown

Monteiro: This group of ultra-rich foreign investors are interested in conservation shophouses because to them, it’s like… buying a piece of history View of the CBD and Chinatown shophouses in Singapore, which are sought after by the foreign rich

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tities are not allowed to buy shophouses zoned for

commercial use on the first level and residential

use on the upper floors, or those that are zoned

for residential use.”

More than just a buildingMonteiro has been a specialist in marketing con-

servation shophouses and heritage buildings for

more than 20 years. In that time, he has transacted

more than $1 billion worth of shophouses. He still

remembers his first deal. “It was a conservation

shophouse unit at Spottiswoode Park in 1994, and

it was sold for $1.6 million.”

In 2011, Monteiro sold a pair of adjoining shop-

houses on Neil Road in Bukit Pasoh to Luca Padulli

for $17.5 million. Scion of a prominent Milan family

and reportedly one of Britain’s richest, Padulli is

known to be very private, but is famous for his art

collection and real estate investments. He is also

a co-founder of Camomile hedge fund and asset

management firm.

Padulli had stated that he would finalise the

purchase of the shophouses only if the prove-

nance of the buildings on Neil Road were de-

termined and documented by a historian, says

Monteiro. That was when he engaged Davison’s

service to establish the historical origins of the

building. According to Davison, the building was

once a biscuit factory owned by a once-upon-a-

time ‘Biscuit King’.

Once the provenance of the buildings on Neil

Road was established and the deal was completed,

Monteiro engaged Tellus Architects to renovate the

buildings before it was tenanted to Goethe-Institut

Singapore, the cultural institute of the Federal Re-

public of Germany, which moved in in March 2014.

The trailblazers that led the way for foreign

wealth into Singapore’s conservation shophouses

included Ed Peter, who bought three shophouses

on Duxton Hill in the Tanjong Pagar conservation

area 12 years ago. Monteiro had represented him

in those purchases. Peter is chairman of Duxton

Asset Management, which he co-founded in 2009.

Before that, he was head of Deutsche Asset Man-

agement in Asia-Pacific, the Middle East and Afri-

ca. “Since then, you could see the tide of ultra-rich

foreigners snapping up shophouses,” says Monteiro.

Soaring pricesAs foreigners could buy only shophouses with com-

mercial zoning, Monteiro has seen prices of these

shophouses soar over the past 12 years. In 2005,

99-year leasehold shophouses at Duxton Hill ranged

from $1.5 million to $1.7 million each. In 2013, the

same shophouses were sold for $7 million to $7.2

million apiece, according to URA Realis.

Today, prices of 99-year leasehold two-storey

conservation shophouses in the CBD range from

$2,000 to $2,500 psf; those that have a 999-year

leasehold or freehold tenure are commanding pric-

es of $2,800 to $3,000 psf. Prices of highly sought-

after corner units are at least $200 to $300 psf higher,

estimates Monteiro.

“This group of ultra-rich foreign investors are

interested in conservation shophouses because, to

them, it’s like collecting art — buying a piece of

history — and they appreciate the architecture and

the story behind it,” says Monteiro.

As such, he is collaborating with Davison who

— given his knowledge of shophouses in Singa-

pore and his wealth of research — will be instru-

mental in helping to establish the provenance of

these heritage buildings. “With this record of own-

ership, they can pass it along with the asset to the

next generation or the next buyer,” says Monteiro.

“It’s like the provenance for a collector of an ex-

pensive piece of art or antique.”

Davison agrees. “The second and third genera-

tions of owners will appreciate the stories behind

it, the characters that were once associated with

the property.”

Pacific Star Development teams up with Dubai developer| BY ANGELA TEO |

Singapore-listed Pacific Star Develop-

ment has announced that it is team-

ing up with Dubai developer DAMAC

International to jointly develop luxury

properties in key Asean cities. Prima-

ry markets will be Malaysia and Thailand,

followed by Indonesia, Singapore and Viet-

nam. Pacific Star Development and DAMAC

International will jointly identify prime lo-

cations in key gateway cities.

The partnership will involve the devel-

opment of not just residential projects, but

hospitality and retail projects as well. “We

are looking at a broad spectrum of devel-

opment opportunities that will capitalise on

Southeast Asia’s rising urbanisation, favour-

able demographics and increasing tourism,”

says Glen Chan, CEO and managing direc-

tor of Pacific Star Development.

Chan is confident in the collaboration

as both partners’ goals in Southeast Asia

are aligned. “We can leverage on each oth-

er’s strengths to bring innovative, high-end

real estate products to new markets in the

region,” he adds.

DAMAC International is part of DAMAC

Group, which has collaborated with global

brands such as The Trump Organization, Ver-

sace Home, Fendi Casa and Bugatti to deliver

signature properties over the past 15 years, ac-

cording to Pacific Star Development. DAMAC

Group has delivered over 19,000 homes in the

Middle East, with more than 44,000 units —

including 13,000 hospitality units — in the

pipeline, according to Pacific Star.

One of DAMAC’s key projects that was

launched in early 2016 was the AYKON City

in Dubai, which is an entire city overlooking

Dubai Canal. DAMAC launched a new phase

of residential units at the development for

sale in April this year. Positioned as a lux-

urious four-tower development comprising

residences, hotel apartments, a hotel and

office space, the project sits on a prime site

along Sheikh Zayed Road.

Residential units launched in April include

studios as well as one-, two- and three-bed-

room apartments. Two-bedroom units went

for AED1.3 million ($481,630) and above.

While this collaboration with Pacific

Star Development marks DAMAC Interna-

tional’s maiden foray into Southeast Asia,

Pacific Star Development has always been

Asean-focused, with projects such as the 562-

unit The Address Sathorn Bangkok and the

223-unit Panorama Kuala Lumpur. In Iskan-

dar Malaysia, Pacific Star’s freehold Puteri

Cove Residences and Quayside mixed-use

project comprises two 32-storey condomini-

um blocks, SOHO lofts, Pan Pacific serviced

suites and a lifestyle retail centre overlook-

ing a marina managed under the One°15

brand by SUTL Enterprise, a subsidiary of

Singapore-based conglomerate SUTL Corp.

Separately, Pacific Star Development inked

a memorandum of understanding on Sept 26

with Indonesian developer PT Kukuh Mandi-

ri Lestari to jointly build mixed-use high-rise

developments on 10ha of seafront land with-

in the Pantai Indah Kapuk 2 (PIK 2) project,

a new city in northern Jakarta. “We envisage

PIK 2 to be a landmark international project

on the Jakarta Coastline,” says Chan.

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Glen Chan, CEO and managing director of Pacific Star Development, with Hussain Sajwani, chairman of DAMAC International

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When new residential units at DAMAC International’s Du-bai project, AYKON City, were launched in April, two-bed-room units went for AED1.3 million ($481,630) and above

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EP8 • EDGEPROP | NOVEMBER 6, 2017

COVER STORY

| BY ANGELA TEO |

Royal Square at Novena — the $470 mil-

lion project by Hoi Hup Realty and its

joint-venture partner, Malaysia’s Sun-

way Developments — obtained Tempo-

rary Occupation Permit (TOP) in July.

The maiden mixed-use development comprises

the Marriott Singapore Novena’s 250-room

Courtyard by Marriott Singapore Novena, 171

strata medical suites, a 55,972 sq ft retail and

F&B space as well as parking space.

Located at the junction of Irrawaddy Road

and Thomson Road, Royal Square at Novena

taps the burgeoning Health City Novena, which

is expected to see healthcare space double to 6.5

million sq ft by 2030 in anticipation of 30,000

patients, visitors, students and staff who will

be passing through the area.

The Courtyard by Marriott Singapore Nove-

na was unveiled on Nov 1. The hotel comprises

175 deluxe rooms, 42 premier rooms and 33

executive rooms with daily room rates prices

starting from $239++. According to Peter

Khong, general manager of Courtyard by Marriott

Singapore Novena, the hotel spans the 22nd

to 33rd floors of the tower and is capped by

a rooftop bar and an infinity swimming pool

with views of the city.

The Courtyard brand is ideal for the loca-

tion, as it caters for business travellers who

want to mix business with leisure, he adds.

“It’s well positioned to capitalise on medical

tourism in Novena.”

Single tower blockAccording to Lisa Goh, Hoi Hup’s property de-

velopment manager, Royal Square at Novena

is the first development in the area that has

F&B, retail, medical and hotel components in

one tower block.

Hoi Hup and Sunway had won the white

site for the development of Royal Square at

Novena in end-2012 with a bid of $492.5 mil-

lion ($1,631 psf per plot ratio), beating eight

other bidders. “Being a white site, it also gave

us a lot of opportunities to explore the differ-

ent combinations, to come up with the right

mix,” adds Goh.

Royal Square at Novena is also adjacent to

Novena Square, which is linked underground

to the Novena MRT station. The medical suites

occupy the seventh to 21st floors of Royal Square

at Novena. They have their own set of lifts,

which require RFID card access, thus ensur-

ing the privacy of visitors, says Goh.

The strata medical suites at Royal Square at

Novena were launched four years ago. Close

to 64%, or 109, of the 171 units have been

sold. To encourage more doctors to purchase

the medical suites for their own use, Hoi Hup

priced them at an average of $4,200 psf. Mean-

while, investors paid a slight premium of an

average of $4,380 psf. “We want to support

doctors who have decided to come out of pub-

lic and structured hospitals into private prac-

tice,” says Goh.

Below the medical suites, 50 retail and F&B

units occupy the first, second and sixth floors.

The new Courtyard by Marriott Singapore Novena is the latest hotel to open at Health City Novena

Hoi Hup unveils hotel at Royal Square at Novena

Occupying the 22nd to 33rd levels of Royal Square at Novena, Courtyard by Marriott Singapore Novena opened its doors on Nov 1 M

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Hoi Hup’s 531-unit Hundred Palms Residences executive condo was sold out in seven hours

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EDGEPROP | NOVEMBER 6, 2017 • EP9

Steamboat restaurant Hai Di Lao is taking up

the entire 7,374 sq ft space of the sixth floor.

Traditional Chinese medicine group Eu Yan

Sang is opening a wellness centre there. Oth-

er tenants include Fresh+ salad place and

Watsons personal beauty store. Only 13 of the

50 retail and F&B units are still available for

sale, adds Goh.

Hundred Palms — hot sellerThis year, Hoi Hup launched its executive

condominium (EC), the 531-unit Hundred

Palms, on Yio Chu Kang Road. The project

was sold out on the first day of sales at an

average price of $836 psf. “Given the loca-

tion of the project and the pricing, we had

expected good response, but we did not ex-

pect to sell out the project within seven

hours,” says Goh.

In August last year, Hoi Hup and Sunway

won an EC site on Anchorvale Lane in Seng-

kang in a government land tender for $240.95

million, or $355 psf per plot ratio. Hoi Hup

and Sunway had the top bid of 16 for the hotly

contested site.

Goh says the JV partners intend to roll out

the new project in Sengkang called Rivercove

Residences in 1H2018. The EC project is esti-

mated to have 640 to 650 units.

Hoi Hup has no other future development

sites in the pipeline. Like other developers, it

is seeking suitable sites — in both the collec-

tive sale and government land sale market,

adds Goh.

Goh says Royal Square at Novena is the first develop ment in the area that has F&B, retail,medical and hotel components in one tower block

Khong says the Courtyard by Marriott Singapore Novena is well positioned to capitalise on medical tourism at Novena

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| BY ANGELA TEO & TIMOTHY TAY |

On Oct 31, How Sun Park and 11 Bal-

moral Road were launched for col-

lective sale by tender, marking the

third and fourth collective sale sites

to be launched in five days, since

Crystal Tower was launched on the evening

of Oct 26.

Significantly, the owners of Pearl Bank Apart-

ments, one of the private residential projects

in Singapore with the least amount of years

left on its lease, are making a fourth attempt

at a collective sale. With about 52 years left

on its 99-year lease, they will see the lease

expire in 2069 if the site is not redeveloped.

Meanwhile, the second collective sale site

in 2H2017 to receive 100% owners’ consent

before launch is the 17-unit 11 Balmoral Park.

The first to receive all owners’ consent was

Tai Wah Building, which was launched for

collective sale at $81 million, or $2,035 psf

per plot ratio (ppr), on Oct 9. Receiving full

consent from owners is likely to shorten the

time it takes for the winning developer to take

ownership of the site.

With developers looking to replenish their

land banks, the close of the tenders of Jalan

Besar Plaza, Royalville, Tai Wah Building and

Mayfair Gardens in mid-November is expect-

ed to be keenly watched.

11 Balmoral RoadThe owners of the 17-unit apartment block at

11 Balmoral Road have unanimously agreed

to put their development up for en bloc sale

at $75 million. Including estimated develop-

ment charges of $10 million, this translates

into an estimated land rate of $1,761 psf ppr,

according to sole marketing agent JLL.

This is the first en bloc sale attempt by the

owners of 11 Balmoral Road. With 100% con-

sent, the sale would not need to go through

strata title board approval, so the buyer can

take ownership of the site at the end of the

vacant possession period, explains Tan Hong

Boon, regional director of capital markets at

JLL. “The developer can therefore plan for

the marketing and building of the new pro-

ject more quickly,” he adds.

The property sits on a 30,200 sq ft, free-

hold site zoned for residential use with a

gross plot ratio of 1.6 under the 2014 Master

Plan. With a gross floor area (GFA) of 48,320

sq ft, the site can therefore be redeveloped

into a new 64-unit apartment project, assum-

ing an average size of 755 sq ft for each unit.

Given the palatable absolute price for the

freehold site, its prime location and 100%

consent obtained by the owners, JLL’s Tan ex-

pects the development to attract interest from

a wide pool of developers. The tender for 11

Balmoral Road closes on Nov 29.

How Sun ParkAccording to Sieow Teak Hwa, managing di-

rector of Teakhwa Real Estate, the marketing

agent for How Sun Park, the freehold devel-

opment on How Sun Road has an indicative

price of $78 million. After including estimat-

ed development charges of $2.92 million,

the land cost works out to $1,052 psf ppr, or

$1,014 psf ppr if the 10% bonus GFA for bal-

conies is included.

In the event the collective sale is success-

ful, each owner of the 20 townhouses in the

development will walk away with at least

$3.9 million each, he adds. As at Oct 31, 19

of the 20 owners (95%) have consented to

the collective sale.

The existing development sits on a free-

hold site of 54,943 sq ft. Under the 2014 Mas-

ter Plan, the site is zoned Residential, with a

plot ratio of 1.4, which translates into a GFA of

76,920 sq ft. The developer could build a new

residential project with 102 units, assuming

an average size of 753 sq ft for the new units.

Near How Sun Park is Sun Rosier, which

was sold en bloc to a SingHaiyi-Huajiang In-

ternational Corp joint venture in September

at $271 million ($1,325 psf ppr).

How Sun Park is within walking distance

of the Bartley MRT station. The tender for

How Sun Park closes on Nov 28.

Pearl Bank ApartmentsPearl Bank Apartments is expected to be

launched for collective sale in two weeks.

This will be its fourth attempt at a collective

sale. The reserve price will be $728 million.

After factoring in a lease top-up premium

of about $195 million for the site, this trans-

lates into a land cost of about $1,505 psf ppr.

The buyer will not need to pay development

charges, says Colliers International, the mar-

keting agent.

Pearl Bank Apartments sits on a land area

of 82,376 sq ft and has a gross plot ratio of

7.2 under the 2014 Master Plan. The site has

an existing GPR of 7.4479. As such, subject

to authorities’ approval, the site can be re-

developed into a residential project with a

total GFA of 613,530 sq ft. This translates

into 730 units, assuming an average size of

800 sq ft for the new units.

Pearl Bank Apartments contains a total of

280 apartments as well as eight commercial

units. It has 52 years left on its 99-year lease.

Crystal TowerOn Oct 26, the freehold Crystal Tower was

up for sale by tender. The asking price was

$138 million, or $1,406 psf ppr, based on the

existing GFA.

The property is situated on an elevated

60,482 sq ft site, which is zoned Residential

under the 2014 Master Plan. The site has a

plot ratio of 1.6 but, subject to authorities’

approval, can redeveloped up to its existing

GFA of 98,179 sq ft, reflecting an equiva-

lent plot ratio of 1.623, according to exclu-

sive marketing agent Edmund Tie & Com-

pany (ET&Co).

The property can be redeveloped to house

about 130 units sized from 753 sq ft, says

Swee Shou Fern, senior director of invest-

ment advisory at ET&Co. No development

charge is payable.

Located on Ewe Boon Road, the 28-unit

Crystal Tower is within a 1km radius of An-

glo-Chinese School (Primary) and Singapore

Chinese Girls’ School. The tender exercise

will close on Nov 28.

Four collective sale sites launched in five days

All the owners at 11 Balmoral Road have given their consent for the collective sale of the property

JLL

How Sun Park is located nearby Sun Rosier, which was bought by a SingHaiyi-Huajiang International Corp joint venture in September at $271 million

TEAK

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Pearl Bank Apartments is making its fourth attempt at a collective sale with a reserve price of $728 million

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EP10 • EDGEPROP | NOVEMBER 6, 2017

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 Oct 17 to 24

District 1 EMERALD GARDEN Condominium 999 years October 19 1,345 1,980,000 – 1,472 1999 ResaleMARINA ONE RESIDENCES Apartment 99 years October 20 1,141 3,006,779 – 2,635 Uncompleted New SaleDistrict 2 ICON Apartment 99 years October 24 656 1,108,000 – 1,687 2007 ResaleSKYSUITES@ANSON Apartment 99 years October 23 958 2,218,000 – 2,315 2014 ResaleDistrict 3 ALESSANDREA Apartment Freehold October 19 1,098 1,430,000 – 1,302 2003 ResaleALEX RESIDENCES Apartment 99 years October 20 925 1,781,000 – 1,924 2017 New SaleALEX RESIDENCES Apartment 99 years October 20 904 1,780,000 – 1,969 2017 New SaleALEX RESIDENCES Apartment 99 years October 21 904 1,800,000 – 1,991 2017 New SaleALEX RESIDENCES Apartment 99 years October 21 925 1,838,000 – 1,986 2017 New SaleALEX RESIDENCES Apartment 99 years October 21 882 1,728,000 – 1,958 2017 New SaleALEX RESIDENCES Apartment 99 years October 22 882 1,738,000 – 1,969 2017 New SaleARTRA Apartment 99 years October 20 1,227 1,881,700 – 1,533 Uncompleted New SaleARTRA Apartment 99 years October 22 1,044 1,754,100 – 1,680 Uncompleted New SaleENG HOON MANSIONS Apartment Freehold October 24 1,420 1,620,000 – 1,140 2005 ResaleHIGHLINE RESIDENCES Condominium 99 years October 21 1,151 2,005,700 – 1,741 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years October 22 1,108 1,880,000 – 1,696 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years October 21 495 936,000 931,000 1,880 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years October 21 495 946,000 941,000 1,900 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years October 21 1,076 2,080,000 2,075,000 1,928 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years October 22 764 1,360,000 – 1,780 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years October 22 484 914,000 909,000 1,877 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years October 22 495 949,000 944,000 1,907 Uncompleted New SaleQUEENS PEAK Condominium 99 years October 18 936 1,560,450 – 1,666 Uncompleted New SaleQUEENS PEAK Condominium 99 years October 18 936 1,524,090 – 1,627 Uncompleted New SaleQUEENS PEAK Condominium 99 years October 21 936 1,617,010 – 1,727 Uncompleted New SaleQUEENS PEAK Condominium 99 years October 22 947 1,409,640 – 1,488 Uncompleted New SaleTHE CREST Condominium 99 years October 23 1,539 2,826,000 – 1,836 2017 ResaleTHE CREST Condominium 99 years October 24 1,732 3,113,000 – 1,796 2017 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years October 19 1,216 1,780,000 – 1,463 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years October 20 1,334 2,000,000 – 1,498 2004 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years October 19 1,151 1,948,800 – 1,692 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years October 19 1,528 2,474,010 – 1,619 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years October 20 1,560 2,615,690 – 1,676 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years October 23 1,797 3,300,000 – 1,836 2011 ResaleSKYLINE RESIDENCES Condominium Freehold October 24 1,722 2,750,000 – 1,597 2015 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years October 23 2,356 2,950,000 – 1,251 2009 ResaleDistrict 5 24 ONE RESIDENCES Apartment Freehold October 18 1,313 1,850,000 – 1,409 Uncompleted New SaleMONTEREY PARK Condominium 999 years October 20 1,302 1,470,000 – 1,129 2005 ResaleCONDOMINIUM

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

PARC RIVIERA Condominium 99 years October 19 990 1,100,000 – 1,111 Uncompleted New SalePARC RIVIERA Condominium 99 years October 19 990 1,263,000 – 1,275 Uncompleted New SalePARC RIVIERA Condominium 99 years October 20 904 1,104,000 – 1,221 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years October 18 635 1,027,000 – 1,617 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years October 21 990 1,423,000 – 1,437 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years October 21 990 1,481,000 – 1,496 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years October 21 732 1,178,000 – 1,609 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years October 22 1,345 1,982,000 – 1,473 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years October 22 732 1,181,000 – 1,613 Uncompleted New SaleTHE PARC CONDOMINIUM Condominium Freehold October 19 1,496 1,848,888 – 1,236 2010 ResaleTHE TRILINQ Condominium 99 years October 20 1,334 1,376,000 – 1,031 2017 New SaleTHE TRILINQ Condominium 99 years October 20 538 858,000 – 1,594 2017 New SaleWEST BAY CONDOMINIUM Condominium 99 years October 20 1,227 980,000 – 799 1994 ResaleWEST BAY CONDOMINIUM Condominium 99 years October 23 1,280 1,000,000 – 781 1993 ResaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold October 20 1,216 1,650,000 – 1,357 2009 ResaleSTURDEE RESIDENCES Condominium 99 years October 18 1,302 1,855,000 – 1,424 Uncompleted New SaleDistrict 9 CAIRNHILL ASTORIA Apartment Freehold October 23 1,700 2,300,000 – 1,352 1983 ResaleESPADA Apartment Freehold October 24 452 955,000 – 2,112 2013 ResaleHORIZON TOWERS Condominium 99 years October 23 2,582 2,980,000 – 1,154 1984 ResaleLEONIE HILL RESIDENCES Apartment Freehold October 19 1,141 2,370,000 – 2,077 2005 ResaleMARTIN MODERN Condominium 99 years October 18 764 1,756,848 – 2,299 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 18 1,420 3,084,599 – 2,171 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 18 850 2,022,048 – 2,378 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 18 1,087 2,449,632 – 2,253 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 18 1,011 2,439,024 – 2,411 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 19 882 1,917,600 – 2,173 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 19 850 2,016,336 – 2,371 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 19 850 2,018,784 – 2,374 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 19 850 2,049,180 – 2,410 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 19 1,011 2,344,368 – 2,317 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 19 1,011 2,177,462 – 2,152 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 1,399 2,899,248 – 2,072 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 850 2,085,832 – 2,453 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 850 2,098,327 – 2,468 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 850 2,080,834 – 2,447 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 1,797 4,212,192 – 2,343 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 1,797 4,248,300 – 2,363 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 1,797 4,221,168 – 2,348 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 1,087 2,468,400 – 2,270 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 1,087 2,463,504 – 2,266 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 20 1,732 3,868,656 – 2,232 Uncompleted New SaleMIRAGE TOWER Condominium Freehold October 19 1,496 2,450,100 – 1,638 1996 ResaleONE OXLEY RISE Apartment Freehold October 20 721 1,300,000 – 1,803 2009 ResalePARC SOPHIA Apartment Freehold October 23 667 1,100,000 – 1,648 2011 ResaleSKYLINE 360 @ Condominium Freehold October 23 2,130 4,200,000 – 1,971 2012 ResaleSAINT THOMAS WALK SOPHIA HILLS Condominium 99 years October 18 592 1,214,000 – 2,051 Uncompleted New SaleSOPHIA HILLS Condominium 99 years October 18 570 1,264,000 – 2,216 Uncompleted New SaleSOPHIA HILLS Condominium 99 years October 18 592 1,301,000 – 2,198 Uncompleted New SaleSOPHIA HILLS Condominium 99 years October 19 570 1,159,000 – 2,032 Uncompleted New SaleSOPHIA HILLS Condominium 99 years October 20 570 1,203,000 – 2,109 Uncompleted New SaleSOPHIA HILLS Condominium 99 years October 20 570 1,291,000 – 2,263 Uncompleted New SaleSOPHIA HILLS Condominium 99 years October 21 570 1,143,000 – 2,004 Uncompleted New SaleSOPHIA HILLS Condominium 99 years October 21 570 1,231,000 – 2,158 Uncompleted New SaleTHE ABODE AT DEVONSHIRE Apartment Freehold October 20 1,119 2,000,000 – 1,787 2002 ResaleTHE LAURELS Condominium Freehold October 19 882 2,350,000 – 2,662 2013 ResaleTHE PATERSON Condominium Freehold October 19 1,313 2,740,000 – 2,086 2004 ResaleDistrict 10 ARDMORE II Condominium Freehold October 23 2,023 5,420,000 – 2,678 2010 ResaleBALMORAL HILLS Condominium Freehold October 20 2,217 3,400,000 – 1,533 2008 ResaleBOTANIC GARDENS MANSION Apartment Freehold October 23 1,754 2,800,000 – 1,596 Unknown ResaleD’LEEDON Condominium 99 years October 20 4,487 6,060,000 – 1,350 2014 ResaleDRAYCOTT EIGHT Condominium 99 years October 23 1,431 2,480,000 – 1,732 2005 ResaleGOODWOOD GRAND Apartment Freehold October 18 1,044 2,553,333 – 2,445 2017 New SaleGOODWOOD GRAND Apartment Freehold October 18 1,044 2,498,575 – 2,393 2017 New SaleGOODWOOD GRAND Apartment Freehold October 19 1,302 3,034,560 – 2,330 2017 New SaleGOODWOOD RESIDENCE Condominium Freehold October 19 2,927 6,850,000 – 2,340 2013 ResaleGRAMERCY PARK Condominium Freehold October 23 2,658 7,679,200 – 2,888 2016 ResaleLEEDON RESIDENCE Condominium Freehold October 19 2,130 5,250,000 – 2,463 2015 ResaleEAST SUSSEX LANE Detached Freehold October 23 11,535 14,800,000 – 1,282 1970 ResaleFOURTH AVENUE Detached Freehold October 24 20,197 25,868,000 – 1,280 1994 ResaleNATHAN RESIDENCES Apartment Freehold October 19 592 1,050,000 – 1,774 2013 ResaleNATHAN RESIDENCES Apartment Freehold October 20 775 1,340,000 – 1,729 2013 ResaleONE JERVOIS Condominium Freehold October 20 990 1,650,000 – 1,666 2009 ResalePINEWOOD GARDENS Condominium Freehold October 19 1,646 2,520,000 – 1,530 1990 ResaleQUINTERRA Apartment 99 years October 20 1,786 2,250,000 – 1,259 2009 ResaleRV RESIDENCES Condominium 999 years October 24 1,216 2,191,000 – 1,801 2015 ResaleSOMMERVILLE PARK Condominium Freehold October 19 1,302 2,020,000 – 1,551 1985 ResaleTANGLIN REGENCY Condominium 99 years October 23 850 1,180,000 – 1,388 1998 Resale

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

| BY TIMOTHY TAY |

The rising tide of optimism in the

luxury private residential market

is helping to lift prices in the resale

segment, says Dominic Lee, head of

The Luxury Team at Prop Nex Real-

ty. “Strong sales momentum in the prima-

ry market has also driven down inventory,

with buyers turning to the resale market

for good deals,” he adds.

In the prestigious Ardmore Park area, it

is not just Wheelock Properties’ Ardmore Park Condo and Ardmore Three that are

seeing strong buying interest, but Ardmore II as well.

The 118-unit Ardmore II is the second

of three in Wheelock Properties’ Ardmore

Series. Launched in September 2006, the

condominium was fully sold within a few

months at an average price of about $2,600

psf. All the units are identical four-bed-

room units of 2,024 sq ft. The 36-storey

twin tower project was completed in 2010.

On Oct 23, a unit on the 20th floor of

the condo changed hands for $5.42 million

($2,678 psf). This is the latest of half a doz-

en transactions done so far this year. The

other five saw prices ranging from $2,421

psf for a 14th-floor unit to $2,866 psf for

a 36th-floor unit.

The first in the Ardmore Series, the 330-

unit Ardmore Park Condo was launched 21

years ago at the peak of the 1996/97 prop-

erty boom. It attracted queues for days be-

fore its launch. The freehold development

was sold out within three days and prices

crossed $2,000 psf, which was a record then.

Even today, more than two decades later,

Ardmore Park Condo is considered the bench-

mark for luxury projects. The development,

which has three 30-storey towers, sits on a

sprawling eight-acre site. All the typical units

are four-bedroom units of 2,885 sq ft each.

There are also four 8,740 sq ft penthous-

es. At the market’s peak in 2010, one of the

penthouses fetched $30 million ($3,432 psf).

Prices of units that changed hands at

Ardmore Park Condo this year ranged from

$2,773 psf for a 15th-floor unit to $3,293

psf for a 25th-floor unit. Most of those sold

this year were priced above $3,000 psf.

Ardmore Three is a departure from

the rest in the series. Unlike the first two,

which have four-bedroom units, all the 84

units at Ardmore Three are three-bedders

of 1,744 to 1,798 sq ft so as to attract the

younger set. The single 36-storey tower was

completed in 2014. Prices, which started at

$2,989 psf for a low-floor unit, hit a high

of $4,335 psf when a unit on the 36th floor

was sold for $7.7 million in June this year.

“Prices at Ardmore Three have been rel-

atively stable,” notes PropNex’s Lee. This

year, units sold above the 30th floor have

been priced at more than $4,000 psf.

The resurgence in resale demand is causing prices at Ardmore II — as well as the other two developments in the series — to climbE

Unit at Ardmore II sold at $2,678 psf

DONE DEALS

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EDGEPROP | NOVEMBER 6, 2017 • EP11

Residential transactions with contracts dated Oct 17 to 24

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

THE ASANA Apartment Freehold October 18 570 1,550,000 – 2,717 Uncompleted New SaleTHE ASANA Apartment Freehold October 18 570 1,511,000 – 2,649 Uncompleted New SaleTHE ASANA Apartment Freehold October 20 635 1,703,295 – 2,682 Uncompleted New SaleTHE MONTANA Apartment Freehold October 23 785 1,150,000 – 1,464 2002 ResaleTHE TESSARINA Condominium Freehold October 23 1,323 1,860,000 – 1,405 2003 ResaleTHE TWINS Apartment Freehold October 20 2,260 3,050,000 – 1,349 2002 ResaleVALLEY PARK Condominium 999 years October 19 1,700 2,720,000 – 1,599 1997 ResaleVICTORIA PARK VILLAS Semi–Detached 99 years October 18 2,604 4,470,000 – 1,716 Uncompleted New SaleVICTORIA PARK VILLAS Semi–Detached 99 years October 22 2,292 4,410,000 – 1,923 Uncompleted New SaleDistrict 11 368 THOMSON Condominium Freehold October 19 689 1,020,000 – 1,481 2014 Resale6 DERBYSHIRE Condominium Freehold October 19 527 1,445,231 – 2,740 2017 ResaleCHANCERY ESQUIRE Apartment Freehold October 23 1,259 1,810,000 – 1,437 1996 ResaleENG AUN MANSION Apartment Freehold October 20 1,001 1,060,000 – 1,059 Unknown ResaleGILSTEAD TWO Apartment Freehold October 20 904 1,710,000 – 1,891 2014 ResaleHILLCREST ARCADIA Condominium 99 years October 23 1,969 1,681,000 – 853 1980 ResaleL’VIV Apartment Freehold October 19 656 1,430,000 – 2,178 2013 ResaleNINETEEN SHELFORD ROAD Condominium Freehold October 20 915 1,380,000 – 1,508 1997 ResaleROCHELLE AT NEWTON Condominium 99 years October 20 1,356 1,900,000 – 1,401 2012 ResaleDistrict 12 CITY SUITES Apartment Freehold October 21 463 826,000 – 1,785 2017 New SaleEURO-ASIA APARTMENTS Apartment Freehold October 19 1,614 1,615,000 – 1,000 1990 ResaleGEM RESIDENCES Condominium 99 years October 18 936 1,500,000 – 1,602 Uncompleted New SaleGEM RESIDENCES Condominium 99 years October 18 947 1,409,760 – 1,488 Uncompleted New SaleGEM RESIDENCES Condominium 99 years October 20 1,313 1,797,000 – 1,368 Uncompleted New SaleGEM RESIDENCES Condominium 99 years October 20 947 1,339,000 – 1,414 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold October 22 1,033 2,297,000 – 2,223 Uncompleted New SaleST MICHAEL’S CONDOMINIUM Apartment Freehold October 20 958 932,888 – 974 2002 ResaleTHE ABERDEEN Condominium Freehold October 19 1,302 1,388,000 – 1,066 1997 ResaleTHE BELLEFORTE Apartment Freehold October 23 1,022 1,150,000 – 1,125 2003 ResaleTREVISTA Condominium 99 years October 18 1,732 1,880,000 – 1,085 2011 ResaleTREVISTA Condominium 99 years October 24 861 1,120,000 – 1,301 2011 ResaleDistrict 13 BARTLEY RIDGE Condominium 99 years October 19 1,173 1,490,000 – 1,270 2016 Sub SaleBRADDELL HEIGHTS ESTATE Detached Freehold October 23 4,530 6,150,000 – 1,356 2009 ResaleE MAISON Apartment Freehold October 18 904 1,236,672 – 1,368 2016 New SaleLEICESTER SUITES Apartment Freehold October 20 452 733,000 – 1,621 2013 ResaleSENNETT ESTATE Terrace Freehold October 23 1,700 2,360,000 – 1,386 Unknown ResaleTHE POIZ RESIDENCES Apartment 99 years October 21 1,205 1,694,350 – 1,405 Uncompleted New SaleDistrict 14 CAMELLIA LODGE Apartment Freehold October 24 1,216 1,010,000 – 830 1997 ResaleCANNE LODGE Apartment Freehold October 20 818 900,000 – 1,100 1995 ResaleMILL CREEK Apartment Freehold October 23 1,022 1,080,000 – 1,056 2010 ResaleLORONG 36 GEYLANG Terrace Freehold October 20 1,657 2,000,000 – 1,208 Unknown ResaleSIMS GREEN Apartment 99 years October 24 1,237 950,000 – 767 2003 ResaleSIMS URBAN OASIS Condominium 99 years October 20 958 1,304,600 – 1,362 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years October 20 990 1,439,500 – 1,454 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years October 21 958 1,423,800 – 1,486 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years October 21 1,184 1,537,100 – 1,298 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years October 22 1,022 1,420,000 – 1,389 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years October 22 1,022 1,381,300 – 1,351 Uncompleted New SaleTHE SUNNY SPRING Apartment Freehold October 19 968 960,000 – 991 1998 ResaleTHE TRUMPS Condominium 99 years October 23 1,356 1,420,000 – 1,047 2005 ResaleTRE RESIDENCES Condominium 99 years October 18 861 1,210,000 – 1,405 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 18 850 1,180,000 – 1,388 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 18 861 1,221,000 – 1,418 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 19 861 1,236,000 – 1,435 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 20 861 1,226,000 – 1,424 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 20 861 1,209,000 – 1,404 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 22 861 1,216,000 – 1,412 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 22 861 1,231,000 – 1,430 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 22 861 1,229,000 – 1,427 Uncompleted New SaleTRE RESIDENCES Condominium 99 years October 22 861 1,211,000 – 1,406 Uncompleted New SaleWATERBANK AT DAKOTA Condominium 99 years October 24 484 815,000 – 1,683 2013 ResaleDistrict 15 COASTARINA Apartment Freehold October 24 1,388 1,500,000 – 1,080 2006 ResaleFLAMINGO VALLEY Condominium Freehold October 24 516 800,000 – 1,548 2014 ResaleFULCRUM Condominium Freehold October 19 678 1,405,000 – 2,072 2016 ResaleHAIG COURT Condominium Freehold October 19 1,549 2,168,000 – 1,399 2004 ResaleJOO CHIAT MANSIONS Apartment Freehold October 20 1,237 1,080,000 – 872 1986 ResaleONAN ROAD Terrace Freehold October 23 1,775 2,050,000 – 1,156 1955 ResalePEBBLE LANE Terrace Freehold October 23 2,034 2,680,000 – 1,319 1971 ResaleWILKINSON ROAD Detached Freehold October 23 25,673 32,100,000 – 1,250 Unknown ResaleUPPER EAST COAST ROAD Semi–Detached Freehold October 24 5,810 8,000,000 – 1,376 1985 ResaleNEPTUNE COURT Apartment 99 years October 19 1,636 1,230,000 – 752 1975 ResaleOPERA ESTATE Terrace Freehold October 20 2,163 1,850,000 – 855 Unknown ResaleROMAN TERRACE Terrace Freehold October 24 1,625 2,918,000 – 1,801 1991 ResaleSANCTUARY GREEN Condominium 99 years October 23 850 950,000 – 1,117 2004 ResaleSEASIDE RESIDENCES Apartment 99 years October 18 678 1,118,000 – 1,649 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years October 19 678 1,192,000 – 1,758 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years October 20 1,302 2,043,000 – 1,569 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years October 22 1,022 1,583,000 – 1,548 Uncompleted New SaleTHE ESTA Condominium Freehold October 20 1,001 1,690,000 – 1,688 2008 ResaleTHE MAKENA Condominium Freehold October 19 1,636 2,370,000 – 1,449 1998 ResaleTHE MEYERISE Condominium Freehold October 19 1,313 2,985,000 – 2,273 2014 ResaleTHE SEAWIND Condominium Freehold October 20 635 1,048,000 – 1,650 2015 ResaleTHE SHORE RESIDENCES Condominium 103 years October 23 592 870,000 – 1,470 2014 ResaleTHE SOVEREIGN Condominium Freehold October 24 2,636 4,188,000 – 1,588 1993 ResaleVILLA MARINA Condominium 99 years October 20 1,506 1,220,000 – 810 1999 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years October 19 1,205 980,000 – 813 2000 ResaleBEDOK RESIDENCES Apartment 99 years October 20 882 1,348,000 – 1,527 2015 ResaleCHANGI COURT Condominium Freehold October 19 968 938,888 – 969 1997 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years October 21 624 1,037,000 – 1,661 Uncompleted New SaleRICHMOND VILLE Semi-Detached Freehold October 20 2,227 2,880,000 – 1,293 1997 ResaleRIVIERA RESIDENCES Condominium Freehold October 24 1,065 1,352,000 – 1,269 2007 ResaleTHE BAYSHORE Condominium 99 years October 20 1,237 1,140,000 – 921 1997 ResaleTHE TANAMERA Condominium 99 years October 19 1,323 1,120,000 – 846 1994 ResaleWATERFRONT WAVES Condominium 99 years October 20 1,248 1,220,000 – 977 2011 ResaleDistrict 17 LOYANG VALLEY Condominium 99 years October 19 1,528 980,000 – 641 1985 ResaleLOYANG VILLAS Terrace 99 years October 23 1,614 1,400,000 – 867 1996 ResaleDistrict 18 D’NEST Condominium 99 years October 23 1,765 1,810,000 – 1,025 2017 Sub SaleEASTVALE EC 99 years October 19 1,098 738,000 – 672 1999 ResaleELIAS GREEN Condominium 99 years October 20 1,528 938,000 – 614 1994 ResaleLIVIA Condominium 99 years October 24 1,539 1,240,000 – 806 2011 ResaleSEA ESTA Condominium 99 years October 23 1,399 1,255,000 – 897 2015 ResaleTHE ALPS RESIDENCES Condominium 99 years October 18 1,410 1,554,000 – 1,102 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years October 18 1,410 1,467,000 – 1,040 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years October 18 936 1,012,000 – 1,081 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years October 18 1,410 1,436,000 – 1,018 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years October 20 936 1,024,000 – 1,093 Uncompleted New SaleTHE SANTORINI Condominium 99 years October 20 1,119 1,189,780 – 1,063 2017 New SaleVUE 8 RESIDENCE Condominium 99 years October 19 796 875,000 – 1,099 2017 Sub SaleDistrict 19 AMARANDA GARDENS Condominium Freehold October 20 1,162 1,660,000 – 1,428 2004 ResaleBARTLEY RESIDENCES Apartment 99 years October 20 2,023 2,025,000 – 1,001 2015 ResaleBOATHOUSE RESIDENCES Condominium 99 years October 19 1,119 1,020,000 – 911 2015 ResaleBOATHOUSE RESIDENCES Condominium 99 years October 23 732 810,000 – 1,107 2015 ResaleCASA ROSA Condominium 99 years October 19 1,098 940,000 – 856 2001 ResaleFONTAINE PARRY Condominium 999 years October 23 1,237 1,330,000 – 1,074 2010 ResaleFOREST WOODS Condominium 99 years October 21 925 1,413,000 – 1,526 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years October 19 882 1,193,226 – 1,352 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years October 19 1,194 1,605,220 – 1,344 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years October 19 850 1,142,580 – 1,344 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years October 20 861 1,039,888 – 1,208 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years October 21 689 975,425 – 1,416 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years October 21 1,001 1,341,035 – 1,340 Uncompleted New Sale

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

KINGSFORD WATERBAY Apartment 99 years October 21 850 1,128,416 – 1,327 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years October 21 689 1,009,691 – 1,466 Uncompleted New SaleKOVAN MELODY Condominium 99 years October 20 1,227 1,280,000 – 1,043 2006 ResaleKOVAN RESIDENCES Condominium 99 years October 23 1,442 1,650,000 – 1,144 2011 ResalePALM GROVE CONDOMINIUM Condominium 999 years October 19 1,345 1,350,000 – 1,003 2002 ResalePARC CENTROS Condominium 99 years October 20 1,141 1,230,000 – 1,078 2016 Sub SalePEOPLE’S GARDEN Terrace 999 years October 20 1,883 3,000,000 – 1,589 Unknown ResaleRIVER ISLES Condominium 99 years October 20 1,474 1,480,000 – 1,004 2015 ResaleRIVERSOUND RESIDENCE Condominium 99 years October 20 1,679 1,320,000 – 786 2015 ResaleSERANGOON GARDEN ESTATE Detached 999 years October 19 3,788 4,200,000 – 1,108 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years October 20 2,163 2,950,000 – 1,361 2000 ResaleSERANGOON GARDEN ESTATE Detached 999 years October 23 14,375 9,000,000 – 626 1994 ResaleSTARS OF KOVAN Apartment 99 years October 18 742 1,130,040 – 1,521 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years October 18 968 1,527,000 – 1,576 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years October 20 958 1,457,000 – 1,521 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years October 21 785 1,183,360 – 1,506 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years October 21 753 1,131,760 – 1,502 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years October 22 958 1,394,000 – 1,455 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years October 22 753 1,116,280 – 1,481 Uncompleted New SaleTHE MINTON Condominium 99 years October 19 1,216 1,350,000 – 1,110 2013 ResaleTHE MINTON Condominium 99 years October 20 1,216 1,338,000 – 1,100 2013 ResaleTHE MORRIS RESIDENCES Terrace Freehold October 19 4,261 2,750,000 – 645 2016 ResaleTHE RIVERVALE EC 99 years October 19 1,302 865,000 – 664 2000 ResaleTHE SPRINGBLOOM Condominium 99 years October 19 1,646 1,688,000 – 1,025 1999 ResaleTHE WATERLINE Condominium Freehold October 19 1,291 1,410,000 – 1,092 2013 ResaleTRILIVE Condominium Freehold October 19 549 974,000 – 1,774 Uncompleted New SaleDistrict 20 ADANA @ THOMSON Apartment Freehold October 21 872 1,400,000 – 1,606 Uncompleted New SaleBISHAN PARK CONDOMINIUM Condominium 99 years October 20 1,474 1,220,000 – 827 1994 ResaleGOLDENHILL PARK Condominium Freehold October 20 1,334 1,933,001 – 1,448 2004 ResaleCONDOMINIUM GRANDEUR 8 Condominium 99 years October 19 1,259 1,180,000 – 937 2005 ResaleCLOVER WAY Terrace Freehold October 23 1,732 2,830,000 – 1,631 Unknown ResalePEIRCE VIEW Condominium Freehold October 20 1,539 1,550,000 – 1,007 1996 ResaleSKY VUE Condominium 99 years October 19 678 1,070,000 – 1,578 2016 ResaleSKY VUE Condominium 99 years October 23 678 1,040,000 – 1,534 2016 ResaleTHOMSON RISE ESTATE Terrace Freehold October 23 3,142 3,110,000 – 989 1989 ResaleDistrict 21 CLEMENTI PARK Condominium Freehold October 20 1,162 1,250,000 – 1,075 1983 ResaleFLORIDIAN Condominium Freehold October 23 915 1,620,000 – 1,771 2012 ResalePARC PALAIS Condominium Freehold October 24 1,313 1,230,000 – 937 1999 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years October 20 1,108 1,200,000 – 1,082 1998 ResaleTHE HILLSIDE Condominium Freehold October 19 1,313 1,350,000 – 1,028 2001 ResaleDistrict 22 J GATEWAY Condominium 99 years October 23 473 850,000 – 1,795 2016 Sub SaleLAKE GRANDE Condominium 99 years October 20 775 1,042,000 – 1,345 Uncompleted New SaleLAKE GRANDE Condominium 99 years October 22 775 1,019,000 – 1,315 Uncompleted New SaleSUMMERDALE EC 99 years October 19 1,270 860,000 – 677 2000 ResaleDistrict 23 CASHEW VILLAS Terrace 999 years October 19 1,732 2,308,000 – 1,334 1993 ResaleGUILIN VIEW Condominium 99 years October 23 1,280 905,000 – 707 2000 ResaleHILLBROOKS Condominium Freehold October 20 1,474 1,385,000 – 939 1999 ResaleHILLVIEW REGENCY Condominium 99 years October 24 904 790,000 – 874 2005 ResaleHUA MEI GARDENS Semi-Detached Freehold October 20 3,949 3,580,000 – 907 1985 ResaleINZ RESIDENCE EC 99 years October 18 990 777,000 – 785 Uncompleted New SaleINZ RESIDENCE EC 99 years October 18 1,011 785,000 – 776 Uncompleted New SaleINZ RESIDENCE EC 99 years October 18 1,011 789,000 – 780 Uncompleted New SaleINZ RESIDENCE EC 99 years October 18 1,065 819,000 – 769 Uncompleted New SaleINZ RESIDENCE EC 99 years October 19 1,044 862,000 – 826 Uncompleted New SaleINZ RESIDENCE EC 99 years October 19 1,108 882,000 – 796 Uncompleted New SaleINZ RESIDENCE EC 99 years October 20 1,011 781,000 – 772 Uncompleted New SaleINZ RESIDENCE EC 99 years October 21 990 801,000 – 809 Uncompleted New SaleINZ RESIDENCE EC 99 years October 21 1,065 880,000 – 826 Uncompleted New SaleINZ RESIDENCE EC 99 years October 22 990 835,000 – 843 Uncompleted New SaleMERALODGE Condominium Freehold October 23 1,915 1,860,000 – 971 1997 ResaleMONTROSA Condominium 999 years October 20 947 850,000 – 897 1999 ResaleMONTROSA Condominium 999 years October 24 1,184 1,030,000 – 870 1999 ResaleNORTHVALE Apartment 99 years October 24 1,033 810,000 – 784 1998 ResalePALM GARDENS Condominium 99 years October 19 1,216 870,000 – 715 2000 ResalePARKVIEW APARTMENTS Apartment 99 years October 20 990 708,000 – 715 1998 ResalePARKVIEW APARTMENTS Apartment 99 years October 20 1,119 768,000 – 686 1998 ResalePAVILION PARK Terrace Freehold October 20 2,378 3,204,300 – 1,345 2014 ResalePAVILION PARK Terrace Freehold October 20 2,163 2,982,450 – 1,380 2014 ResaleSOL ACRES EC 99 years October 18 495 401,000 – 810 Uncompleted New SaleSOL ACRES EC 99 years October 22 570 443,000 – 777 Uncompleted New SaleTHE HILLIER Apartment 99 years October 20 624 790,000 – 1,265 2016 ResaleTHE HILLIER Apartment 99 years October 24 516 710,000 – 1,374 2016 ResaleTHE JADE Condominium 99 years October 20 1,011 1,030,000 – 1,018 2004 ResaleDistrict 25 NORTHWAVE EC 99 years October 19 1,119 895,200 – 800 Uncompleted New SalePARC ROSEWOOD Condominium 99 years October 23 603 648,000 – 1,075 2014 ResaleDistrict 26 SPRINGLEAF GARDEN Semi-Detached Freehold October 19 3,669 3,560,000 – 970 1989 ResaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years October 18 1,431 1,870,050 – 1,306 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years October 21 732 1,052,800 – 1,438 Uncompleted New SaleNORTHWOOD Condominium Freehold October 20 1,334 1,200,000 – 899 2009 ResaleORCHID PARK CONDOMINIUM Condominium 99 years October 20 958 720,000 – 752 1994 ResalePARC LIFE EC 99 years October 18 753 612,500 – 813 Uncompleted New SalePARC LIFE EC 99 years October 18 753 632,100 – 839 Uncompleted New SalePARC LIFE EC 99 years October 18 1,001 790,860 – 790 Uncompleted New SalePARC LIFE EC 99 years October 20 1,001 823,200 – 822 Uncompleted New SalePARC LIFE EC 99 years October 21 1,280 1,064,280 – 831 Uncompleted New SalePARC LIFE EC 99 years October 21 1,108 882,980 – 796 Uncompleted New SalePARC LIFE EC 99 years October 21 1,001 739,900 – 739 Uncompleted New SalePARC LIFE EC 99 years October 21 1,065 867,300 – 814 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years October 18 775 583,000 – 752 2017 New SaleSIGNATURE AT YISHUN EC 99 years October 20 1,184 987,000 – 834 2017 New SaleSIGNATURE AT YISHUN EC 99 years October 21 764 576,500 – 754 2017 New SaleSIGNATURE AT YISHUN EC 99 years October 22 1,184 975,000 – 823 2017 New SaleSIGNATURE AT YISHUN EC 99 years October 22 1,098 816,500 – 744 2017 New SaleSYMPHONY SUITES Condominium 99 years October 18 785 847,700 – 1,079 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years October 18 915 942,000 – 1,030 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years October 19 915 1,003,000 – 1,096 Uncompleted New SaleTHE CRITERION EC 99 years October 18 1,076 823,200 – 765 Uncompleted New SaleTHE CRITERION EC 99 years October 18 1,076 812,800 – 755 Uncompleted New SaleTHE CRITERION EC 99 years October 18 1,076 815,200 – 757 Uncompleted New SaleTHE CRITERION EC 99 years October 19 1,119 879,200 – 785 Uncompleted New SaleTHE CRITERION EC 99 years October 21 893 704,800 – 789 Uncompleted New SaleTHE CRITERION EC 99 years October 21 1,022 764,800 – 748 Uncompleted New SaleTHE CRITERION EC 99 years October 21 915 705,600 – 771 Uncompleted New SaleTHE CRITERION EC 99 years October 22 1,119 848,800 – 758 Uncompleted New SaleTHE CRITERION EC 99 years October 22 1,280 976,000 – 762 Uncompleted New SaleTHE ESTUARY Condominium 99 years October 19 1,194 930,000 – 778 2013 ResaleTHE SHAUGHNESSY Terrace 99 years October 24 3,744 1,630,000 – 435 2006 ResaleTHE VISIONAIRE EC 99 years October 18 990 800,000 – 808 Uncompleted New SaleTHE VISIONAIRE EC 99 years October 20 979 799,000 – 816 Uncompleted New SaleTHE VISIONAIRE EC 99 years October 22 979 802,000 – 819 Uncompleted New SaleWATERCOVE Terrace Freehold October 19 3,465 2,450,000 – 707 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold October 19 3,583 2,963,000 – 827 Uncompleted New SaleBELGRAVIA VILLAS Terrace Freehold October 21 3,960 3,660,730 – 924 Uncompleted New SaleSELETAR SPRINGS Condominium 99 years October 24 979 818,000 – 835 2000 ResaleCONDOMINIUM THE GREENWICH Condominium 99 years October 20 603 620,000 – 1,029 2014 Resale

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated Oct 31, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

GAINS AND LOSSES

EP12 • EDGEPROP | NOVEMBER 6, 2017

Seller of Draycott Eight loft incurs $1.12 mil loss

Top 10 gains and losses from Oct 17 to 24

URA,

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

1 Mirage Tower 9 1,496 Oct 19 1,638 April 1, 2002 869 1,150,100 88 4 15.6

2 Sommerville Park 10 1,302 Oct 19 1,551 May 18, 1998 668 1,150,000 132 4 19.4

3 Emerald Garden 1 1,346 Oct 19 1,472 June 10, 2003 669 1,080,000 120 6 14.4

4 The Paterson 9 1,313 Oct 19 2,086 Dec 5, 2002 1,291 1,044,595 62 3 14.9

5 The Springbloom 19 1,647 Oct 19 1,025 June 9, 2004 398 1,033,000 158 7 13.4

6 Hillcrest Arcadia 11 1,970 Oct 23 853 March 24, 1999 353 986,000 142 5 18.6

7 Goldenhill Park Condominium 20 1,335 Oct 20 1,448 Feb 1, 2002 736 950,201 97 4 15.7

8 Amaranda Gardens 19 1,163 Oct 20 1,428 Aug 18, 2004 626 932,000 128 6 13.2

9 Quinterra 10 1,787 Oct 20 1,259 Dec 5, 2006 738 932,000 71 5 10.9

10 Euro-Asia Apartments 12 1,615 Oct 19 1,000 Sept 11, 2001 452 885,000 121 5 16.1

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

1 Draycott Eight 10 1,432 Oct 23 1,732 May 28, 2007 2,515 1,120,000 31 4 10.4

2 The Coast At Sentosa Cove 4 2,357 Oct 23 1,251 June 22, 2011 1,700 1,056,900 26 5 6.3

3 Goodwood Residence 10 2,928 Oct 19 2,340 April 21, 2010 2,555 630,000 8 1 7.5

4 Skyline Residences 4 1,722 Oct 24 1,597 Aug 25, 2011 1,812 371,000 12 2 6.2

5 Ardmore II 10 2,024 Oct 23 2,678 Dec 28, 2012 2,841 330,000 6 1 4.8

6 The Laurels 9 883 Oct 19 2,662 April 28, 2010 3,023 318,426 12 2 7.5

7 The Estuary 27 1,195 Oct 19 778 Oct 17, 2013 1,013 280,000 23 6 4.0

8 Bartley Residences 19 2,024 Oct 20 1,001 March 27, 2012 1,118 237,000 10 2 5.6

9 The Greenwich 28 603 Oct 20 1,029 Sept 21, 2010 1,345 190,550 24 3.7 7.1

10 The Solitaire 10 2,250 Oct 17 1,667 Jan 26, 2010 1,750 187,500 5 1 7.7

Note: Computed based on URA caveat data as at Oct 31 for private non-landed houses transacted between Oct 17 and 24. The profit-and-loss computation excludes transaction costs such as stamp duties.

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

Non-profi table deals

| BY ANGELA TEO |

On Oct 23, the seller of a

two-bedroom, 1,432 sq ft

loft unit at Draycott Eight

incurred a $1.12 million

(31%) loss. Based on ca-

veats lodged with URA Realis, this

marked the highest loss among

non-landed transactions between

Oct 17 and 24. It translates into an

annualised loss of 4% across a hold-

ing period of more than 10 years.

The buyer of the Draycott 8 unit

is a foreigner, according to URA ca-

veat data. Bought in May 2007 at

$3.6 million ($2,515 psf), the 15th-

floor unit changed hands on Oct 23

at $2.48 million ($1,732 psf).

In September, a fund managed by

Alpha Investment Partners reported-

ly sold 22 units en bloc to a foreign

investor for over $100 million, or an

average of $1,700 psf.

Located in the prime Ardmore

Park-Draycott Drive neighbourhood,

the 136-unit Draycott Eight compris-

es three 24-storey blocks complet-

ed in 2005. The development has

one block of two-bedroom apart-

ments and lofts with sizes ranging

from 1,173 to 1,798 sq ft. The other

two blocks are four-bedroom units

sized between 2,863 and 3,218 sq ft,

with penthouses measuring 4,015 or

4,187 sq ft. The luxury condo has

79 years left on its 99-year lease.

At Ocean Drive in Sentosa Cove, a

2,357 sq ft, four-bedroom unit on the

second floor of The Coast was sold

at a loss of $1.05 million (26%). The

apartment was purchased in June 2011

for $4 million ($1,700 psf) and sold

on Oct 23 to a Singapore permanent

resident at $2.95 million ($1,251 psf).

Developed by Ho Bee Land, the 249-

unit The Coast was completed in 2009.

Over at Robertson Quay, a

three-bedroom, 1,496 sq ft unit at

Mirage Tower was sold for $2.45

million ($1,638 psf), according to a

caveat lodged on Oct 19. The seller

purchased the unit in April 2002 for

$1.3 million ($869 psf). This works

out to a profit of $1.15 million (88%),

or 4% a year over 15.6 years.

Developed by City Developments

(CDL), the freehold, 248-unit Mirage

Tower was completed in 1996. Lo-

cated along the Singapore River, the

development sits between the 97-

unit Centennia Suites and the 175-

unit Tribeca, which is also devel-

oped by CDL.

Draycott 8, which comprises three 24-storey blocks, was completed in 2005. Find the most affordable listing in the project at edgepr.link/Draycott8.

A three-bedroom, 1,496 sq ft unit at Mirage Tower was sold at a $1.15 million profit on Oct 19. Find the most affordable listing in the project at edgepr.link/MirageTower.

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DEAL WATCH

EDGEPROP | NOVEMBER 6, 2017 • EP13

Recent rental contracts of four-bedroom units at Refl ections at Keppel Bay

LEASE DATE (2017) MONTHLY RENT $ $ PSF

September 10,600 4.42

September 8,000 2.96

September 9,800 3.63

September 17,300 5.77

September 18,800 6.27

10,600

8,000

9,800

17,300

18,800

| BY TIMOTHY TAY |

At Reflections at Keppel Bay, a 3,858 sq ft, four-bed-

room unit on the fifth floor of one of the low-

rise villa blocks fronting the marina has been

put up for sale. The seller, believed to be a for-

eigner, had purchased the unit for $10 million

($2,769 psf) when the luxury condominium was launched

a decade ago.

The 1,129-unit, 99-year leasehold project was designed

by renowned architect Daniel Libeskind and complet-

ed in 2011. The project comprises six 24- and 41-storey

towers and 11 six- to eight-storey villa blocks.

As the owner of the four-bedroom unit lives over-

seas, the unit has been leased out for the last six years to

the same tenant, who is paying a monthly rental rate of

$17,000, says Valerie Yong, senior group director at Ves-

tor Realty, the marketing agent for the unit. Yong says the

tenant loves the unit as it commands views of the marina

and the sea from the living room, master bedroom and

junior master bedroom.

The owner of the unit has decided, however, to put it

on the market at $7.8 million ($2,022 psf). “There’s inter-

est in the unit for sale and even a serious offer,” says Yong.

This year, two other four-bedroom units of compara-

ble sizes in villa blocks have been sold. A 3,722 sq ft unit

on the seventh floor was sold for $7 million ($1,880 psf)

in April; and a 4,357 sq ft unit also on the seventh floor

was sold for $10 million ($2,294 psf) in March.

Seafront unit at Reflections atKeppel Bay up for sale at $7.8 mil

Units in the villa blocks at Reflections at Keppel Bay front the marina and have unobstructed views of the sea

SAM

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Recent transactions at Refl ections at Keppel Bay

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

Oct 19, 2017 1,151 1,948,800 1,692

Oct 19, 2017 1,528 2,474,010 1,619

Oct 16, 2017 1,151 1,963,200 1,705

Oct 16, 2017 1,765 3,349,500 1,897

Oct 13, 2017 1,151 1,852,620 1,609

Oct 13, 2017 1,829 2,934,470 1,604

Oct 13, 2017 1,011 1,530,000 1,512

Oct 13, 2017 1,098 1,824,130 1,661

Oct 13, 2017 1,765 3,414,950 1,934

Oct 11, 2017 1,689 3,126,970 1,850

TABL

ES: U

RA, E

DGEP

ROP

E

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EDGEPROP | NOVEMBER 6, 2017 • EP15

EP16 • EDGEPROP | NOVEMBER 6, 2017