| BY FEILY SOFIAN |

J akarta, the capital city of Indonesia, is home to opulent residences bearing luxury hotel brands. Regent Hotels & Resorts is teaming up with KG Global Develop-ments, a leading property developer in

Indonesia, to manage Regent Jakarta — an up-coming luxury resi dential and hotel develop-ment in the CBD. Scheduled to be completed in 2017/18, the development will be part of a bigger complex named Mangkuluhur City, which includes premium offices.

Regent Residences Jakarta is an exclusive 87-unit project to be managed by the hotel chain. Regent is returning to Indonesia’s capi-tal city after a 10-year hiatus. Harry Gunawan,

55, founder and president director of KG Glob-al, had first-hand experience with Regent’s bespoke services, having stayed in the pent-house of the former Regent Residences in Ja-karta, now known as Four Seasons Residences.

Four Seasons acquired Regent in 1992, but its Jakarta hotels and residences continued to operate under the Regent brand. In the mid-2000s, the hotel chain renamed The Regent Ja-karta as Four Seasons Jakarta. Although Carl-son Hospitality Group took over Regent from Four Seasons in 1997, only new projects tote the Regent name. Regent changed hands again in 2010 when it was acquired by Steven Pan of Formosa International Hotels Corp.

Besides Regent Residences, the latest projects in the market include Langham

Residences by Agung Sedayu Group, The Hun-dred by Farpoint, which will be managed by Sofitel So and Le Parc by Putragaya Wahana, which partners Hilton’s Waldorf Astoria brand. Existing developments include Kempinski Residences, Keraton Residences which is managed by Starwood’s The Luxury Collection, and Raffles Residences.

The hotel’s top-notch concierge services appeal to the second generation of Indonesia’s affluent families, who are accustomed to easy living. With a simple phone call or finger tap, the concierge can arrange dinner delivery and home repair. Some projects offer shuttle services for residents on their fleet of Rolls-Royce and Bentley.

Most property consultants would define

luxury residences as projects located in the CBD with an exclusive number of units, pre-mium building materials, finishes and home applian ces, topped with first-class services and facilities. Each unit size should be no less than 200 sq m (2,150 sq ft). Many of these projects are located in the proximity of Bundaran HI ( Hotel Indonesia Roundabout), a historical landmark featuring a round pool with fountains and bronze statues, that is often consider ed the focal point of Jakarta’s CBD. The CBD itself is located in the vicinity of Menteng, the equivalent of Singapore’s good class bungalow areas.

Jakarta’s luxury and high-end residential segment is the playground of internationally

CONTINUES NEXT PAGE

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THE WEEK OF NOVEMBER 23, 2015 704

Plan to ease foreign property ownership in Indonesia

Faulty logicCommon pitfalls in making predictions PG4

Lofty ambitionsMaximising the use of a high ceiling PG6

Feng shuiWhy building shapes matter PG10

Deal WatchApartment across from East Coast Park selling for $1,204 psf PG11

EP2 • THEEDGE SINGAPORE | NOVEMBER 23, 2015

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For luxury residences, the devil is in the details

THEEDGE P R O P E R T Y COVER STORY

acclaimed architects. The sweeping arch building forms of The Hundred, for example, are the brainchild of Woods Bagot, a US- based architecture studio.

KG Global, meanwhile, collaborates with Singa pore’s DP Architects on Mangku-luhur City and its past projects. Separate-ly, a consortium comprising Lyman Group, Kerry Group and Salim Group has appoint-ed SCDA as the lead architect for Casa Do-maine, a high-end residential project next to Shangri-La Hotel Jakarta.

SCDA Architects is behind the design of several luxury residences in Singapore, including Leedon Residence, The Ladyhill, The Boulevard Residence, The Marq on Paterson Hill, Nassim Park Residences and TwentyOne Angullia Park.

Pursuit of perfectionJakarta’s luxury residences offer a glimpse into the lifestyle of Indonesia’s rich and fa-mous. Spacious bathrooms are a mark of lux-ury as residents can indulge in a spa treat-ment in the comfort of their home.

Luxury appliances are a given. Residences come with premium home appliances from Smeg and Gaggenau to Hans Grohe and Miele. Tipped as the most expensive project in the primary market, Langham Residences offers SieMatic kitchen cabi-nets, Poliform wardrobes, Sub-Zero and Wolf kitchen appliances and door hardware by Baldwin. The project, which has been on the market since 2013, is said to have sold 47 of the 57 units available.

When designing the units for Regent Residences, Gunawan had in mind how he and his family would want their home to be. After all, he and an immediate family member have taken up two floors of the project.

The devil is in the details. At Regent Residenc-es, two private lifts will take residents straight to their apartments, where they will be greeted by an expanse of space. A powder room is placed between the private lifts so guests who require the bathroom need not wander deep into the unit and intrude into the host’s privacy. The building’s concierge has a separate lift that opens out to the service area of the unit.

Design efficiency is an integral element in all KG Global’s developments. “As luxury apart-ments do not come cheap, every inch of space in the unit must be usable. For example, units in Regent Residences have lighting points at every nook and cranny, so there is no dark cor-ner within the house,” says Gunawan. The lofty 3.6m ceiling height was carefully deliberated so each piece of the project’s double-glazed glass façade can be cut with minimum wastage. Gunawan attributed his keen eye for detail to his early days when his firm dabbled in assem-bling machinery parts.

Luxury living for a fraction of Singapore pricesAccording to Kazim Ali, head of research at Leads Property, a strategic partner of CBRE in Indonesia, prices of luxury residences in Jakarta average IDR6.7 million ($690) per sq ft.

If the heftiest tax rate of 40% applies, the ave-rage price would be in the region of IDR9.4 million ($970) per sq ft, which is still below the price of many mass-market condos in Singapore.

However, as units in the luxury segment usually start from 200 sq m (2,150 sq ft), buyers must be prepared to fork out at least IDR10 billion ($1.03 million), excluding taxes, says Anton Sitorus, head of research and consultancy at Savills Indonesia.

The quantum is still a fraction of similar pro-jects in Singapore. Units at St Regis Residences Singapore, for example, were transacted at a median price of $7.8 million or S$2,100 per sq ft this year. In the suburb, a 2,800 sq ft unit at 99-year leasehold Clementiwoods Condominium changed hands for $2.85 million or $1,018 psf in September.

High mortgage rates pose as an additional hurdle. In view of this, it is common for local developers to offer interest-free instalments for 30 months, or longer, with interests.

Property purchases in Indonesia are subject to 10% value-added tax and a 5% acquisition levy of right of land and building. In addition, a luxury tax of 20% is applicable to strata-titled properties that are at least 150 sq m.

Earlier this year, the government slapped an additional 5% super-luxury tax on prop-erties that are above IDR5 billion or bigger than 150 sq m. At the same time, the au-thority is tightening its tax collection regime in its bid to boost the country’s tax revenue for its infrastructure financing. These led to a pullback in sales volume as locals keep a low profile to avoid dispute over the tax-able income assessment. The changes are also blamed for the dwindling of Indone-sian nationals buying Singapore properties.

Capital appreciation more than off set the depreciation of the rupiahPrices of condos in the CBD rose 22% y-o-y in 1H2015, according to Knight Frank (see Chart 1).Hasan Pamudji, associate director of consul-tancy and research at Knight Frank Indonesia, estimated a capital appreciation of 25% per annum for luxury residences in Jakarta since 2011.

Data mined by Leads Property showed similar trends. Prices of Raffles Residences Jakarta, for example, have more than dou-bled from slightly below IDR3million per sq ft when the project was launched in 2011 to more than IDR6 million per sq ft today, excluding taxes. This translates into a com-pound annual growth rate of more than 20%.The imposition of the super- luxury tax and a draconian tax collection system are reining back capital appreciation in the in-

terim as local buyers choose to wait on the side-lines and monitor changes in regulatory frame-works before committing.

Rental yields range from 8% to 12%, says Knight Frank. The high rental yields compensate market risks, such as the depre ciation of the rupiah. Strata- titled projects also come with a “Hak Guna Bangu-nan” leasehold title instead of a “Hak Milik” free-hold title, although the former is almost certainly renewable. “The renewal fee is manageable, at a very small percentage of the assessed land value,” says Savills’ Sitorus.

Owing to security reasons, many super luxury projects, including Regent Residences, exclude a shopping mall in their mixed-use components. “Security ranks high among the criteria of embassies shortlisting rental properties for their ambas-sadors,” says KG Global’s Gunawan. “ Jakarta’s luxury residences have tremendous rental poten-tial as rents are still relatively low compared with other capital cities in the region and multi- national companies would offer an attractive expatriate package to incentivise talents to relocate to the country,” he adds.

Foreign ownershipIndonesia is planning to allow foreigners to own luxury apartments to boost its economy by attracting talents and increasing the tax revenue in its coffer. In anticipation of this, some developers are holding on to their units to capitalise on price appreciation.

FROM PREVIOUS PAGE

Gunawan had in mind how he and his family would want their home to be when designing the units for Regent Residences Jakarta

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THEEDGE SINGAPORE | NOVEMBER 23, 2015 • EP3

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At present, foreigners can buy properties by setting up companies, using local citizens as proxies or purchasing a long-term lease. “A long-term lease usually applies to develop-ments that sit on state land. The lease period would depend on the balance lease of the land,” says Rosaline Lie, marketing senior director at Savills Indonesia.

On the development front, only a hand-ful of foreign players have penetrated the Jakarta property market, mostly partner-ing local firms. Hong Kong Land is collabo-rating with Astra International to develop Anandamaya Resi dences in the CBD, that is scheduled to complete in 2018. China Sonan-gol Land and Media Group held a ground-breaking for Indonesia 1, a mixed-use pro-ject comprising offices, condos and serviced apartments, in May this year. China Sonan-gol Land pre viously collabo rated with Sam-poerna Group to develop Sampoerna Stra-tegic Square.

Land acquisition in dense Jakarta is a chal-lenging and lengthy process. Local developers would typically purchase a principal site and acquire the surrounding sites from squatters. There could be several years of time lapse be-tween the first phase of land acquisition and the launch of the project for sale.

Going forwardRegardless of changes in the foreign ownership law, property experts are positive on the luxu-ry residential market in Jakarta. Savills’ Sitorus notes that Indonesia is home to a large number of high-net-worth individuals, while its luxury property prices remain just a fraction of their

equivalent in other capital cities. Indonesia is expected to witness a 132%

growth in the number of ultra-wealthy people by 2024 and is the only MINT country where the 10-year forecast growth exceeds 100%, according to Knight Frank’s 2015 Wealth Report. “Quality developments with unique concepts in highly sought-after locations are expected to outperform the market, says Knight Frank’s Pamudji.

Supply from upcoming luxury projects remains just a trickle. Figures from Colliers International Indonesia show that luxury units will constitute just 1% of the pipeline supply in the next few years (see Chart 2). E

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Hotel Indonesia Roundabout is often considered the focal point of Jakarta’s CBD, where the luxury residences are located

EP4 • THEEDGE SINGAPORE | NOVEMBER 23, 2015

THEEDGE P R O P E R T Y PROPERTY TAKE

Dangerous ideas about propertymarket can turn out to be falsehoods

Having been an observer of the Singa-pore property market since the early 1990s, I can’t help but notice a cycle of repetition in the way analysis is done. As the various sectors of our real es-

tate market are either facing challenges or at inflexion points, we can expect to see a repeat of storylines from previous cycles. This arti-cle looks at some of the common approaches taken by market watchers when making pre-dictions and at why these can turn out to be an analysis of falsehoods.

Drawing parallelsIt has been a common practice in the com-mercial world to draw parallels between past and present. Owing to its simplicity, very of-ten, market observers use symmetry to back their position. Very often, they superimpose the current price pattern onto a historical price pattern where a cataclysmic event happened thereafter. The audience is then left to draw the conclusion that history is likely to repeat it-self. Using the US stock market to illustrate this point, Chart 1 (see next page) shows how the Dow Jones Industrial Average in the 2012-2014 period closely mirrored that of the 1928-1929 period. The reader is likely to conclude that the Dow will crash in the second half of 2014.

In the real estate market, inferences of this nature have often been made to link Singapore residential property prices to that of Hong Kong

(HK). The comparison is tempt-ing as historically, both cities are closely correlated to one another (see Chart 2).

What happens is that if a market watcher believes HK residential prices will come off sharply, Singapore will fol-low suit, given that correlation.

Let us now revisit the case of the Dow. Chart 3 shows what happened. Those who forecast that the Dow would come off sharply in late 2014 were way off — a heavy price to pay for a false positive.

What about drawing the conclusion that the Singapore property market would come off significantly when HK was expected by some market watchers to fall sharply by end-2015? Chart 4 shows HK did not come off, but instead went ballistic. On the other hand, the call that Singapore would come off was right, but for the wrong reason. Singapore prices fell because the effect of the cooling measures could not be overcome by the weight of mon-ey from China owing to our relative distance from the latter as compared to HK.

Drawing historical parallels is not an issue but it may not be reliable when there are no rational or economic underpinnings for the re-lationships. Data mining ensues and the output

is often bent in order to jus-tify the analyser’s viewpoint.

Demand chasing supply to continueThe adage “if you build, they will come” is something sea-soned office marketing pro-fessionals have found to be true for decades. This obser-vation has led to some believ-ing that a constant supply-side programme for the office (or even retail) real-estate sec-tor could be the best policy

at the macro level. Hitherto, this approach has been quite successful in determining of-fice demand, with regression models that in-corporate supply as a predictor variable fre-quently outperforming by a mile compared with those that simply rely on fundamental drivers like GDP or Business and Financial Services GDP.

However, will this be the case when we have a bulge in supply coming on stream from 2016 to 2018? There is a risk we have turned com-placent and stopped questioning whether the past may hold true for the future. With major multinational financial institutions aggressive-ly downsizing their headcount and reverting to their traditional credit business model, and commodity companies’ bottom lines languish-

ing because of China’s economic slowdown, what is the new normal for CBD office de-mand? It cannot be that the demand function for at least the next five years will be similar to that in 2000-2013. If one does not start to question where demand is coming from and stays on auto-pilot, when the topology of the demand landscape changes, what is the po-tential fallout from the future development of large commercial spaces in regional centres and business parks?

Nevertheless, we still believe demand will chase supply; it is just that the long-term ave-rage annual demand will be reset lower. Once a new norm has been set, then each year’s annual demand should vary around that. At a time when we are heading into this epochal change in the landscape for office demand, the use of a singular model may reveal little and, chances are, historical models will tend to break down in the coming three years. This is especially so for the demand side. Chart 5 highlights five differently specified models for CBD Grade A office demand, which showed good historical fits and ex-post forecast per-formance. Unfortunately, with slower eco-nomic growth and a bulge in supply expect-ed for 2016-2018, these models give a wide range of demand forecasts, especially for the year 2017. With the market on the cusp of a sea change, it creates the right conditions for some to prophesy market extremes. Using even

If you wish to contribute columns, please write in to propertyeditor.sg@bizedge.com

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THEEDGE SINGAPORE | NOVEMBER 23, 2015 • EP5

THEEDGE P R O P E R T Y PROPERTY TAKE

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the best model is not a preferred approach to forecasting.

The unfortunate thing is that policymak-ers and business planners direct forecasters to come up with answers or a range of an-swers. The forecasters would then choose the best model and then input several scenarios to provide a range of answers (under scenar-io analysis). What many do not realise, how-ever, is that in many instances of construct-ing models, there are several specifications that are almost as good as the other. In that case, wouldn’t it be better to have a range of models that gives a range of forecasts in-stead? Only then can we pair the actual out-come with the model that gave the closest forecast to ascertain which driver(s) was re-sponsible for, say, office demand in the years 2016, 2017 and 2018.

Developers’ indirect discountsIndirect discounts given by developers of pri-vate residential properties have always been a source of contention. The common grouse by third parties is that the amount given is opaque and as such, considered inequitable and a distortion to general property prices, and creates a false market by driving up sales from impulsive buying. Developers say it is not a prevalent practice and does not move stock. Previously, it was not easy to test out these claims as broad market data was not easily available on units sold with and with-out discounts. Since June 2015 however, the Urban Redevelopment Authority (URA) has been providing an additional field in its sta-tistics showing the amount of indirect dis-count for each unit transacted. With this, we can now conduct some simple analysis to test these claims.

The first question is whether the practice of giving indirect discounts has been prevalent since June 2015. The answer is no. Excluding executive condominiums and new launches such as High Park Residences, of the 2,023 units sold in the primary market from June to October 2015 (according to Nov 2 data from URA Realis), only 92 received indirect dis-counts. Does that satisfactorily answer the question? No, not yet. As data on indirect dis-counts was not available prior to June 2015, it is not possible to determine whether it was common practice then. After all, developers could have been frequently handing out indi-rect discounts but, knowing that their actions would be in the public domain, reduced the practice from June. Anecdotal evidence gath-ered from residential project marketing special-ists points to the infrequent use of developers’ indirect discounts for RCR and OCR properties. Thus, we can say that indirect discounts are not common practice.

With this new field, we can look to the June to October 2015 dataset to determine if indirect discounts have been able to move stock from projects that had their maiden launch beforehand, that is, projects that are already months past their initial launch. From a simple regression analysis, the answer is a surprising yes. Now comes the flap this may create. If indirect discounts were not wide-ly practiced, but the release of information shows it has been effective in moving unsold units, and if developers include this as part of their marketing strategy, then more devel-opers will resort to it.

In a nutshell, indirect discounts were not a widespread practice, only perceived to be so. With the latest dataset, we do find that they can move stock.

ConclusionThe above thre e examples are but a few per-ceptions that the public has been bombarded with, and which can be erroneous. There are several reasons for such practices. One is the pressure to create transaction volume, and thus commissions. The roles of market ob-server and analyst are then merged into one of public relations. As a result, research be-comes a tool to generate marketing puff. The second is the need to “dumb” things down for the general public to digest. As a picture tells a thousand words, charts are frequently em-ployed to convey the message. The more fan-ciful infographics a report has, the greater the

assumed credibility. The appeal to the visual senses can override the lack of content and worse, lead to the wrong conclusion. In oth-er words, the more visually attractive it gets, the more convincing it becomes.

To conclude, although one can sound the bu-gle about the dangerous ideas floating around the market, the way information is presented and interpreted is not likely to change. The public needs to think carefully about the in-formation they are fed with.

Alan Cheong is head of research and consul-tancy at Savills Singapore. He can be reached at alan.cheong@savills.com.sg.

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EP6 • THEEDGE SINGAPORE | NOVEMBER 23, 2015

THEEDGE P R O P E R T Y HOME IDEAS

Lofty ambitions — maximising the use of a high ceiling| BY ANGELA LIM |

A loft structure or a “free-standing fur-niture platform” is a term commonly used in some of the recent projects in Singapore. Typically adopted at plac-es with sufficient width and a void

space or high ceiling, it allows you to maxim-ise the space underneath for items such as a desk, shelf, futon, dresser or computer table. It is a great space saver and best of all, kids of all ages love it.

For children with small bedrooms or multi-ple kids sharing a room, a loft bed allows for

more bedroom space, and everyone gets to sleep on top. It helps you to utilise your space more effectively and maximise the available space in your room.

A loft bed is good for a small bedroom be-cause you can open up more floor space. The space underneath is a good place for a desk or play area. Consider installing a homework desk under the loft bed. This is a great solu-tion for kids who need a dedicated place to study or set up a computer. Another option is to install seating, a bookcase and a lamp for a personal library.

A loft structure gives you extra storage space.

The space underneath a loft structure is one of its most popular features. If you do not need a workspace, you can always put the extra square footage to good use by installing a wardrobe, kitchen cabinet, shoe cabinet or other impor-tant things. The extra storage space becomes valuable when implemented at the right areas.

The extra space is also useful for families. A tall loft structure with a height of about 2.4m accommodates great pieces of furniture for growing families. The additional space created allows for secondary function with-out compromising on the comfort of whatever is below. The structure can be anchored next

to a floor-to-ceiling bookcase. The tall book-case not only adds plenty of storage but also warmth and texture to what would otherwise have been a sterile room.

Angela Lim is the co-founder of SuMisura, a multiple award-winning interior design firm with an extensive portfolio of expanding show houses and the official interior designer for the tallest residential building in Singapore and Ma-laysia, The Astaka, when completed in 2018. Better known for her glamorous, haute couture show flats, Lim’s works have garnered the in-terest of many design magazines and press.

A loft bed allows for more bedroom space, and everyone gets to sleep on top

A wardrobe and study area below a loft The space under the loft can house an entire kitchen

A study loft above the living room and

an open kitchen

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THEEDGE SINGAPORE | NOVEMBER 23, 2015 • EP7

EP8 • THEEDGE SINGAPORE | NOVEMBER 23, 2015

THEEDGE P R O P E R T Y FEATURE

Seven affordable getaways for your consideration. Just don’t expect balmy climes.

Your island for under US$1 mil

Isla EsmeraldaAsking price: US$145,000

This beautiful leasehold and undeveloped island is in Mexico. It measures 3.7 acres and is surrounded by picturesque views, ideal for a resort development or a personal vacation home. It is considered a good place for fishing buffs, too. There are no major developments on the island; it has just one small house and a boat dock on it.

| BY TAN AI LENG |

Believe it or not: you do not need to own a hedge fund to buy your own island. There are many of these land mass-es around the world selling for below US$1 million ($1.4 million).

Some of these islands already have some form of development and come with ready-built accommodation, while others are un-touched by man and allow their new owners to create their own dream island.

Private Islands Online is an international real estate online portal that focuses on island properties. It currently lists seven beautiful is-lands, all tagged below US$1 million.

Tan Ai Leng is a writer with The Edge Prop-erty Malaysia

Little IslandAsking price: C$103,000

Also known as Jenny Island by local residents. This 0.5-acre freehold floating land mass in Ontario, Canada, was a historically significant commercial fishing outport where fishermen and their fami-lies would live and work during the entire fishing season. Visitors can access Little Island via near-by Manitoulin Island by ferry. There is also a small airport located on Manitoulin.

Twin Sisters IsleAsking price: C$998,800 ($1.07 million)

This one-acre freehold island in Huntsville, Canada, boasts 880ft of shoreline. Built on it is a double-slip boathouse with a custom up-per deck perfect for entertaining friends and family. There is also a bunker on the water’s edge that provides ample room for guests.

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THEEDGE SINGAPORE | NOVEMBER 23, 2015 • EP9

THEEDGE P R O P E R T Y FEATURE

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rio, mi-ear-

Staff Island Asking price: £125,000 ($270,735)

Staff Island is a freehold island in Upper Lough Erne, Northern Ireland. At 10.25 acres, it is undeveloped and is a potentially ideal place for adventurous, outdoorsy types.

Sweet Island Asking price: US$82,900

Located in British Columbia, Canada, Sweet Island is a 3.3-acre freehold island covered in pine and aspen trees. It can be an ideal place for personal or family retreat for boating, swimming and water-skiing during summer, and mushing during winter.

Pink Pearl Island Asking price: US$500,000

This beautiful island is surrounded by white sandy beaches and turquoise waters. It is located approximately three miles away from Nicaragua’s Carib-bean Coast. At two acres, this freehold island is now being used to operate a tourist diving business. The beach is also a hatchery for turtles during the nesting season.

Secret IslandAsking price: C$399,000This 1.1-acre freehold island on Lake Echo, which nestles at the heart of the forest, is lo-cated in Quebec, Canada. It has a Bavarian-in-spired wooden country cottage that provides its residents a country living experience. The cottage has a rustic interior but is equipped with electricity, a stone fireplace, kitchenette, washer and dryer.

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EP10 • THEEDGE SINGAPORE | NOVEMBER 23, 2015

THEEDGE P R O P E R T Y FENG SHUI

In feng shui, land parcels and buildings of different shapes are classified by what are called Earth, Metal, Water, Wood and Fire. Each element, so to speak, possesses dif-ferent attributes and has specific effects on

the residents or the owner of a particular piece of property. Depending on what the home or business owner desires — wealth, health or a loving partner, or all three — correct and scrupulous feng shui application may actual-ly open a path for you to realise your dreams.

Building shapes are classified as follows:A square building, or a broad building

with a flat roof, signifies the Earth element. The values it holds include trustworthiness, stability and wealth.

The Metal element is represented by any building that is spherical or has a rounded shape. Metal represents authority, justice and loyalty.

A building of a wavy or indefinite shape represents the element of Water. This denotes wisdom, intelligence and creative thinking.

Tall and rectangular-shaped buildings sym-bolise the Wood element, which promotes life, growth, benevolence and kindness.

Finally, the Fire element is represented by triangular, sharp or pointed buildings. Like fire, these buildings symbolise passion, beau-ty and a certain quality of elegance.

The positive qualities listed above assume all the five ele-ments in a building’s surround-ing environment — its feng shui — support it. In other words, the elements in its environment are in balance, and flow in a harmonious cycle. Naturally, the more imbalanced the feng shui, the greater the likelihood of the negative qualities of the elements manifesting.

However, even if the feng shui of a site is in harmony, buildings of different shapes or elements will favour some people, and may not be conducive for others. To determine if your home or workplace is conducive for you, you will need to look to your personal BaZi chart. In any feng shui assessment of a prop-erty, consultants always refer to the personal BaZi chart of the client every step of the way.

But take heart: there are also general ways of ensuring positive Qi flow for your proper-ty without having to refer to your BaZi chart. This may be applied by everyone, and relates to the shape of the land that your property sits on. The least problematic shape of land parcel to build on has traditionally been a square, because it generally encourages an

even distribution of Qi within the property. The second-best choice is a rectangular land parcel. Feng shui practitioners have always emphasised the importance of symmetry and proportion.

However, despite the bal-anced shape of a circle, be wary of a round land parcel because Qi is focused in its centre and may be too intense for residen-tial use. However, if you do not have a choice, you may be able to position the property slightly

off-centre.Triangular-shaped land is best avoided as

the occupants would be prone to accidents, depending on the direction the property fac-es, and the sectors most used.

If your residence sits on a land parcel that is ideally shaped for you based on your BaZi chart, as does the building that sits on it, and the building faces your favourable direc-tion, you will definitely see positive change in your everyday endeavours, well-being and life in general.

A professional feng shui assessment of your land and property will help ensure a balanced distribution of Qi in and around

it, and minimise or even pre-empt any pos-sible effects of Sha Qi (turbulent energy flow, or cycles). Your relationships, and the phys-ical and emotional well-being of your fam-ily, will benefit from a buffer of calmness against mishaps.

Joey Yap is the world’s leading Chinese Meta-physics consultant and a bestselling author with more than 160 books that have sold over four million copies worldwide. He is an internation-ally renowned speaker recognised in business communities globally and is regularly seen on Astro, Bloomberg as well as other leading me-dia. He is chief consultant of the Joey Yap Con-sulting Group and founder of Mastery Acad-emy Of Chinese Metaphysics. Yap has nearly two decades of professional consultancy and business advisory experience working with establish corporate giants such as Microsoft, Sime Darby, UEM, Prudential and Citibank, and has more than half a million followers and students from more than 30 countries.

If you have any feng shui-related questions for Yap, please go to the Tips section of TheEdgeProperty.com.

This article first appeared in The Edge PropertyMalaysia

Is your property in good shape?How to choose the right land and building for yourself

| BY JOEY YAP |

A Water building A Fire building A Metal building

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THEEDGE SINGAPORE | NOVEMBER 23, 2015 • EP11

THEEDGE P R O P E R T Y DEAL WATCH

Apartment across from East Coast Park selling for $1,204 psf| BY TAN CHEE YUEN |

East Coast Residences is a freehold apart-ment located on Upper East Coast Road, 500m across from East Coast Park. An 872 sq ft unit in the project is listed on TheEdgeProperty.com for $1.05 million,

or $1,204 psf. The Edge Fair Value, a valua-tion tool on TheEdgeProperty.com, puts the indicative value of the property at slightly be-low $1,300 psf.

East Coast Residences is a low-density de-velopment comprising just 59 units. The pro-ject was developed by Crescendas Group and

completed in 2011. Schools in the vicinity in-clude Temasek Primary School and Temasek Junior College.

The asking price is the same as the last transaction involving another 872 sq ft unit in May 2012. In 3Q2015, the URA price index for private non-landed homes in the Outside Cen-tral Region was still 5% higher than in 2Q2012.

In September 2011, an 872 sq ft unit found buyer at $1,246 psf. There was no transaction concluded in the project this year.

The average monthly rent of similar-sized two-bedroom units in the development stood at $2,667 or $3.13 psf. Based on the listing price of $1,204 psf, the average rent translates into a potential gross rental yield of 3.1%.

Scan the QR code for value deals at East Coast Residences and nearby projects

As we are not party to the contract between the client and agent, we are not able to verify in-formation provided by the agent

Table 2

Rental transactions of 800 to 900 sq ft two-bedroom units at East Coast Residences in 2015

LEASE DATE MONTHLY RENT ($) ($ PSF)

Jul-15 2,600 3.10

Apr-15 2,500 2.90

Jan-15 2,900 3.40

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An 872 sq ft unit in the project is listed on TheEdgeProperty.com for $1.05 million, or $1,204 psf

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Historical transactions at East Coast Residences

Table 1

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

21-Oct-14 412 Upper East Coast Road #xx-xx 1,453 963 1,400,000

15-Aug-13 412 Upper East Coast Road #xx-xx 1,023 1,428 1,460,000

11-Mar-13 412 Upper East Coast Road #xx-xx 1,475 949 1,400,000

25-Jan-13 412 Upper East Coast Road #xx-xx 560 1,450 811,800

23-May-12 412 Upper East Coast Road #xx-xx 1,001 1,184 1,185,000

15-May-12 412 Upper East Coast Road #xx-xx 872 1,204 1,050,000

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A stone’s throw away from the Marina Bay area, Akari offers a warm and welcoming atmosphere and an à la carte menu boasting more than 70 traditional and contemporary Japanese dishes. It is the perfect place to relax or enjoy a fi ne meal under the stars, in the al-fresco area. More than 20 choices of selected sake and shochus as well as premium whiskeys and original Japanese cocktails are available to complement a variety of Japanese fi nger food.  Akari Dining Bar is helmed by highly-regarded kaiseki chef Hirotaka Murata. Born and raised in Nakano, Tokyo, Chef Hirotaka Murata developed a fervent passion for cooking at a young age. He embarked on his culinary journey as an apprentice in “Ryoke Style Hotel”, a luxurious, high-class resort hotel restaurant in Japan. Then, he joined “GINYU” in  Hakone,  Japan, as Head Kaiseki Chef. With more than 20 years of experience, Chef Hirotaka Murata has developed an immaculate ability to create Kaiseki Japanese food. Come and enjoy the delicate plates of food by the consummate chef. This well-appointed restaurant has private dining room, perfect for a date or business meet- up. Enjoy the unbeatable quality and freshness of the delectable kaiseki course. 4-course casual dining menu starts from $50++/ set.

AKARI JAPANESE DINING & BAR8A Marina Boulevard Ground Plaza #01-02

Singapore 018984www.akaridiningbar.com

Operating Hours:Lunch: 11:30am to 2:30pm (Mon-Sat)

Dinner: 5:00pm to 10:30pm (Mon-Sat)For reservations, please call: 6634 0100

or email info@tomoizakaya.com

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EP12 • THEEDGE SINGAPORE | NOVEMBER 23, 2015

THEEDGE P R O P E R T Y FACTS + FIGURES

PROJECT DISTRICT AREA (SQ FT) SOLD ON SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) PROFIT ($) PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 Windy Heights 14 4,973 16-Oct-15 3,900,000 1-Jun-00 1,320,000 2,580,000 195 15.4

2 Amaryllis Ville 11 1,259 21-Oct-15 1,830,000 30-Jul-03 1,057,000 773,000 73 12.2

3 Bishan Point 20 1,184 14-Sep-15 1,270,000 29-Jul-02 575,900 694,100 121 13.1

4 Dakota Residences 14 1,830 20-Oct-15 2,530,000 6-Apr-10 1,908,000 622,000 33 5.5

5 Bishan Loft 20 1,173 27-Oct-15 1,290,000 13-Apr-09 742,500 547,500 74 6.5

6 Hillington Green 23 1,335 20-Oct-15 1,335,000 2-May-02 788,000 547,000 69 13.5

7 The Glacier 15 1,410 21-Oct-15 1,360,000 14-Apr-09 875,000 485,000 55 6.5

8 The Interlace 4 1,765 27-Oct-15 2,280,000 19-Oct-09 1,826,700 453,300 25 6.0

9 Hillview Regency 23 1,109 20-Oct-15 980,000 26-Apr-04 536,280 443,720 83 11.5

10 The Arris 2 990 15-Oct-15 1,700,000 22-Feb-10 1,267,200 432,800 34 5.6

LANDED

1 Semi-Detached/Jalan Antoi 28 3,843 22-Oct-15 4,000,000 6-Apr-09 1,680,000 2,320,000 138 6.5

2 Terrace/Tanah Merah Kechil Rise 16 1,819 26-Oct-15 1,818,000 26-Aug-04 880,000 938,000 107 11.2

3 Terrace/Belimbing Avenue 13 1,830 19-Oct-15 2,880,000 11-Jun-10 2,060,000 820,000 40 5.4

4 Semi-Detached/Eaton Walk 28 2,174 30-Sep-15 2,600,000 10-Dec-10 2,090,000 510,000 24 4.8

PROJECT DISTRICT AREA (SQ FT) SOLD ON SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) LOSS ($) LOSS (%) HOLDING PERIOD (YEARS)

1 Cairnhill Crest 9 1,733 27-Oct-15 3,000,000 7-Sep-09 3,206,050 206,050 6 6.1

2 Skysuites@Anson 2 700 12-Oct-15 1,460,000 6-Jun-11 1,645,200 185,200 11 4.4

3 Simei Green Condominium 18 1,356 27-Oct-15 910,000 21-Mar-12 973,000 63,000 6 3.6

4 Visioncrest 9 926 27-Oct-15 1,730,000 11-Jul-07 1,752,000 22,000 1 8.3

5 Eastpoint Green 18 1,130 19-Oct-15 920,000 13-Oct-11 940,000 20,000 2 4.0

New caveats uploaded on Nov 6 and 10

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Most profi table deals

Non-profi table deals

Top 5 mortgage deals as at Nov 19

PACKAGE RATE BASIS SPREAD INTEREST AVERAGE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 1 YEAR 2 YEAR 3 YEAR 4 (4 YEARS)

HDB (COMPLETED) – FLOATING RATE

1 PTBR – – – – 1.58 1.58 2.28 2.65 2.02

2 FHR 1.05 1.05 1.05 1.80 1.55 1.55 1.55 2.30 1.74

3 PTBR – – – – 1.68 1.68 1.68 2.15 1.80

4 FHR 1.48 1.48 1.48 1.48 1.98 1.98 1.98 1.98 1.98

5 SIBOR 3M 0.85 0.85 0.85 1.25 1.92 1.92 1.92 2.32 2.02

HDB (COMPLETED) – FIXED RATE

1 Fixed / SIBOR 3M – – – 1.50 2.15 2.15 2.15 2.51 2.24

2 Fixed – – – – 2.00 2.20 2.45 3.25 2.48

3 Fixed / SIBOR 3M – – – – 2.25 2.25 2.45 2.45 2.35

4 Fixed – – – – 1.78 1.78 2.28 2.65 2.12

5 Fixed / FHR – – – 1.80 2.28 2.28 2.28 2.30 2.29

PRIVATE PROPERTY (COMPLETED) – FLOATING RATE

1 PTBR – – – – 1.58 1.58 2.28 2.65 2.02

2 SIBOR 3M 0.70 0.70 0.70 1.25 1.71 1.71 1.71 2.26 1.85

3 FHR 1.05 1.05 1.05 1.80 1.55 1.55 1.55 2.30 1.74

4 PTBR – – – – 1.68 1.68 1.68 2.15 1.80

5 SIBOR 1M 0.85 0.85 0.85 1.25 1.74 1.74 1.74 2.14 1.84

PRIVATE PROPERTY (COMPLETED) – FIXED RATE

1 Fixed – – – – 1.78 1.78 2.28 2.65 2.12

2 Fixed / SIBOR 3M – – – 1.25 1.98 1.98 1.98 2.26 2.05

3 Fixed / SIBOR 3M – – – 1.50 2.08 2.08 2.08 2.51 2.19

4 Fixed / FHR – – – 1.80 2.28 2.28 2.28 2.30 2.29

5 Fixed – – – – 1.98 1.98 2.65 3.75 2.59

PRIVATE PROPERTY (UNDER CONSTRUCTION) – FLOATING RATE

1 PTBR – – – – 1.28 1.48 1.98 2.65 1.85

2 PTBR – – – – 1.40 1.50 1.60 2.65 1.79

3 FHR 1.25 1.25 1.25 1.25 1.75 1.75 1.75 1.75 1.75

4 PTBR – – – – 1.68 1.68 1.68 2.15 1.80

5 PTBR – – – – 1.68 1.68 1.68 1.68 1.68

Terms and conditions apply. Visit iCompareLoan.com to find the best loan package for refinancing or new property purchase.Call 6100-0608/9782-8606 or write to: sales@icompareloan.com to speak with a mortgage consultant.

* Refers to strata area. Otherwise, area stated for landed homes refers to land area. Tables compiled by Tan Chee Yuen

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FHR: Fixed home ratePTBR: Pegged to board rate