PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of September 14, 2020 | ISSUE 950-172

MCI (P) 029/08/2020 PPS 1519/09/2012 (022805)

Industry InsightHo Chi Minh office

market supply-led, with rents holding firm ep3

ShophousesThree adjoining

shophouses on Craig Road for $36 mil ep4

OffshoreStamp duty holiday spurs residential buys by Asian investors in London ep6

Under the HammerViva Vista duplex

penthouse on sale for $970,000 ep14

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Post-merger, Savills to focus on growing recurring income business Turn to our Cover Story on Pages 8 & 9.

Chris Marriott, CEO of Savills South East Asia

EP2 • EDGEPROP | SEPTEMBER 14, 2020

ADVERTISING + MARKETING ADVERTISING SALES

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

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

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PROPERTY BRIEFS

Berkeley Group to launch London development Eden Grove at sales launch event The Berkeley Group will be launching a 489-unit residential development Eden Grove this month, starting with the release of 130 one- to two-bedders at Lavender House in the first phase. The units for sale will range from 442 sq ft to 793 sq ft. Prices start from GBP320,000 ($574,825).

Sitting on 1.04ha of land near the river at Staines-Upon-Thames, the development will be the tallest residential building in the town with views of the Surrey countryside. Resident facilities include a new co-working space, a concierge, cinema, private gym and a central garden. The development is estimated to complete in 2024.

Situated within a five-minute walk to the train station, the property will be 35 minutes by train to central London.

According to Andrew Hawkins, head of interna-tional residential sales and marketing at Savills, Eden Grove should attract global interest as Staines-Upon-Thames was recently ranked No1 location for start-ups, headquarters of global brands and proximity to top schools such as Royal Holloway University and Eton College.

Units will be launched in Singapore by appoint-ment only, from Sept 11 to 13. The project is jointly marketed by JLL and Savills.

Iskandar Waterfront Holdings and MCC Singapore sign deal for $2.6 bil Johor property venture Danga Heights Development, a subsidiary of Iskan-dar Waterfront Holdings (IWH), has formed a joint venture with MCC Singapore, a subsidiary of Metal-lurgical Corporation of China (MCC), to co-develop Danga Heights.

Danga Heights will be situated on 60ha of prime commercial land in Skudai, which is adjacent to Danga Bay and Skudai Highway, located about 15km away from Johor Checkpoint building.

The development is estimated to yield a gross de-velopment value of RM8 billion ($2.6 billion). It is one of the largest foreign direct investment deals in Iskandar Malaysia since the Covid-19 outbreak began. Development will happen in a few phases.

The first phase involves the constructing a mixed-use development on 38ha of land, which will have a gross development value of about RM2.88 billion. Construction is slated to begin early next year.

The joint venture agreement was inked virtually by director of IWH Hj Mohd Noorazam Bin Hj Osman and CEO of MCC Singapore, Tan Zhiyong. The cere-mony was also streamed live on Facebook.

In a speech during the ceremony, Tan says that Danga Heights will benefit from the cross-border Rapid Transit System (RTS) Link between Singa-pore and Malaysia, which will be operational by the end of 2026. Additionally, it will be near to “afflu-ent households and high density of businesses” due to its proximity to EduCity and Medical City, where renowned universities and medical institutions have set up branch campuses.

He also mentioned that Danga Heights will focus

on the development of e-commerce-related indus-try chains in line with the overall goal of developing Smart City Iskandar Malaysia, and create entrepre-neurial platforms for start-ups and SMEs. “It will be the first future community in Johor Bahru that applies 5G to integrate smart facilities,” he adds.

MCC Singapore has developed and managed 15 residential projects in Singapore since 2010. It is cur-rently developing JKT Living Star in Jakarta and Sky Villa in Cambodia.

Hong Leong to preview Penrose on Sept 12Previews for upcoming project Penrose in District 14 at Sims Drive will be held this weekend on Sept 12. Jointly developed by Hong Leong Holdings and City Developments Limited, the 99-year leasehold condo-minium comprises 566 units over five 18-storey tow-ers. Facilities include a childcare centre within the compound, 50-metre swimming pool, and sky garden.

Penrose is located within a short walk to Aljunied MRT Station and is also near to the PIE and KPE. The central business district and Orchard Road are around a 15 minutes’ drive away.

There are one- to four-bedroom apartments ranging from 474 sq ft one-bedders to 1,389 sq ft four-bedders. Early bird prices start from $788,000 for the one-bed-ders, $943,000 for the two-bedroom apartments, $1.33 million for the three-bedroom apartments and $2.11 million for the four-bedroom apartments.

The project is expected to achieve TOP in July 2024. The sales gallery is located along Geylang Road. Pre-views will be by appointment only.

Overall private home prices rose by 0.3% q-o-q in 2Q2020 Private home transactions increased to 1,080 units in July, the highest since November last year. Overall home prices have also risen by 0.3% q-o-q as a re-sult of pent-up demand, according to a report by Ed-mund Tie’s Private Homes Report. It attributes high-er demand to the low interest rate environment and the high amount of liquidity in the system.

Additionally, buyers are adopting a mid- to long-term view of the market to buy into well located and designed projects and some developers have also of-fered “star buys” and incorporated flexible design fea-tures and wellness into their designs, making them particularly attractive, says Ong Choon Fah, CEO at Edmund Tie.

Twenty-five percent of apartments transacted in 2Q2020 were under $1 million, which is five percent-age points higher than in 1Q2020. In the CCR, sales were led by Kopar at Newton, with units mostly be-tween $2 million and $3 million. In the RCR, sales were driven by Parc Esta and Stirling Residences, with units mostly between $1 million and $1.5 million.

The report also states that buyers are shifting away from units under 500 sq ft, which accounted for less than 10% of total transactions, down from 14% in 1Q2020. Units between 500 sq ft and 700 sq ft rose by three percentage points to 36% in 2Q2020. Edmund Tie states that this could be due to the rise of remote working.

Even though travel restrictions have affected over-seas demand, Singaporean purchases have increased, accounting for 80% of non-landed residential sales in 2Q2020, up from 77% in the previous quarter.

Nine in 10 corporate real estate leaders confident in recovery post-pandemic: JLL At least nine in 10 corporate real estate (CRE) leaders in the Asia Pacific are confident that plans to mitigate

the impact of Covid-19 will be successful, according to a JLL’s report Optimism in the Face of Crisis. The report is based on the findings of a survey conduct-ed among 200 CRE in Asia Pacific.

In their view, working from home will not replace offices. A majority of CRE leaders believe they will maintain or increase total footprint and number of sites in the medium to long term. 76% of them ex-pect moderate or steady rationalisation of real estate portfolios, with those in Australia and Hong Kong fo-cused on steady rationalisation while those in India anticipating massive and accelerated rationalisation.

JLL foresees four implications for commercial real estate in the post-pandemic era. First, health and wellness will be prioritised and will transform the real estate portfolio mix. This will require safe-dis-tancing measures and the use of smaller offices or co-working spaces.

Second, there will be redesign and reconfigura-tion of office spaces to achieve the “de-densification”. Third, technology will be critical in enabling the suc-cess of new working models.

Lastly, the increased prevalence of remote work-ing will impact future CRE investments. Leaders will actively invest in technologies that optimises pro-ductivity and collaboration between onsite and re-mote workforces.

Gaw Capital raises US$1.3 bil for internet data centre platform Real estate private equity firm Gaw Capital Partners has announced the closing of fundraising for its in-ternet data centre (IDC) platform that aims to invest in projects in partnership with IDC developers and operators in China. The total equity raised is around US$1.3 billion ($1.8 billion).

The largest investor is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), says Christina Gaw, managing principal and head of cap-ital markets. She adds that Gaw Capital has plans to grow into other Asia regional markets.

According to a press release from Gaw Capital, the total IDC market size in China grew more than 10 times to RMB127.7 billion ($25.5 billion) from RMB10.2 billion.

Humbert Pang, managing principal and head of China, says, “Amid the backdrop of pandemic and the rapid adoption of 5G in China, there is a strong de-mand for data processing services due to increase in data usage, as a result of social distancing measures.”

He adds that as most social and economic activi-ties migrate online, “data centres in promising loca-tions along the densely populated region of China are emerging as valuable assets that produce stable rental income”.

CapitaStar points can be exchanged to Ascott Star Rewards points and vice versa CapitaStar points can now be exchanged for points in Ascott Star Rewards (ASR) programmes via the CapitaStar app, and vice versa. ASR members can do so via the Ascott website. This is currently only

in Singapore, where CapitaStar has around 1.1 mil-lion members. It may extend to over 11 million Cap-itaStar members in China.

ASR members can use CapitaStar points to ex-change for eCapitaVouchers or other rewards on the CapitaStar app, which can be used at 17 participat-ing CapitaLand malls in Singapore.

Tan Bee Leng, managing director at The Ascott Lim-ited, says: “Ascott is harnessing the scale of two key rewards programmes within the CapitaLand Group to cross-sell and bring greater value to our custom-ers.” Ascott is wholly owned by CapitaLand. — Com-piled by Valerie Kor E

THE ASCOTT LIMITED

lyf Funan Singapore, one of the ASR participating properties where members will receive 2,000 bonus points on every night’s stay

BERKELEY GROUP

Eden Grove in Staines-Upon-Thames offers 489 units

DANGA HEIGHTS DEVELOPMENT

The joint venture agreement was inked virtually by director of IWH Hj Mohd Noorazam Bin Hj Osman and CEO of MCC Singapore, Tan Zhiyong

HONG LEONG HOLDINGS

566-unit Penrose in District 14 will be a short walk to Aljunied MRT Station

EDGEPROP | SEPTEMBER 14, 2020 • EP3

INDUSTRY INSIGHT

BY ALEX CRANE

At the height of the Covid-19 pandem-ic in Vietnam there was a pause in market activity, but momentum very swiftly gathered speed post lockdown. Net absorption in the Grade-B office

segment was over 21,000 sqm (226,050 sq ft) in 2Q2020, which is above the three-year aver-age of 17,000 sqm (182,993 sq ft) per quarter. Net absorption of Grade-A office space suffered however, with negative take-up of 2,600 sqm (27,987 sq ft) last quarter. This is unsurprising with occupiers looking at cost, given the gen-eral slowdown in global trade and business.

The Vietnam office market is witnessing a perceivable flight to more economical, Grade-B office space, and this trend is expected to continue as occupiers become more cost-conscious. We had previously forecast a net absorption of 4,000 sqm (43,057 sq ft) in Grade-A office space in 2000; we are rewriting that to zero net absorption for the year.

However, we are not writing down rent projections as yet, given that the average vacancy rate of Grade-A office buildings is less than 3% in the CBD area of Ho Chi Minh City. The negative absorption of Grade-A space is led by smaller occupiers relocating to Grade-B buildings. We have yet to see large or anchor tenants doing the same.

Limited new supplyEven though demand for Grade-A office space has declined 45% q-o-q, it is still relatively ro-bust as no new supply is coming onstream un-til late 2021.

Only one Grade-B office building is expected to enter the market in Ho Chi Minh City’s core CBD area of District 1 this year. The rest of the new supply entering the market in 2020 are in the fringe or decentralised locations. As the buildings in decentralised areas command lower rental rates, this has naturally pulled down the overall market average rents. However, this supply is not

expected to pull down the rents of the core CBD area.

This same trend was observed in the capital city of Hanoi for a number of years, with the flight to the new business districts in the west and midtown, which did not pull down the rents in the Hoan Kim area, the historical centre of Hanoi. Occupiers looking for cheap deals will have to sacrifice location. Few large relocations (defined as occupiers of more than 2,000 sqm space) are likely to occur for the rest of 2020 and early 2021, which means minimal impact on rents in the downtown core of Ho Chi Minh City. Discounts offered in the initial phase by the new buildings in the fringe locations will be reduced as occupancy picks up. Hence, it will be very much “business as usual” in the CBD area.

In fact, Ho Chi Minh City is one of only four markets in Asia Pacific that remains landlord-friendly in the current climate, according to Cushman & Wakefield’s latest analysis of office markets in the region. The other three are Bangkok, Metro Manila and Taipei.

Occupiers reviewing operational costsOccupiers in Vietnam have been keen to get back to the office and for business to return to the way it was before Covid-19. Indeed, we have witnessed very little change in operations due to the limited impact of the virus in the tier 1 cities. What we may see, however, will be the broader trend of global corporate occu-piers doing a review of their occupancy needs

once the pandemic is brought under control in other markets.

Landlords should therefore be prepared for more tenants requesting sub-leasing and lease assignment options as a review of operating cost is ongoing at the global level of most MNCs. Under Vietnam law, tenants are able to surrender and obtain re-grant of leases. But to date, we have seen only a few cases of occupiers looking to downsize their office as their headcounts become more remote and flexible.

Nevertheless, budget for high operating and capital expenditure among MNCs will remain tight until the global situation improves. Hence, landlords should not expect premium rents given that demand and take-up rates in new buildings remain a challenge. It used to be that co-working operators could pre-lease 30% of a building; that is no longer the case in this current climate. Pre-leasing and lease-up of new buildings are likely to take longer, and the best performance will be secured by the boldest and most commercial-minded landlords.

Demand for quality will increaseRather than a broad-stroke rent reduction, land-lords prefer to stay competitive, and structure ad hoc deals that hit the sweet spot with ten-ants. With sustainability and smart building efficiencies becoming increasingly important, there is a greater differentiation in rents be-tween new and old buildings.

An example of a development that looks

to be resilient even in the face of a pandemic is the new OfficeHaus located in the western suburb, near Tan Son Nhat international airport. A large percentage of Ho Chi Minh’s working population live in the area. Having an office there will help reduce commuting time for staff. The building’s efficient design, LEED Silver accreditation, use of contactless technology and large interconnecting floors makes it a test case for the post-pandemic world in terms of its lease-up performance.

As demand for quality space increases and companies focus on staff wellbeing, landlords and building owners will have to start improving their building design and interior spaces in order to stay relevant.

Still a bright spotVietnam remains a bright spot for Asia large-ly due to the government response to the pan-demic. While there was a pause at the height of the pandemic, rents are firm and demand remains healthy. Occupiers will be able to sniff out sweet deals offered by landlords in the new buildings in the city fringe, with only a few tar-geted for completion in the coming months. Well-managed buildings will be able to achieve rents at or above current market rates. There is continued growth and confidence in Vietnam despite the pandemic. E

Alex Crane is managing director of Cushman & Wakefield Vietnam

Ho Chi Minh office market supply-led,with rents holding firm

INDUSTRY INSIGHT

PICTURES:CUSHMAN & WAKEFIELD

Ho Chi Minh City is one of only four markets in Asia Pacific that remains landlord-friendly in the current climate, according to Cushman & Wakefield

OfficeHaus is located in the western suburbs, near Tan Son Nhat international airport and where many of the working population live

The, efficient design, use of contactless technology and large interconnecting floors makes OfficeHaus a test case for the post-pandemic world in terms of its lease-up performance

EP4 • EDGEPROP | SEPTEMBER 14, 2020

SHOPHOUSES

BY VALERIE KOR valerie.kor@edgeprop.sg

On a recent Tuesday, hipster cafe Beard-ed Bella at 8 Craig Road, which serves coffee, acai bowls, brunch and des-serts, is bustling. Even the al fresco dining area in the courtyard is almost

full. Next door, the F&B outlets on the ground floor of the shophouses at 9 and 10 Craig Road, namely European restaurant Coucou and Sofi Cafe Pizza, are equally busy.

Three months after the Covid-19 “circuit breaker” ended, yoga studios, restaurants, cafés and bars in the Tanjong Pagar conserva-tion area are seeing crowds return.

The three shophouses at 8, 9 and 10 Craig

Road are owned by Hong Kong-based, fami-ly-owned hospitality business Harilela Group, founded in 1959 by the eponymous Hong Kong-Indian businessman, hotelier and phi-lanthropist, Hari Naroomal Harilela. Accord-ing to the Integrated Land Information Service (INLIS) records, Harilela Group purchased the three shophouses in 1992.

Besides the properties on Craig Road, Ha-rilela Group also owns the 319-room Holiday Inn Singapore Orchard City Centre, formerly known as Holiday Inn Park View, which opened its doors in 1985. Another hotel it owns in Sin-gapore is the Ambassador Transit Hotel at the departure transit lounge of Changi Airport. Be-sides Singapore, the group has an international portfolio of some 15 hotels in Bangkok, Hong

Kong, London, Macau and Pattaya.Harilela is now looking to sell all three shop-

houses on Craig Road as a portfolio at a price tag of $36 million, with Savills Singapore as the exclusive marketing agency. Over the past 28 years, the group has received unsolicited offers for the shophouses, says Yap Hui Yee, director of investment sales and capital mar-kets at Savills Singapore. Hence, the group has launched the properties for sale by expression of interest which will close on Oct 15, 3pm.

According to Yap, there is growing interest from overseas buyers in Singapore commer-cial properties. These three shophouses sit within the Tanjong Pagar conservation area in the CBD. They have a combined land area of 5,948 sq ft and built-up area of 12,260 sq ft.

The $36 million price translates to $2,936 psf based on built-up area. The shophouses have a 99-year lease from 1988, which means they have a remaining lease of 68 years.

Such assets are sought after as purchasers can be creative in restoring the internal spaces, with three shophouses yielding larger floorplates, adds Yap. Located at the junction of Craig Road and Duxton Road, the shophouses enjoy dual frontage. The wall along Duxton Road may be decorated with an art mural, notes Yap.

The area is very vibrant, with many F&B outlets, hotels, office buildings and co-work-ing spaces. There are also residences in the area, for instance Craig Place, a 58-unit bou-tique condominium development, Pinnacle at Duxton, with seven 50-storey towers contain-

Three adjoining shophouses on Craig Road for sale at $36 mil

PICTURES: SAVILLS SINGAPORE

The shophouses at 8, 9 and 10 Craig Road are owned by Hong Kong-based, family-owned hospitality business Harilela Group

The interior of popular cafe Bearded Bella on the ground floor of 8 Craig RoadSelected third-floor units have high ceilings due to the pitched roofs

EDGEPROP | SEPTEMBER 14, 2020 • EP5

SHOPHOUSES

ing 1,848 units as well as private condomin-iums in the Tanjong Pagar area, from luxury development Wallich Residence at Guoco Tow-er to the 646-unit Icon, the 360-unit Suites at Anson and the 280-unit Altez.

Rejuvenation is also taking place in the CBD area, with the upcoming mixed-use develop-ment at the former Chinatown Plaza at the corner of Neil Road and Craig Road, the rede-velopment of Realty Centre, Fuji Xerox Tower and AXA Tower.

In terms of accessibility, the shophouses on Craig Road are within a five-minute walk to Tanjong Pagar MRT Station on the East-West Line and the upcoming Maxwell MRT Station on the Thomson-East Coast Line. It is also a seven-minute walk to Outram Park MRT In-terchange Station.

The shophouses on Craig Road are currently

fully tenanted. Zoned for commercial use, the ground-floor units have been approved for F&B use and leased to two cafés and a restaurant. The upper floors are currently leased as office space to a corporate management firm, cyber security firm and global consumer research agency. The upper floors can be used for of-fices, medical suites or even childcare centres, subject to approval by authorities. The existing monthly rental income is about $64,000, with varying expiry dates on the leases.

The existing office spaces on the upper floors have regular layout and are column-free, with en suite washrooms and 24-hour security ac-cess. Selected third floor units have high ceil-ings due to the pitched roofs. The shophouses come with full-height French windows, air-well and private courtyard. Hence, the units are well lit.

The most recent shophouse transaction in the Tanjong Pagar Conservation Area was for a two-storey shophouse at 50 Tanjong Pa-gar Road. It has a built-up area of 2,152 sq ft on 1,098 sq ft of 99-year leasehold land. The property changed hands for $4.5 million, or $2,091 psf on built-up area, on Aug 17. Earlier last month, a two-storey shophouse at 61 Neil Road changed hands for $5.65 million ($1,936 psf on built-up area). The shophouse sits on

a 99-year leasehold site of 1,475 sq ft, with a built-up area of 2,919 sq ft.

The rarity of conservation shophous-es, with just 6,500 to 7,000 units in Singa-pore, makes them a coveted asset, especial-ly those in the CBD. Those in the CBD and zoned for commercial use are especially cov-eted as they are open to foreign ownership and are not subjected to additional buyer’s stamp duty. E

PICTURES: SAVILLS SINGAPORE

Yap: This is an opportunity to acquire a row of charming shophouses in an exciting and fast-growing precinct

Located at the junction of Craig Road and Duxton Road, the shophouses enjoy dual frontage

The ground-floor spaces are currently leased to two cafes and a restaurant and the upper floors are leased to office tenants

The al fresco courtyard of cafe Sofi Cafe Pizza at 10 Craig Road

Land and gross floor areas of the 8, 9, 10 Craig Road shophousesAddress Land area (sq ft) Gross floor area (sq ft)

8 Craig Road 2,030 4,241

9 Craig Road 1,943 4,026

10 Craig Road 1,965 3,993

SAVILLS SINGAPORE

Shophouse transactions from January 2019 to 2020 year-to-date

*Sale date Address Land area (sq ft) Tenure Price ($) Price ($ psf)*

Aug 17, 2020 50 Tanjong Pagar Road 1,098 99 years from 1988 4,500,000 4,091

Aug 3, 2020 61 Neil Road 1,475 99 years from 1989 5,650,000 3,823

Mar 10, 2020 92 Tanjong Pagar Road 926 99 years from 1988 3,662,000 3,970

Feb 14, 2020 41 Duxton Road 1,055 99 years from 1988 4,858,000 4,596

Jan 16, 2020 45 Duxton Road 980 99 years from 1988 4,100,000 4,167

Dec 23, 2019 42 Duxton Road 1,119 99 years from 1988 4,950,888 4,431

Dec 18, 2019 34/36/38 Tanjong Pagar Road 2,659 99 years from 2000 16,350,000 6,150

Sep 18, 2019 116 Neil Road 1,475 Freehold 9,650,000 6,544

Jun 13, 2019 57/57A Neil Road 1,389 99 years from 1989 5,500,000 3,964

Feb 18, 2019 71 Neil Road 2,713 99 years from 1989 16,300,000 6,021

Feb 11, 2019 33/35 Tanjong Pagar Road 3,208 99 years from 1994 26,500,000 8,275

Feb 11, 2019 37/39/41/43 Tanjong Pagar Road 6,480 99 years from 1994 53,500,000 8,260

Jan 3, 2019 37 Duxton Road 1,076 99 years from 1988 5,650,000 5,249

URA REALIS, DOWNLOADED ON SEPT 8, 2020

*based on land area

EP6 • EDGEPROP | SEPTEMBER 14, 2020

BY TIMOTHY TAYtimothy.tay@edgeprop.sg

A stamp duty holiday is giving some London home buyers a nine-month window of opportunity to push ahead with their property purchases. Accord-ing to UK developer Regal London and

property consultancy Savills UK, buying activi-ty is gaining momentum, supported by months of pent-up demand, and some Asian investors are opting for better capital gains and safe hav-en in the UK over their own domestic markets.

Pent-up demand resumes after lockdownThe UK’s formal exit from the European Union on Jan 31 this year was expected to rally trans-action activity in London’s residential market. A period of uncertainty since the 2016 referendum has caused some investors and home buyers to hold off their purchases. In February this year, Marc von Grundherr, director of UK-based let-tings and sales agent Benham and Reeves, not-ed that “month after month of uncertainty sur-rounding Brexit had caused the market to stutter”.

But the anticipated rally failed to gain mo-mentum due to the Covid-19 pandemic, with the UK government imposing a country-wide lockdown in March this year. According to Ja-cob Sullivan, sales director at Regal London, overall market sentiment in London’s residen-tial market faltered during the lockdown peri-od. Regal London is a privately held real estate developer, and has had a 22-year track record in developing residential-led, mixed-use pro-jects in London.

However, some lockdown restrictions have been gradually lifted over the past few months with most business activity resuming in Lon-don. Sullivan says that the developer has seen an “unprecedented level” of domestic demand for its new projects over the past few weeks, largely attributed to the fact that most of its de-velopments are completed. He adds that local home buyers still prefer physical viewings and are more likely to buy into already completed developments.

According to Savills UK, its website has also seen a strong increase in traffic since London’s housing market reopened, with its residential website traffic up 47% compared to January this year, and new buyer registrations are 48% above pre-lockdown levels.

“It is fair to say that demand [in London’s res-idential market] is higher than expected. It is a combination of pent-up demand from when the market was closed, people deciding to move after their lockdown experience, and the stamp duty holiday that is encouraging people to move soon-er than they might have done,” says Jacqueline Wong, head of residential services and interna-tional residential at Savills Singapore.

Sullivan agrees, saying that most home buy-ers in the UK feel that they have been holding off their purchases for too long as a result of the prolonged Brexit situation and the recent Cov-id-19 lockdown. “July was the busiest month in a decade with close to GBP37 billion ($66.58 bil-lion) worth of transactions occurring in London during the month,” he says.

Lockdown delayed new launchesAnother effect of the lockdown in London is that it has forced most developers to delay planned new launches this year into the summer holi-day season. Typically, most developers would showcase their developments earlier in the year during spring, with buying activity culminating just before the traditional summer holiday peri-od, says Sullivan.

“But with most of the local buyers picking staycations this year due to ongoing internation-al travel restrictions, it has caused buying mo-mentum to continue over the past few weeks,” Sullivan says. He expects this momentum will likely continue through to 4Q2020.

International travel restrictions have also re-sulted in a smaller number of international prop-erty investors engaging in the property market this year, and the few active foreign buyers are typically already familiar with the London resi-dential market with an established portfolio of investment properties on hand, says Sullivan.

Asian investors turn attention to LondonHowever, one group of overseas buyers still out investment shopping in London are Asian inves-tors, says Savills. In general, this group of for-eign buyers feel that residential property in Lon-don is still a resilient asset, coupled with their broad familiarity with the city, the international consultancy says.

Most Asian investors are seeking one- or two-bedroom properties, and they have a budget range of GBP800,000 to GBP2 million, says Wong.

“In the Singapore context, we have witnessed new entrants to the UK residential market. Typ-ical of Singaporean DNA, they are initially do-ing market research, enquiring about taxes and overall due diligence before taking the plunge, so to speak,” she says.

She adds that some Singaporean-based buy-ers have turned their attention to London due to the higher additional buyer’s stamp duty in Singapore, which could negatively affect future capital gains on some property investments.

But Wong notes that the impetus for Singapore buyers is distinctly different from Hong Kong or China buyers. “With Hong Kong buyers, apart from the continued protests in the city, the lat-est security law has further fuelled their inter-est to invest in properties in the UK,” she says.

The UK recently extended options to about three million of Hong Kong’s British National (Overseas) passport holders that will allow them to apply for up to five years’ leave to remain in the UK. And after a further year, they will be able to apply for British citizenship.

According to Sullivan, one of Regal London’s newest London projects, One St John’s Wood, has recorded a “good level of demand from buyers from Asia and the Middle East”. He adds: “We continue to see huge demand from the Hong Kong market for long-term investments in Lon-don, helped by the currency advantage alongside stamp duty changes. These make a purchase in the next six months favourable for any purchas-er. This demand is mirrored by unprecedented

demand from the UK market, with buyer regis-trations up 10-fold on previous years.”

One St John’s Wood is a 112-unit development that launched this month. The developer says that about 80% of the enquiries it has received for this development came from owner-occupi-ers, comprising upgraders and those looking to “right-size”. The development comprises studio units and one- to three-bedroom apartments, with prices starting from GBP995,000.

“Apart from location and price, investors also consider yields, potential growth for capi-tal gains, whether it is a regeneration area and connectivity to central London. Some will also consider the track record and reputation of the developer,” says Wong.

Singaporean buyers in particular prefer pro-jects that feature top-notch views, such as The Dumont along Albert Embankment, she says, adding that the development’s central location in the city also makes it attractive. “The Du-mont’s privileged position on a unique bend on the south bank of the Thames River means each home boasts unrestricted, vast panoramas of London,” says Wong.

Green spaces in the development are anoth-er project attribute on buyers’ checklist, for ex-ample Prince of Wales Drive in the Battersea area. “An impressive 50% of the development (2.5 acres or 1.01 hectare) is dedicated to green open space, creating an urban oasis in the Bat-tersea regeneration area,” says Wong.

Limited stamp duty holidayThe financial climate is also encouraging buyers and investors to pick up properties. Paul Eden, CEO of Regal London, says: “With the pound to dollar still at a historic low, and demand rapid-ly returning to the market, London is experienc-ing a positive uplift which brings opportunity for early investors to secure good value before the city’s market returns to its peak performance.”

Some home buyers are also taking advan-tage of the government’s stamp duty holiday to lock in their purchases. On July 8, 2020, Chan-cellor of the Exchequer Rishi Sunak announced a stamp duty holiday for residential property buyers in England and Northern Ireland, from July 8, 2020, to March 31, 2021. As a result, the stamp duty threshold was temporarily raised from GBP125,000 to GBP500,000.

This means that stamp duty land tax will not be paid on any property that is valued below GBP500,000. According to Sullivan, this could mean up to GBP15,000 in savings for first-time home buyers, and will be enough to encourage them to push forward their purchases.

A market report by Knight Frank UK last

month noted that from July 8 to Aug 8 this year, the number of home sales in London was 146% above the five-year average for properties valued at less than GBP1.5 million. This is the section of the market who will benefit the most from the stamp duty holiday, the report says.

“The holiday, it must be concluded, is work-ing,” says Tom Bill, Knight Frank’s head of UK residential research, adding, “Whether it should become a permanent arrangement is something the government should consider.”

According to Wong, “London, particularly with the stamp duty holiday, proves to be com-petitive in terms of transaction costs compared to other cities. It is worth noting as well the cur-rency opportunity in London at the moment be-cause of the weakness of the sterling, but also the price falls we have seen in London since 2014”.

For now, the government is still expected to implement its planned 2% stamp duty surcharge from April 1, 2021, which will coincide with the end of the stamp duty holiday, says Wong. “How-ever, it is good to note that even with that extra 2%, London is comparatively less expensive in which to acquire properties versus other gate-way cities,” she says.

Moderation expected in 2021If London can avoid another lockdown or a sec-ond wave of Covid-19 cases, it is likely that resi-dential sales in the city will remain relatively ro-bust until December 2020, and may even carry on into 1Q2021, says Sullivan. But he expects that the pent-up demand in the market will start to moderate next year and will no longer record the “excessive” levels seen this quarter.

“When international restrictions ease, the global wealthy will return from the country or from overseas, and central London will regain its buzz. But a recovery in prices has been de-layed,” says Wong.

She says that despite having made up for some of the initial losses earlier this year, the net fall in the value of global stocks and commod-ities would have eroded the existing wealth of ultra-high net worth individuals who are active in the residential market. Investors will likely fo-cus on safe-haven assets, and there is no reason why London properties will not continue to be in that investment basket.

“As a consequence of these factors, and the delayed recovery, we have reduced our forecasts for the next five years for the most expensive of UK property. However, we believe that further falls in value are likely to be limited in a market that has more than adjusted to the prevailing tax environment and looks [to be offering] good val-ue on a world stage,” says Wong. E

Stamp duty holiday in UK spurring residential transactions by Asian investors in London

In general, Singaporean buyers prefer projects with top-notch views, such as The Dumont

OFFSHORE

ST JAMES_THE DUMONT ALTA COLLECTION

EDGEPROP | SEPTEMBER 14, 2020 • EP7

Those who seek respite from the hasty pace of urban life are set to find them in VERDALE. Once completed, the 258-unit boutique development will sit nes-tled amidst verdant foliage, spread

across seven five-storey residential blocks in the Beauty World enclave.

Set along De Souza Avenue, off Jalan Jurong Kechil, VERDALE is situated in a neighbourhood poised for growth. The Singapore government has since announced plans for the transforma-tion of Beauty World, which include a one-stop integrated facility comprising a community club, redeveloped market and hawker centre, and an indoor sports hall and community library.

Beauty World’s transformationTo inject vibrancy into the Beauty World area, the government has launched a commercial and residential site of 3.22 ha at Jalan Anak Bukit for sale, emphasising on the future development to include well-designed public spaces and pedes-trian networks that integrate seamlessly with public transport. This will also include an inte-grated transport hub that will draw more crowds and further enhance the value of the locale.

The precinct has also been earmarked as gateways for nature and heritage, and lush land-scaping is set to improve the pedestrian experi-ence and access to the Rail Corridor, the Coast-to-Coast Trail, and Rifle Range Nature Park.

Residents of VERDALE are bound to reap the best of both worlds - the convenience of choice facilities at their doorstep, and the ac-cessibility to nature reserves and parks within

close proximity to their homes. The develop-ment is well connected to all of Singapore via the Bukit Timah Expressway (BKE) and the Pan Island Expressway (PIE), while Beauty World MRT station is nearby. Eateries are also aplen-ty in the neighbourhood, with a wide range of select dine-outs along Cheong Chin Nam Road, and in the Bukit Timah area.

Shinrin-yoku inspired conceptSet against such a backdrop, the architects of VERDALE weaved the narrative of shinrin-yoku, or forest bathing, into the grounds of the pro-ject, a Japanese practice of taking in the forest atmosphere. “Our design focused on the cre-ation of a fine lifestyle boutique development, for living in a very serene environment,” says Choy Meng Yew, director at P&T Consultants. Trees and shrubbery, for one, will be a common sight within the development.

Homeowners can lounge at the forest bath-ing pods, flushed into the grassland within the central courtyard that spans over 100m from one end to the other. Tall trees will line one side of the 50m lap pool, casting moving shadows on the water as the leaves sway. Residents can also recline at the poolside alcove greeting the other side of the pool.

Design-thinking starts from the arrival of homeowners at VERDALE, where a giant arrival portal marks the transition from a busy city-life into a peaceful home. A timber lookalike trellis frames the grand entrance, carefully selected to allow slivers of light to pass through as the sun casts its rays, creating lighting effects that

vary throughout the day. The development’s landscape architect

intended to “bring in the experience of how you walk in and detach yourself from the city life”, shares Thanapong, managing director for Ecoplan Asia. The arrival portal marks the first entrance into tranquility at home, whereupon residents will enter the central courtyard and be greeted by an expansive tiered landscape and water features. This culminates finally in VERDALE’s wellness zone, an exclusive nook comprising amenities like a Spa Pavillion and a Yoga Meditation Pod. Entering this zone, the sounds of water trickling gets much louder, and its footpaths narrower, designed purposefully for homeowners to slow down their steps and unwind, says Thanapong.

Smart Space SolutionsThe interior of VERDALE’s units are not exempt from meticulous planning. Units boast floor-to-ceiling windows, a design feature that wel-comes greenery into residents’ homes. To ex-pand on the sights, the ground floor units boast soffit heights of up to 4.3m, providing home-owners with design flexibility and the allure of a larger space.

Notwithstanding views, homes at VERDALE also come with smart space solutions for select-

ed units. The Atelier is a modern island kitchen design that adds comfort and functional space for preparing food or as a breakfast counter and even for entertaining friends. The Armadio is a windowsill in the kitchen for extra countertop space and storage, that can hold kitchen canis-ters, cookbooks or pantry items. The Alcove is a great display shelf that cleverly hides clutter for a clean and organised space. The Armoire is an elegant dressing table of sorts for acces-sories and small personal items, all sectioned for easy access.

“The element of a good interior or architec-ture must touch your inner senses and enrich your soul. It must be more that just a home where memories are made and shared with your love ones,” says Angelena Chan, manag-ing director of Index Design, interior designer for the project.

To offer flexibility to homeowners, one-bed-room units at VERDALE feature a sliding door that slices the space into a living area and master bedroom. VERDALE’s joint developers, COLI Sin-gapore and CSC Land Group, have also planned for 12 duplex units that take after its immedi-ate neighbourhood of landed homes. With this, homeowners get to enjoy condo facilities and added security, yet still indulge in the spacious-ness of a two-storey unit.

From striking architectural design and thoughtful interior finishes, to landscaping touches that blend in with the Beauty World precinct, VERDALE offers the promise of rest to all who call it home.

BROUGHT TO YOU BY COLI SINGAPORE AND CSC LAND GROUP

VERDALE, a dwelling of quiet pampering nestled in the heart of the rejuvenated Beauty World

VERDALE, inspired by Forest Bathing or shinrin-yoku, provides residents with a wellness sanctuary to dwell in nature

The Alcove is a great display shelf that cleverly hides clutter

The Armoire is an elegant dressing table of sorts, all sectioned for easy access

The Armadio is a windowsill in the kitchen for extra countertop space and storage

ERA Realty Network Pte Ltd8828 1222

OrangeTee & Tie Pte Ltd9784 9748

PropNex Realty Pte Ltd6100 2686

Viewing by appointment only

The Atelier is a modern island kitchen design that adds comfort and functional space

PICTURES: COLI SINGAPORE; CSC LAND GROUP

SMART SPACE SOLUTIONS

Set along De Souza Avenue, off Jalan Jurong Kechil, VERDALE is situated in a neighbourhood poised for growth in the rejuvenated Beauty World precinct

The giant arrival portal marks the transition from a busy city-life into a wellness sanctuary

VERDALE’s wellness zone, an exclusive nook com-prising amenities like a Spa Pavillion and a Yoga Meditation Pod

Artist’s Impression

CEA REG NO.: R055063B | LICENCE NO.: L3002382K

CEA REG NO.: R056427G | LICENCE NO.: L3009250K

LICENCE NO.: L3008022J

EP8 • EDGEPROP | SEPTEMBER 14, 2020

BY CECILIA CHOWcecilia.chow@edgeprop.sg

The merger between Savills Residential, the residential pro-ject sales business of Savills Singapore, and real estate agency Huttons Asia has fortified the position of Singa-pore’s fourth biggest real estate agency in terms of number of brokers. The deal, according to Chris Marriott, Savills

CEO for South East Asia, had been on the cards for some time. “And now, we’ve been able to construct a deal where everybody’s happy and it drives positive outcomes,” says Marriott. “It enables us to really focus on the future; to assist in building up Huttons’ business alongside Savills’.”

The combined entity, “Huttons — in association with Savills” will benefit from economies of scale. “It is inefficient to have two brands,” adds Marriott. “In order to be a successful residential broker today, you need to increase investment in broker num-bers, talent, technology and training.”

As Huttons’ largest shareholder, Savills Singapore will have board representation through Marriott. “We’ve had a long-stand-ing relationship,” he says. It is a relationship that has spanned more than 15 years. When Savills acquired Hampden Real Estate from Michael Ng in 2005, the former took over the 48% stake in Huttons that he owned as well. Founded in 2002, Huttons was a fledgling company then, Marriott relates.

With the residential project business now wholly under Hut-tons, this means that Savills Singapore will focus on “full-service real estate business”, says Marriott.

Marcus Loo, CEO of Savills Singapore, will continue to build the Singapore business, while Marriott focuses on the Southeast Asian business.

Loo was appointed CEO of Savills Singapore in January 2019. He had joined Savills Singapore in February 2015 as ex-ecutive director and head of the tenant advisory division. He brought along his tenant representation team, comprising Greg Marler and Ashley Swan, in the move from Colliers Interna-tional to Savills.

‘Talent acquisitions’Another team that made its way from Colliers to Savills later that same year (in September 2015) was Cynthia Ng, the head of val-uation and deputy managing director, and seven other valuation specialists. Ng is now managing director and head of valuation & advisory at Savills Singapore.

More recent hires include Eric Teo, previously the head of trans-action advisory services group at Ernst & Young (EY) in both Sin-gapore and Australia. Teo joined Savills in January 2019 as head of business valuation and advisory for South East Asia. Joining him

at Savills are EY colleagues, Jason Doan and Jason Tan, both of whom are executive directors in the valuation and advisory business.

In January 2019, Robin Leow, former head of integrated fa-cilities management at Bintai Kindenko, a mechanical and elec-trical engineering specialist firm, made his way to Savills Singa-pore too. He is now installed as its senior director and head of facilities management.

Last November, Savills announced two key appointments: Jeremy Lake and Galven Tan as managing director and deputy managing director of investment sales and capital markets respec-

COVER STORY

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

SAMUEL ISAAC CHUA/THE EDGE SINGAPORESAVILLS

Jeremy Lake and Galven Tan, who moved over from CBRE to Savills last year, ‘cements the firm’s position as a leader in investment sales’, according to Marriott

Post-merger, Savills to focus on growing recurring income business

Marcus Loo, CEO of Savills Singapore, and Chris Marriott, CEO of Savills South East Asia

EDGEPROP | SEPTEMBER 14, 2020 • EP9

tively. Prior to Savills, Lake and Tan were in similar positions at CBRE. “That was really to cement our position as a leader in in-vestment sales,” says Marriott.

Earlier this month, Savills announced the appointment of Tang Chee Charn as executive director and head of property manage-ment business. Tang is the former head of real estate manage-ment services at Colliers International.

Focus on recurring income business“If we stood back and looked at Savills’ broad strategy, it is to continue building the platform in Singapore, with a strong focus on our recurring income business: property management, facili-ties management, professional valuation and consulting services in addition to our strong agency business,” says Marriott. 

Savills continues to be in the market for talent, although “very cautiously” given the current environment, notes Marriott. “Not-withstanding that, we are always on the lookout for talent, and we will always consider opportunities that add value to our plat-

form of generating accretive returns.” Areas where Savills continues to see growth include logistics,

student accommodation and data centres. Three months ago, Sav-ills signed a cooperation agreement with Malaysian-based logis-tics and supply chain specialists, LCA Asia. It is a regional alli-ance between the two firms, says Marriott. Key growth markets in the logistics and supply chain business in Southeast Asia are Indonesia, Malaysia and Vietnam; while in North Asia, it is Ja-pan, South Korea and Taiwan.

It’s not just the exponential growth in e-commerce that is pow-ering the logistics business. Major manufacturers and suppliers are “multi-sourcing” instead of being reliant on just one vendor or one location in order to minimise risk of disruption, says Marriott.

Workthere — co-working agencyThree years ago, Savills launched a new agency service, Work-there, in the UK. It is a search engine and aggregator of co-work-ing and serviced office spaces. Workthere was launched in Sin-

gapore in March 2018, and is managed by Yann Deschamps, head of Workthere Asia Pacific. In Singapore, Workthere focus-es on the local flexible workspace market, featuring well-known brands such as JustCo, Servcorp, The Great Room, The Work Project and WeWork.

“It’s opportune for SMEs [small and medium-sized enterpris-es] to leverage the co-working and serviced office community, especially if they are unsure as to the scale and size of their busi-ness,” says Marriott. “We’ve also seen a growing interest in en-terprise solutions, which are for the larger corporates that are ex-ploring the core-flex model for a portion of their space needs.”

Workthere has been integrated with Savills’ traditional corpo-rate leasing advisory business so that tenant advisers can work with enterprises on their core-flex solutions. The corporate leas-ing business is headed by Ashley Swan.

“We see co-working becoming more relevant, having cement-ed its position in the leasing market over the past five years,” says Savills Singapore’s Loo. Companies are also taking a more proactive approach in analysing how staff can work from home (WFH) and how to manage relationships — not just with clients, but also with other internal staff and the IT department, he adds. “A lot of firms are going through that right now. This is an exer-cise that will take some time before we know for sure whether the net effect is a reduction in space or an increase in space giv-en the safe management measures that have to be put in place.”

Savills has been investing in technology: residents’ applica-tions for the projects that the firm manages, procurement appli-cations for those in the property and project management are-na, and implementing technology in process departments such as accounting. Savills has also embarked on a project to create a “Savills data lake” for storage of big data.

“We are working to enhance our existing agency platforms,” says Marriott. “We already have databases and search platforms, but we’re looking at enhancing them by incorporating our digi-tal marketing suite.”

‘Top three — by profit’For Marriott, it is not just important to be ranked among the five biggest global firms by market capitalisation or number of bro-kers. The key factor will be the ability to maintain a strong bal-ance sheet and service one’s debt, notes Marriott. “We have added ‘cash flow’ to our vocabulary — not that it wasn’t always there. But with a strong balance sheet, we can come out of the pan-demic downturn with a bigger market share and accelerate fast-er when the market returns to normal.”

The London Stock Exchange-listed firm has announced its half-year results ended June 30. Group revenue was down 7% y-o-y to GBP791.4 million ($1.407 billion) in 1H2020. Underlying profit was down 66% y-o-y to GBP13.2 million. However, Savills recorded net cash of GBP9.4 million in 1H2020, compared to net debt of GBP139 million in 1H2019.

With Covid-19, transactional businesses have dropped, but property and facilities management business saw revenue growth in the first six months of of 2020, according to Savills in its results announcement on Aug 6. There has already been a considerable amount of consolidation in recent years, says Marriott. “The key will be the ability of the top five global firms to maintain a strong balance sheet,” he adds. “This period could well throw up some opportunities because of the extended period in which business-es need support for their cash flow.”

Reflecting on Savills’ growth in Singapore and Southeast Asia over the past 15 years where he continues to play an instrumen-tal role, Marriott says: “We’ve stuck to a steady, stable growth plan. And we will continue to push that plan, not just in Singa-pore but in Southeast Asia.”

In Singapore, Marriott wants Savills to be among the top three players — “by profit and not by number of brokers”, he adds. E

COVER STORY

Workthere, a search engine for users looking for co-working or serviced office space, offers tenant advisory service too

Key growth markets in the logistics and supply chain business in Southeast Asia are Indonesia, Malaysia and Vietnam; while in North Asia, it is Japan, South Korea and Taiwan

SAVILLS

BLOOMBERG

SAMUEL ISAAC CHUA/THE EDGE SINGAPORESAVILLS

Tang Chee Charn joined Savills at the start of September as head of property management

Yann Deschamps, who moved from Savills Shanghai to Singapore in 2018 as head of Workthere Asia Pacific

EP10 • EDGEPROP | SEPTEMBER 14, 2020

Residential transactions with contracts dated Aug 25 to Sept 1Singapore — by postal district LOCALITIES DISTRICTS

City & 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

District 1 MARINA ONE RESIDENCES Apartment 99 years Aug 31 6,566 19,698,000 - 3,000 2017 ResaleRIVERWALK APARTMENTS Apartment 99 years Aug 26 1,259 1,820,000 - 1,445 1985 ResaleTHE SAIL @ MARINA BAY Apartment 99 years Sep 1 667 1,200,000 - 1,798 2008 ResaleDistrict 2 76 SHENTON Apartment 99 years Sep 1 980 1,760,000 - 1,797 2014 ResaleCRAIG PLACE Apartment 99 years Aug 27 570 930,000 - 1,630 2000 ResaleDORSETT RESIDENCES Apartment 99 years Aug 25 484 970,000 - 2,003 2013 ResaleSKY EVERTON Apartment Freehold Aug 30 624 1,626,000 - 2,604 Uncompleted New SaleWALLICH RESIDENCE Apartment 99 years Aug 26 1,313 4,210,000 - 3,206 2017 ResaleDistrict 3 AVENUE SOUTH RESIDENCE Apartment 99 years Aug 26 657 1,308,200 - 1,992 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 27 1,496 2,928,200 - 1,957 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 29 947 1,883,200 - 1,988 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 29 657 1,413,200 - 2,152 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 30 1,109 2,252,200 - 2,031 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 25 431 1,087,000 - 2,525 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 27 700 1,776,000 - 2,538 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 28 700 1,882,000 - 2,690 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 29 1,098 2,378,000 - 2,166 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 29 527 1,311,000 - 2,486 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 29 527 1,317,000 - 2,497 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 30 1,152 2,437,000 - 2,116 Uncompleted New SaleRIVER PLACE Condominium 99 years Aug 31 1,292 1,750,000 - 1,355 1999 ResaleSTIRLING RESIDENCES Apartment 99 years Aug 25 441 957,000 - 2,168 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 25 657 1,291,000 - 1,966 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 27 1,345 2,435,000 - 1,810 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 29 635 1,313,000 - 2,067 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 29 506 1,047,000 - 2,070 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 29 441 988,000 - 2,239 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 30 980 1,928,000 - 1,968 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 30 635 1,307,000 - 2,058 Uncompleted New SaleTANGLIN VIEW Condominium 99 years Aug 25 1,249 1,680,000 - 1,345 2001 ResaleTHE REGENCY AT TIONG BAHRU Condominium Freehold Aug 27 1,270 2,560,000 - 2,016 2010 ResaleYONG SIAK VIEW Apartment Freehold Aug 28 990 1,452,000 - 1,466 Unknown ResaleDistrict 4 REFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 27 2,551 3,700,000 - 1,450 2011 ResaleDistrict 5 CARABELLE Condominium 956 years Aug 31 1,399 1,838,888 - 1,314 2009 ResaleHERITAGE VIEW Condominium 99 years Aug 31 1,313 1,608,000 - 1,224 2000 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years Aug 27 775 1,400,000 - 1,806 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Aug 27 1,044 1,893,360 - 1,813 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Aug 30 775 1,384,000 - 1,786 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 25 1,044 1,764,500 - 1,690 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 26 1,496 2,427,000 - 1,622 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 26 710 1,214,000 - 1,709 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 26 689 1,159,000 - 1,682 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 27 710 1,221,000 - 1,719 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 27 893 1,517,500 - 1,699 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 27 861 1,384,500 - 1,608 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 28 1,292 2,143,500 - 1,659 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 28 1,292 2,065,000 - 1,599 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 28 915 1,454,500 - 1,590 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 29 1,249 2,059,500 - 1,649 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 29 710 1,199,000 - 1,688 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 29 1,044 1,698,500 - 1,627 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 29 915 1,448,500 - 1,583 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 30 1,711 2,731,000 - 1,596 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 30 883 1,456,000 - 1,650 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 30 915 1,445,500 - 1,580 Uncompleted New SaleTHE MAYLEA Condominium Freehold Aug 26 1,141 1,480,000 - 1,297 2008 ResaleTHE PARC CONDOMINIUM Condominium Freehold Aug 27 1,518 1,830,000 - 1,206 2010 ResaleTWIN VEW Apartment 99 years Aug 26 1,378 2,115,000 - 1,535 Uncompleted New SaleWEST COAST GARDENS Terrace 956 years Aug 28 1,808 2,360,000 - 1,307 1976 ResaleWHISTLER GRAND Apartment 99 years Aug 25 506 808,000 - 1,597 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 25 958 1,476,000 - 1,541 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 29 441 732,000 - 1,659 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 30 506 804,800 - 1,591 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 30 441 738,400 - 1,673 Uncompleted New SaleDistrict 7 MIDTOWN BAY Apartment 99 years Aug 26 463 1,344,000 - 2,904 Uncompleted New SaleMIDTOWN BAY Apartment 99 years Aug 28 743 1,980,600 - 2,667 Uncompleted New SaleTHE M Apartment 99 years Aug 25 721 1,800,000 - 2,496 Uncompleted New SaleDistrict 8 RANGOON VIEW Apartment Freehold Aug 25 2,260 1,370,000 - 606 2000 ResaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years Aug 25 1,033 1,700,000 - 1,645 2007 Resale8 SAINT THOMAS Condominium Freehold Aug 28 1,744 5,382,000 - 3,086 2018 Resale8 SAINT THOMAS Condominium Freehold Aug 31 872 2,510,000 - 2,879 2018 ResaleASPEN HEIGHTS Condominium 999 years Sep 1 1,324 2,318,000 - 1,751 1998 ResaleCAIRNHILL ASTORIA Apartment Freehold Aug 28 3,035 5,200,000 - 1,713 1983 ResaleCAVENAGH COURT Apartment Freehold Aug 28 1,819 2,850,000 - 1,567 Unknown ResaleEURO-ASIA COURT Apartment Freehold Aug 28 1,453 2,150,000 - 1,480 1994 ResaleILLUMINAIRE ON DEVONSHIRE Apartment Freehold Aug 25 441 940,000 - 2,130 2011 ResaleMARTIN MODERN Condominium 99 years Aug 26 1,733 5,300,000 - 3,058 Uncompleted New SaleMARTIN MODERN Condominium 99 years Aug 28 1,733 5,009,400 - 2,891 Uncompleted New SaleMARTIN MODERN Condominium 99 years Aug 29 764 1,989,000 - 2,603 Uncompleted New SalePARC MACKENZIE Apartment Freehold Aug 28 850 1,260,000 - 1,482 2009 ResalePEACE CENTRE/MANSIONS Apartment 99 years Aug 27 2,605 1,618,000 - 621 1977 ResaleTHE IMPERIAL Condominium Freehold Aug 28 1,012 2,300,000 - 2,273 2006 ResaleDistrict 10 DUCHESS CREST Condominium 99 years Sep 1 1,884 2,388,000 - 1,268 1998 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 27 947 2,168,000 - 2,289 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 28 947 2,168,000 - 2,289 Uncompleted New Sale

DONE DEALS

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA(SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF) COMPLETION DATE TYPE OF SALE

EDGEPROP | SEPTEMBER 14, 2020 • EP11

Residential transactions with contracts dated Aug 25 to Sept 1

DONE DEALS

FOURTH AVENUE RESIDENCES Apartment 99 years Aug 30 646 1,508,000 - 2,335 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 30 710 1,722,000 - 2,424 Uncompleted New SaleHOLLAND TOWER Apartment Freehold Aug 25 1,873 2,500,000 - 1,335 Unknown ResaleLEEDON GREEN Condominium Freehold Aug 29 1,496 4,139,600 - 2,767 Uncompleted New SaleLEEDON GREEN Condominium Freehold Aug 29 614 1,699,000 - 2,769 Uncompleted New SaleCORONATION DRIVE Semi-Detached 999 years Aug 28 3,907 7,350,000 - 1,882 1987 ResaleNASSIM JADE Condominium Freehold Aug 26 2,153 5,350,000 - 2,485 1997 ResalePARVIS Condominium Freehold Aug 27 2,260 3,750,000 - 1,659 2012 ResaleVILLA AZURA Condominium Freehold Aug 25 1,604 2,608,000 - 1,626 1999 ResaleZENITH Apartment 999 years Aug 31 775 1,310,000 - 1,690 2011 ResaleDistrict 11 26 NEWTON Apartment Freehold Aug 31 560 1,240,000 - 2,215 2016 Resale368 THOMSON Condominium Freehold Aug 26 689 1,110,000 - 1,611 2014 ResaleADAM PARK CONDOMINIUM Condominium Freehold Aug 26 1,389 1,940,000 - 1,397 2004 ResaleAMARYLLIS VILLE Condominium 99 years Aug 25 1,238 2,020,000 - 1,632 2004 ResaleBUCKLEY 18 Apartment Freehold Aug 25 1,055 1,980,000 - 1,877 2009 ResaleDUNEARN 386 Apartment Freehold Aug 26 635 1,580,000 - 2,488 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold Aug 25 936 2,090,000 - 2,232 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold Aug 27 592 1,417,000 - 2,394 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold Aug 29 797 1,865,000 - 2,341 Uncompleted New SaleHILLCREST ARCADIA Condominium 99 years Aug 26 1,798 1,780,000 - 990 1980 ResaleHILLCREST VILLA Terrace 99 years Aug 28 3,154 2,900,000 - 920 2009 ResaleMOUNT ROSIE ROAD Detached Freehold Aug 27 29,429 38,380,000 - 1,304 Unknown ResaleNEWTON ONE Condominium Freehold Aug 31 1,916 4,000,000 - 2,088 2009 ResalePULLMAN RESIDENCES NEWTON Apartment Freehold Aug 25 463 1,255,000 - 2,711 Uncompleted New SalePULLMAN RESIDENCES NEWTON Apartment Freehold Aug 26 667 1,813,000 - 2,717 Uncompleted New SaleROCHELLE AT NEWTON Condominium 99 years Aug 31 1,356 2,100,000 - 1,548 2012 ResaleSUITES @ SHREWSBURY Apartment Freehold Aug 25 344 595,000 - 1,727 2012 ResaleZEDGE Apartment Freehold Aug 27 603 998,000 - 1,656 2010 ResaleDistrict 12 DE PARADISO Apartment Freehold Aug 27 1,238 1,490,000 - 1,204 2004 ResaleD’LOTUS Apartment Freehold Aug 25 807 1,050,000 - 1,301 2008 ResaleEIGHT RIVERSUITES Condominium 99 years Aug 25 441 725,000 - 1,643 2016 ResaleJUI RESIDENCES Apartment Freehold Aug 25 947 1,602,000 - 1,691 Uncompleted New SaleKIM KEAT CLOSE Apartment Freehold Aug 28 1,066 1,180,000 - 1,107 Unknown ResaleRIVERBAY Apartment 999 years Aug 27 657 860,000 - 1,310 2014 ResaleSHAW PLAZA - TWIN HEIGHTS Apartment Freehold Aug 26 1,421 1,800,000 - 1,267 1999 ResaleTREVISTA Condominium 99 years Aug 31 1,119 1,580,000 - 1,411 2011 ResaleDistrict 13 OASIS @ MULBERRY Terrace Freehold Aug 26 1,701 2,860,000 - 1,681 2006 ResaleSUITES@BRADDELL Apartment Freehold Aug 31 388 550,000 - 1,419 2015 ResaleTHE TRE VER Condominium 99 years Aug 25 1,098 1,766,000 - 1,608 Uncompleted New SaleTHE TRE VER Condominium 99 years Aug 29 495 864,000 - 1,745 Uncompleted New SaleTHE TRE VER Condominium 99 years Aug 30 1,098 1,802,000 - 1,641 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 25 667 1,284,000 - 1,924 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 25 592 1,137,000 - 1,921 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 25 592 1,127,000 - 1,904 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 26 667 1,253,000 - 1,878 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 27 700 1,327,000 - 1,897 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 27 700 1,292,000 - 1,847 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 28 667 1,263,000 - 1,893 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 29 700 1,357,000 - 1,940 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 30 667 1,253,000 - 1,878 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Aug 30 700 1,317,000 - 1,882 Uncompleted New SaleDistrict 14 ARENA RESIDENCES Apartment Freehold Aug 25 807 1,480,000 - 1,833 Uncompleted New SaleARENA RESIDENCES Apartment Freehold Aug 26 818 1,486,000 - 1,816 Uncompleted New SaleARENA RESIDENCES Apartment Freehold Aug 29 818 1,506,000 - 1,841 Uncompleted New SaleARENA RESIDENCES Apartment Freehold Aug 30 807 1,528,000 - 1,893 Uncompleted New SaleCASA AERATA Apartment Freehold Aug 28 484 658,000 - 1,358 2012 ResaleD’ CASITA Apartment Freehold Aug 31 1,141 1,336,000 - 1,171 2010 ResaleGRANDVIEW SUITES Apartment Freehold Aug 26 377 488,000 - 1,295 2016 ResaleLE REVE Condominium Freehold Aug 27 2,583 2,170,000 - 840 2007 ResaleJALAN RIMAU Terrace Freehold Aug 28 2,863 3,280,000 - 1,148 1989 ResaleJALAN ISHAK Semi-Detached Freehold Aug 31 4,241 4,100,000 - 967 1998 ResaleLORONG MARZUKI Terrace Freehold Aug 31 1,798 2,200,000 - 1,228 1958 ResaleNOMA Apartment Freehold Aug 29 646 1,049,600 - 1,625 Uncompleted New SaleNOMA Apartment Freehold Aug 29 657 1,042,350 - 1,587 Uncompleted New SaleNOMA Apartment Freehold Aug 29 657 1,026,350 - 1,563 Uncompleted New SaleNOMA Apartment Freehold Aug 29 409 715,750 - 1,750 Uncompleted New SaleNOMA Apartment Freehold Aug 29 603 972,800 - 1,614 Uncompleted New SaleNOMA Apartment Freehold Aug 29 603 964,800 - 1,601 Uncompleted New SaleNOMA Apartment Freehold Aug 29 603 980,800 - 1,627 Uncompleted New SaleNOMA Apartment Freehold Aug 29 452 767,360 - 1,697 Uncompleted New SaleNOMA Apartment Freehold Aug 29 452 775,360 - 1,715 Uncompleted New SaleNOMA Apartment Freehold Aug 29 452 767,360 - 1,697 Uncompleted New SaleNOMA Apartment Freehold Aug 29 452 783,360 - 1,733 Uncompleted New SaleNOMA Apartment Freehold Aug 29 452 759,360 - 1,680 Uncompleted New SaleNOMA Apartment Freehold Aug 29 463 763,950 - 1,651 Uncompleted New SaleNOMA Apartment Freehold Aug 29 463 787,950 - 1,702 Uncompleted New SaleNOMA Apartment Freehold Aug 29 463 771,950 - 1,668 Uncompleted New SaleNOMA Apartment Freehold Aug 29 463 779,950 - 1,685 Uncompleted New SaleNOMA Apartment Freehold Aug 29 463 771,950 - 1,668 Uncompleted New SaleNOMA Apartment Freehold Aug 29 646 1,033,600 - 1,600 Uncompleted New SaleNOMA Apartment Freehold Aug 29 807 1,291,200 - 1,599 Uncompleted New SaleNOMA Apartment Freehold Aug 29 807 1,299,200 - 1,609 Uncompleted New SaleNOMA Apartment Freehold Aug 29 807 1,307,200 - 1,619 Uncompleted New SaleNOMA Apartment Freehold Aug 29 1,313 1,943,240 - 1,480 Uncompleted New SaleNOMA Apartment Freehold Aug 29 1,163 1,859,637 - 1,600 Uncompleted New SaleNOMA Apartment Freehold Aug 29 667 1,075,200 - 1,611 Uncompleted New SaleNOMA Apartment Freehold Aug 29 1,281 1,921,500 - 1,500 Uncompleted New SaleNOMA Apartment Freehold Aug 29 700 1,153,187 - 1,648 Uncompleted New SaleNOMA Apartment Freehold Aug 29 431 770,250 - 1,789 Uncompleted New SaleNOMA Apartment Freehold Aug 29 431 762,250 - 1,770 Uncompleted New SaleNOMA Apartment Freehold Aug 29 431 778,250 - 1,808 Uncompleted New SaleNOMA Apartment Freehold Aug 29 431 754,250 - 1,752 Uncompleted New SaleNOMA Apartment Freehold Aug 29 603 988,800 - 1,640 Uncompleted New SaleNOMA Apartment Freehold Aug 29 646 1,041,600 - 1,613 Uncompleted New SaleNOMA Apartment Freehold Aug 30 646 1,057,600 - 1,638 Uncompleted New SalePARC ESTA Apartment 99 years Aug 27 517 882,000 - 1,707 Uncompleted New SalePARC ESTA Apartment 99 years Aug 27 700 1,322,000 - 1,889 Uncompleted New SalePARC ESTA Apartment 99 years Aug 28 1,259 2,055,000 - 1,632 Uncompleted New SaleREZI 24 Apartment Freehold Aug 26 1,001 1,540,000 - 1,538 Uncompleted New SaleREZI 24 Apartment Freehold Aug 28 657 997,300 - 1,519 Uncompleted New SaleREZI 24 Apartment Freehold Aug 29 484 806,000 - 1,664 Uncompleted New SaleVACANZA @ EAST Condominium Freehold Sep 1 807 915,000 - 1,133 2014 ResaleDistrict 15 AMBER PARK Condominium Freehold Aug 30 484 1,217,600 - 2,514 Uncompleted New SaleCOSTA RHU Condominium 99 years Aug 28 5,253 6,250,000 - 1,190 1997 ResaleCOTE D’AZUR Condominium 99 years Aug 28 1,109 1,500,000 - 1,353 2004 ResaleCOTE D’AZUR Condominium 99 years Aug 31 1,324 1,868,000 - 1,411 2004 ResaleDUNMAN VIEW Condominium 99 years Aug 26 1,216 1,165,000 - 958 2004 ResaleDUNMAN VIEW Condominium 99 years Aug 31 850 978,888 - 1,151 2004 ResaleEAST PALM Apartment Freehold Aug 31 1,259 1,530,000 - 1,215 2004 ResaleFRANKEL ESTATE Detached Freehold Aug 26 4,553 8,000,000 - 1,759 Unknown ResaleFRANKEL ESTATE Detached Freehold Aug 26 4,101 7,115,000 - 1,736 1956 ResaleGALLERY 8 Apartment Freehold Aug 25 2,056 1,750,000 - 851 2004 ResaleGRAND DUCHESS AT ST PATRICK’S Condominium Freehold Aug 25 2,573 3,600,000 - 1,399 2010 ResaleLA SALLE VILLAS Terrace Freehold Aug 31 1,755 3,250,000 - 1,857 2002 ResaleMANDARIN GARDENS Condominium 99 years Aug 25 1,528 1,488,800 - 974 1986 ResaleMARINE BLUE Condominium Freehold Aug 27 635 1,365,000 - 2,149 2016 ResaleMARGATE ROAD Terrace Freehold Aug 25 2,928 3,850,000 - 1,317 1993 Resale

F RETT.AT THE CENTER OF ALL YOUR DESIRES.

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA(SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF) COMPLETION DATE TYPE OF SALE

CONTINUES ON PAGE EP12

EP12 • EDGEPROP | SEPTEMBER 14, 2020

DONE DEALS

Residential transactions with contracts dated Aug 25 to Sept 1

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2020)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

JOO CHIAT TERRACE Terrace Freehold Sep 1 1,389 2,640,000 - 1,903 Unknown ResaleOPERA ESTATE Terrace Freehold Aug 28 1,744 2,490,000 - 1,431 Unknown ResaleSEASIDE RESIDENCES Apartment 99 years Aug 29 1,270 2,108,800 - 1,660 Uncompleted New SaleSILVERSEA Condominium 99 years Aug 26 1,507 2,450,000 - 1,626 2014 ResaleSUNNY PALMS Condominium Freehold Sep 1 3,111 1,950,000 - 627 2004 ResaleTEMBELING MANSIONS Apartment Freehold Aug 31 850 1,040,000 - 1,223 1996 ResaleTHE BELVEDERE Condominium Freehold Aug 25 1,238 2,300,000 - 1,858 2007 ResaleTHE HACIENDA Condominium Freehold Aug 28 1,206 1,800,000 - 1,493 1986 ResaleTHE SEA VIEW Condominium Freehold Aug 28 1,647 2,680,000 - 1,627 2008 ResaleTHE SEAWIND Condominium Freehold Aug 25 657 980,000 - 1,493 2015 ResaleVIBES @ EAST COAST Apartment Freehold Aug 26 398 570,000 - 1,431 2014 ResaleVILLA MARINA Condominium 99 years Aug 31 1,249 1,275,000 - 1,021 1999 ResaleDistrict 16 CASA MERAH Apartment 99 years Aug 25 1,227 1,250,000 - 1,019 2009 ResaleCHANGI COURT Condominium Freehold Aug 26 1,163 1,250,000 - 1,075 1997 ResaleMISTRAL PARK Terrace Freehold Aug 28 1,981 2,600,000 - 1,311 1994 ResalePALMWOODS Condominium 99 years Aug 28 1,518 1,412,000 - 930 1999 ResaleSEA BREEZE TERRACE Terrace Freehold Aug 26 1,862 2,450,000 - 1,316 1992 ResaleTHE GLADES Condominium 99 years Sep 1 452 645,000 - 1,427 2016 ResaleWATERFRONT ISLE Condominium 99 years Aug 25 592 738,888 - 1,248 2015 ResaleWATERFRONT ISLE Condominium 99 years Sep 1 1,270 1,360,000 - 1,071 2015 ResaleWATERFRONT KEY Condominium 99 years Aug 27 1,518 1,810,000 - 1,193 2012 ResaleDistrict 17 AZALEA PARK CONDOMINIUM Condominium 999 years Aug 26 1,335 1,008,888 - 756 1996 ResaleBLUWATERS 2 Condominium 946 years Aug 31 2,971 1,750,000 - 589 2010 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years Aug 27 872 852,000 - 977 2015 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years Aug 28 1,184 1,030,000 - 870 2015 ResaleLOYANG VILLAS Terrace 99 years Aug 26 1,765 1,370,000 - 775 1996 ResalePARC KOMO Apartment Freehold Aug 29 721 1,099,000 - 1,524 Uncompleted New SaleTHE EDGEWATER Condominium Freehold Sep 1 980 870,000 - 888 2003 ResaleTHE INFLORA Condominium 99 years Aug 27 1,582 1,300,000 - 822 2016 ResaleTHE JOVELL Condominium 99 years Aug 26 1,270 1,629,000 - 1,283 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 30 527 734,000 - 1,392 Uncompleted New SaleDistrict 18 ARC AT TAMPINES EC 99 years Aug 26 1,076 1,068,000 - 992 2014 ResaleARC AT TAMPINES EC 99 years Aug 26 958 905,000 - 945 2014 ResaleARC AT TAMPINES EC 99 years Aug 28 990 918,000 - 927 2014 ResaleBELYSA EC 99 years Aug 26 1,033 952,000 - 921 2014 ResaleCHANGI RISE CONDOMINIUM Condominium 99 years Aug 28 1,130 832,500 - 737 2004 ResaleCITYLIFE@TAMPINES EC 99 years Aug 27 786 835,000 - 1,063 2016 ResaleD’NEST Condominium 99 years Aug 28 1,238 1,255,000 - 1,014 2017 ResaleLIVIA Condominium 99 years Aug 27 1,539 1,350,000 - 877 2011 ResaleOASIS @ ELIAS Condominium 99 years Aug 28 1,249 1,025,000 - 821 2011 ResaleRIPPLE BAY Condominium 99 years Aug 25 1,238 1,238,000 - 1,000 2015 ResaleSIMEI GREEN CONDOMINIUM EC 99 years Aug 28 1,378 998,000 - 724 1999 ResaleTHE TAPESTRY Condominium 99 years Aug 28 603 891,340 - 1,479 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Aug 30 603 858,540 - 1,424 Uncompleted New SaleTHE TROPICA Condominium 99 years Aug 25 1,518 1,380,000 - 909 2000 ResaleTHE TROPICA Condominium 99 years Aug 26 1,238 1,045,000 - 844 2000 ResaleTREASURE AT TAMPINES Condominium 99 years Aug 25 678 971,000 - 1,432 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 25 678 952,000 - 1,404 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 26 1,722 2,070,000 - 1,202 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 26 581 885,000 - 1,523 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 26 1,238 1,548,000 - 1,251 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 28 850 1,189,000 - 1,398 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 28 1,087 1,389,000 - 1,278 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 28 1,012 1,338,000 - 1,322 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 28 678 945,000 - 1,394 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 29 850 1,160,000 - 1,364 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 29 915 1,186,000 - 1,296 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 30 657 925,000 - 1,409 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 30 1,722 2,070,000 - 1,202 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 30 1,033 1,424,000 - 1,378 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 30 678 946,000 - 1,395 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 30 915 1,168,000 - 1,277 Uncompleted New SaleWATERCOLOURS EC 99 years Aug 27 786 715,000 - 910 2014 ResaleWATERCOLOURS EC 99 years Sep 1 1,485 1,060,000 - 714 2014 ResaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years Aug 25 904 1,379,000 - 1,525 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 28 474 763,000 - 1,611 Uncompleted New SaleBOTANIQUE AT BARTLEY Condominium 99 years Aug 25 657 990,000 - 1,508 2019 Sub SaleFLO RESIDENCE Condominium 99 years Aug 25 1,012 920,000 - 909 2016 ResaleFONTAINE PARRY Condominium 999 years Aug 27 1,238 1,400,000 - 1,131 2010 ResalePHILLIPS AVENUE Semi-Detached 999 years Aug 25 5,199 4,928,000 - 948 2000 ResaleOLA EC 99 years Aug 26 1,001 1,238,000 - 1,237 Uncompleted New SaleOLA EC 99 years Aug 26 1,055 1,316,000 - 1,248 Uncompleted New SaleOLA EC 99 years Aug 30 1,055 1,170,000 - 1,109 Uncompleted New SalePAYA LEBAR GARDENS Terrace Freehold Aug 26 2,616 3,020,000 - 1,156 Unknown ResalePIERMONT GRAND EC 99 years Aug 27 990 1,053,000 - 1,063 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 28 840 1,006,200 - 1,198 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 29 1,701 1,762,560 - 1,036 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 29 872 1,017,100 - 1,167 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 29 840 985,770 - 1,174 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 30 840 963,090 - 1,147 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 30 990 1,044,090 - 1,054 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 30 840 963,090 - 1,147 Uncompleted New SalePRIVE EC 99 years Aug 27 1,098 1,080,000 - 984 2013 ResaleRAYA GARDEN Terrace Freehold Aug 27 2,400 4,000,000 - 1,666 1972 ResaleRIO VISTA Condominium 99 years Aug 28 1,238 930,000 - 751 2004 ResaleRIVER ISLES Condominium 99 years Aug 25 1,141 1,100,000 - 964 2015 ResaleRIVERFRONT RESIDENCES Apartment 99 years Aug 25 915 1,242,000 - 1,357 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 30 1,485 2,050,000 - 1,380 Uncompleted New SaleRIVERSAILS Condominium 99 years Aug 26 1,367 1,508,000 - 1,103 2016 ResaleRIVERSAILS Condominium 99 years Aug 27 1,109 1,160,000 - 1,046 2016 ResaleSENGKANG GRAND RESIDENCES Apartment 99 years Aug 25 936 1,546,800 - 1,652 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Aug 26 936 1,554,800 - 1,660 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Aug 29 474 834,400 - 1,762 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Aug 30 474 891,200 - 1,882 Uncompleted New SaleSERANGOON GARDEN ESTATE Terrace 999 years Aug 26 1,679 2,828,000 - 1,682 2005 ResaleSERANGOON GARDEN ESTATE Terrace 999 years Aug 28 2,799 3,600,000 - 1,286 1996 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years Aug 28 2,799 2,910,000 - 1,039 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years Aug 31 2,799 3,588,000 - 1,283 Unknown ResaleSPACE @ KOVAN Apartment Freehold Aug 28 1,356 1,525,000 - 1,124 2015 ResaleTERRASSE Condominium 99 years Sep 1 2,497 1,950,000 - 781 2014 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 26 635 1,001,000 - 1,576 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 26 1,001 1,590,000 - 1,588 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 26 667 1,069,000 - 1,602 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 27 1,389 2,057,000 - 1,481 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 27 797 1,148,000 - 1,441 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 27 667 1,154,000 - 1,729 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 29 980 1,471,000 - 1,502 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 30 753 1,196,000 - 1,587 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 30 635 997,000 - 1,570 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 30 667 1,074,000 - 1,609 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 30 667 1,112,000 - 1,666 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 30 667 1,104,000 - 1,654 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 26 732 1,029,900 - 1,407 Uncompleted New Sale

THE GARDEN RESIDENCES Apartment 99 years Aug 27 786 1,200,000 - 1,527 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 28 689 1,100,900 - 1,598 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 28 1,119 1,796,000 - 1,604 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 28 1,195 1,830,100 - 1,532 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 29 689 1,142,200 - 1,658 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 29 786 1,221,600 - 1,555 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 29 786 1,172,700 - 1,492 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 29 786 1,198,100 - 1,525 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 29 786 1,176,400 - 1,497 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 29 1,195 1,817,100 - 1,521 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 29 614 987,400 - 1,609 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 30 1,119 1,756,000 - 1,569 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 30 861 1,249,500 - 1,451 Uncompleted New SaleTHE PROMENADE@PELIKAT Apartment Freehold Aug 27 452 555,000 - 1,228 2015 ResaleTHE STRADIA Apartment Freehold Aug 28 1,518 1,280,000 - 843 1993 ResaleTWIN WATERFALLS EC 99 years Aug 25 1,087 1,050,000 - 966 2015 ResaleTWIN WATERFALLS EC 99 years Aug 26 1,238 1,318,000 - 1,065 2015 ResaleTWIN WATERFALLS EC 99 years Aug 26 915 920,000 - 1,006 2015 ResaleTWIN WATERFALLS EC 99 years Aug 27 915 898,000 - 981 2015 ResaleWATERTOWN Apartment 99 years Aug 27 527 730,000 - 1,384 2017 ResaleDistrict 20 JADESCAPE Condominium 99 years Aug 25 2,099 3,125,000 - 1,489 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 26 527 974,000 - 1,847 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 29 764 1,375,000 - 1,799 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 29 527 938,000 - 1,778 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 30 764 1,421,900 - 1,861 Uncompleted New SaleMARYMOUNT VIEW Condominium Freehold Aug 27 872 1,180,000 - 1,353 1992 ResaleSEASONS VIEW Condominium 99 years Sep 1 1,141 1,200,000 - 1,052 2000 ResaleTHE GARDENS AT BISHAN Condominium 99 years Aug 25 1,206 1,470,000 - 1,219 2004 ResaleTHOMSON GARDEN ESTATE Semi-Detached Freehold Aug 25 2,088 3,000,000 - 1,436 Unknown ResaleTHOMSON THREE Apartment 99 years Sep 1 1,141 1,750,000 - 1,534 2016 ResaleTHOMSON VIEW CONDOMINIUM Condominium 99 years Aug 28 2,024 2,100,000 - 1,038 1987 ResaleWINDSOR PARK ESTATE Terrace Freehold Aug 28 2,034 2,650,000 - 1,301 Unknown ResaleDistrict 21 DAINTREE RESIDENCE Condominium 99 years Aug 26 775 1,432,950 - 1,849 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 26 560 1,011,810 - 1,808 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 28 1,055 1,884,470 - 1,786 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 29 1,055 1,823,260 - 1,728 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 29 1,485 2,490,000 - 1,676 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 29 764 1,279,970 - 1,675 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 30 786 1,384,100 - 1,761 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 30 753 1,246,790 - 1,655 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 30 743 1,226,520 - 1,651 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 30 1,055 1,843,930 - 1,748 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 30 743 1,324,200 - 1,783 Uncompleted New SaleDAINTREE RESIDENCE Condominium 99 years Aug 30 743 1,256,010 - 1,691 Uncompleted New SaleFLORIDIAN Condominium Freehold Sep 1 2,357 4,022,500 - 1,706 2012 ResaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 26 980 1,788,000 - 1,825 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 28 1,442 2,846,000 - 1,973 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 29 721 1,443,000 - 2,001 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 30 980 1,828,000 - 1,866 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 30 764 1,511,000 - 1,977 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 30 743 1,456,000 - 1,960 Uncompleted New SaleGARDENVISTA Condominium 99 years Aug 28 1,173 1,660,000 - 1,415 2006 ResaleHIGH OAK CONDOMINIUM Condominium 99 years Aug 27 1,152 1,160,000 - 1,007 1999 ResaleHILLVIEW GREEN Condominium 999 years Aug 31 1,582 1,582,000 - 1,000 1998 ResaleKILAT COURT Apartment Freehold Aug 27 2,110 1,950,000 - 924 1997 ResaleTOH YI ROAD Semi-Detached Freehold Aug 31 4,004 5,500,000 - 1,373 1985 ResalePINE GROVE Condominium 99 years Aug 25 1,755 1,595,000 - 909 Unknown ResaleSIGNATURE PARK Condominium Freehold Aug 27 1,055 1,260,000 - 1,194 1998 ResaleVIEW AT KISMIS Apartment 99 years Aug 26 603 1,060,000 - 1,759 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 29 592 991,000 - 1,674 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 29 700 1,189,000 - 1,699 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 30 603 1,082,000 - 1,795 Uncompleted New SaleDistrict 22 THE CENTRIS Apartment 99 years Aug 27 1,302 1,380,000 - 1,060 2009 ResaleTHE MAYFAIR Condominium 99 years Aug 31 1,055 840,000 - 796 2000 ResaleDistrict 23 BLOSSOM RESIDENCES EC 99 years Aug 27 1,249 1,068,000 - 855 2014 ResaleBLOSSOM RESIDENCES EC 99 years Aug 31 1,055 870,000 - 825 2014 ResaleDAIRY FARM RESIDENCES Apartment 99 years Aug 27 1,335 1,932,537 - 1,448 Uncompleted New SaleECO SANCTUARY Condominium 99 years Aug 28 700 920,000 - 1,315 2016 ResaleFORESQUE RESIDENCES Condominium 99 years Aug 28 1,184 1,388,000 - 1,172 2014 ResaleGUILIN VIEW Condominium 99 years Aug 27 2,056 1,585,000 - 771 1999 ResaleHILLINGTON GREEN Condominium 999 years Aug 25 1,356 1,650,000 - 1,217 2002 ResaleHILLSTA Condominium 99 years Aug 27 527 625,000 - 1,185 2016 ResaleHILLVIEW HEIGHTS Condominium Freehold Aug 26 980 1,250,000 - 1,276 1996 ResaleLE QUEST Apartment 99 years Aug 28 614 922,000 - 1,503 2020 Sub SaleMAYSPRINGS Apartment 99 years Aug 26 1,313 1,090,000 - 830 1998 ResaleMERAWOODS Condominium 999 years Aug 28 1,345 1,400,000 - 1,041 1999 ResaleTHE SKYWOODS Condominium 99 years Aug 31 1,184 1,418,888 - 1,198 2016 ResaleYEWTEE RESIDENCES Apartment 99 years Aug 25 1,238 1,150,000 - 929 2008 ResaleDistrict 25 CASABLANCA Condominium 99 years Aug 26 1,119 830,000 - 741 2005 ResaleCASABLANCA Condominium 99 years Aug 28 1,119 845,000 - 755 2005 ResalePARC ROSEWOOD Condominium 99 years Aug 27 431 508,888 - 1,182 2014 ResalePARC ROSEWOOD Condominium 99 years Aug 28 431 500,000 - 1,161 2014 ResalePINEWOOD TERRACE Terrace 99 years Aug 25 2,648 2,050,000 - 774 1997 ResaleWOODGROVE CONDOMINIUM Condominium 99 years Aug 28 1,550 1,030,000 - 665 1999 ResaleDistrict 26 BULLION PARK Condominium Freehold Aug 25 807 865,000 - 1,071 1993 ResaleSEASONS PARK Condominium 99 years Aug 28 1,292 1,250,000 - 968 1997 ResaleDistrict 27 PARC CANBERRA EC 99 years Aug 29 926 995,000 - 1,075 Uncompleted New SalePARC CANBERRA EC 99 years Aug 30 926 1,021,000 - 1,103 Uncompleted New SaleSKYPARK RESIDENCES EC 99 years Aug 25 1,302 1,190,000 - 914 2016 ResaleSTRAITS GARDENS Terrace Freehold Aug 27 1,615 2,220,000 - 1,375 2005 ResaleSYMPHONY SUITES Condominium 99 years Aug 27 689 775,000 - 1,125 2018 ResaleTHE NAUTICAL Condominium 99 years Aug 28 883 880,000 - 997 2015 ResaleTHE NAUTICAL Condominium 99 years Aug 31 1,130 1,160,000 - 1,026 2015 ResaleYISHUN SAPPHIRE Condominium 99 years Aug 25 1,216 830,000 - 682 2001 ResaleDistrict 28 LILAC PARK Terrace Freehold Aug 25 2,120 2,450,000 - 1,153 1990 ResaleLUXUS HILLS Semi-Detached 999 years Aug 25 2,347 3,762,000 - 1,607 2018 ResaleMIMOSA TERRACE Terrace Freehold Aug 26 1,615 2,550,000 - 1,579 2004 ResalePARC BOTANNIA Condominium 99 years Aug 26 667 972,180 - 1,457 Uncompleted New SaleSELETAR HILLS ESTATE Semi-Detached 999 years Aug 25 3,068 4,400,000 - 1,432 Unknown ResaleSELETAR HILLS ESTATE Detached 999 years Aug 26 4,908 6,880,000 - 1,401 Unknown ResaleSELETAR SPRINGS CONDOMINIUM Condominium 99 years Aug 25 1,335 960,000 - 719 2000 ResaleTHE GREENWICH Condominium 99 years Aug 31 904 883,000 - 977 2014 ResaleTHE TOPIARY EC 99 years Aug 31 1,367 1,402,000 - 1,026 2016 Resale

FROM PAGE EP11

Source: URA Realis. Updated Sept 8, 2020.EC stands for executive condominium

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

EDGEPROP | SEPTEMBER 14, 2020 • EP13

BY TIMOTHY TAYtimothy.tay@edgeprop.sg

A 1,270 sq ft, three-bedroom unit at The Regency at Tiong Bahru was sold for $2.56 million ($2,016 psf) on Aug 27. Since the unit was initially purchased for $1.05 million ($823 psf) in November 2006, the seller made $1.52 mil-lion (145%) on the sale. This translates to an annualised

profit of 7% over close to 14 years. It is also the most profitable transaction during the week of Aug 25 to Sept 1.

The Regency at Tiong Bahru is a freehold condominium at Chay Yan Street in District 3. The 158-unit development was completed in 2010 and comprises two- to four-bedroom units of 926–1,636 sq ft.

The latest transaction is the third resale at the development so far this year. A 926 sq ft, two-bedroom unit changed hands for $1.58 mil-lion ($1,707 psf) on Feb 13. The seller, who bought the unit at $1.2 million ($1,296 psf) in May 2010, made a profit of $380,000 (32%). This translates to an annualised profit of 3% over close to 10 years.

Another three-bedroom unit, of 1,280 sq ft, also changed hands this year — for $2.45 million ($1,913 psf) on Jan 23 — after it had been bought for $1.29 million ($1,008 psf) in November 2006. The seller made $1.16 million (90%), or an annualised profit of 5% over 13 years.

The second most profitable transaction during the week in re-view was the sale of a 3,035 sq ft, three-bedroom unit at Cairnhill Astoria. The unit was sold for $5.2 million (1,713 psf) on Aug 28. The seller, who bought the unit for $3.75 million ($1,235 psf) in Oc-tober 2009, made $1.45 million (39%), which translates to an an-nualised profit of 3% over close to 11 years.

Cairnhill Astoria is a freehold condo on Cairnhill Rise in prime District 9. The 37-year-old development is within the highly desir-able Cairnhill residential enclave close to the Orchard Road shop-ping belt, and the condo is surrounded by upmarket residential de-velopments such as Hilltops, Alba, and the upcoming Cairnhill 16.

Cairnhill Astoria comprises 36 apartments which range from 700–6,060 sq ft. Residents launched two collective sale attempts in 2018

with a price of $196 million ($1,933 psf per plot ratio) but both at-tempts were not successful.

There have been three resale transactions at Cairnhill Astoria in the past two years. A 1,830 sq ft unit changed hands for $3.32 mil-lion ($1,812 psf) on Oct 19, 2019. The seller made $445,000 (15%) after having bought the unit for $2.87 million ($1,568 psf) on Aug 18, 2017. This translates to an annualised profit of 7% over two years. This year, a 1,830 sq ft unit fetched $3.25 million ($1,776 psf) when it was sold on Aug 6. Since the seller bought the unit for $1.14 mil-lion ($623 psf) in March 2005, he earned $2.11 million which trans-lates to an annualised profit of 7% over 15 years.

The week also recorded the sale of a 1,012 sq ft unit at The Im-perial, a freehold condo at Jalan Rumbia in River Valley. The prop-erty changed hands for $2.3 million (2,273 psf) on Aug 28, but had been bought for $910,000 ($899 psf) in January 2004. This means the seller made $1.39 million (153%), or an annualised profit of 6% over nearly 16½ years. E

GAINS AND LOSSES

Top gains and losses from Aug 25 to Sept 1

Non-profitable deals PROJECT DISTRICT AREA

(SQ FT)SOLD ON

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

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

(YEARS)

1 FLORIDIAN 21 2,357 Sep 1 1,706 Jan 20, 2012 1,942 555,300 12 1 8.62 76 SHENTON 2 980 Sep 1 1,797 Apr 20, 2010 2,154 350,000 17 2 10.43 26 NEWTON 11 560 Aug 31 2,215 Jan 7, 2014 2,583 206,015 14 2 6.74 OASIS @ ELIAS 18 1,249 Aug 28 821 Jun 7, 2013 961 175,000 15 2 7.25 DUCHESS CREST 10 1,884 Sep 1 1,268 Jun 26, 2012 1,327 112,000 4 1 8.26 THE SEAWIND 15 657 Aug 25 1,493 Oct 30, 2012 1,630 90,300 8 1 7.87 THE GLADES 16 452 Sep 1 1,427 Apr 2, 2015 1,587 72,500 10 2 5.48 SUITES @ SHREWSBURY 11 344 Aug 25 1,727 Apr 30, 2015 1,858 45,000 7 1 5.39 VIBES @ EAST COAST 15 398 Aug 26 1,431 Sep 7, 2011 1,430 15,000 3 0.3 9.010 GRANDVIEW SUITES 14 377 Aug 26 1,295 Oct 31, 2013 1,325 11,254 2 0.3 6.811 PARC ROSEWOOD 25 431 Aug 27 1,182 Aug 12, 2016 1,203 9,112 2 0.4 4.012 RIVERBAY 12 657 Aug 27 1,310 May 10, 2013 1,310 200 0.02 0.003 7.3

Resale unit at The Regency in Tiong Bahru reaps $1.5 mil profit

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE COLLIERS INTERNATIONAL

The 1,270 sq ft three-bedder at The Regency at Tiong Bahru fetched $2.56 million ($2,016 psf) on Aug 27

Cairnhill Astoria has recorded three resale transactions over the past two years

Most profitable deals PROJECT DISTRICT AREA

( SQ FT)SOLD ON

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

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

(YEARS)

1 THE REGENCY AT TIONG BAHRU 3 1,270 Aug 27 2,016 Nov 15, 2006 823 1,515,000 145 7 13.8

2 CAIRNHILL ASTORIA 9 3,035 Aug 28 1,713 Oct 29, 2009 1,235 1,450,000 39 3 10.8

3 THE IMPERIAL 9 1,012 Aug 28 2,273 Jan 27, 2004 899 1,390,000 153 6 16.64 THOMSON VIEW CONDOMINIUM 20 2,024 Aug 28 1,038 Apr 22, 1996 430 1,230,000 141 4 24.45 COTE D'AZUR 15 1,324 Aug 31 1,411 May 22, 2006 623 1,043,000 126 6 14.36 PARVIS 10 2,260 Aug 27 1,659 Feb 18, 2010 1,241 945,000 34 3 10.57 PINE GROVE 21 1,755 Aug 25 909 Apr 12, 2007 370 945,000 145 7 13.48 CARABELLE 5 1,399 Aug 31 1,314 Apr 30, 2009 687 877,568 91 6 11.39 COTE D'AZUR 15 1,109 Aug 28 1,353 Jul 25, 2002 619 813,570 119 4 18.110 ASPEN HEIGHTS 9 1,324 Sep 1 1,751 Apr 18, 1996 1,141 808,000 54 2 24.411 RANGOON VIEW 8 2,260 Aug 25 606 Sep 2, 2002 265 770,000 128 5 18.012 THE MAYLEA 5 1,141 Aug 26 1,297 Aug 4, 2006 627 765,000 107 5 14.113 EAST PALM 15 1,259 Aug 31 1,215 Apr 21, 2006 627 740,000 94 5 14.414 VILLA MARINA 15 1,249 Aug 31 1,021 Nov 13, 1998 485 669,235 110 3 21.815 THE TROPICA 18 1518 Aug 25 909 Apr 1, 1999 498 624,000 83 3 21.4

Source: URA, EdgeProp SingaporeNote: 1. Computed based on URA caveat data as at Sept 8 for private non-landed houses transacted from Aug 25 to Sept 1 2. The profit and loss computation excludes transaction costs such as stamp duties.

EP14 • EDGEPROP | SEPTEMBER 14, 2020

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BY CHARLENE CHINcharlene.chin@edgeprop.sg

A freehold duplex penthouse at Viva Vista, located along South Buona Vista Road in District 5, is on the market for $970,000 ($1,234 psf) via private treaty, according to Edmund

Tie, which is handling the sale of the property. Spanning 786 sq ft, the penthouse unit is

on the fifth floor of the development and com-prises a bedroom and a study room. The mas-

ter bedroom is located on the upper level of the unit and opens up to a small balcony, says Joy Tan, head of auction and sales at Edmund Tie.

The unit last transacted in September 2010 for $1.08 million ($1,370 psf), based on cave-ats lodged with URA.

Tan believes the unit will be attractive to owner-occupiers and investors due to its strate-gic location. The development is close to Haw Par Villa MRT Station on the Circle Line. It is also near to business hubs such as Fusionop-olis and Mapletree Business City and educa-

tional institutions like National University of Singapore, United World College of South East Asia and Anglo-Chinese School.

So far, interest from the public on the unit has been “encouraging due to its quantum affordability”, at a price tag below $1 million for a freehold property in District 5, says Tan. Opposite Viva Vista, The Verandah Residenc-es, which launched in 2018, has fetched pric-es averaging $1,800 to $1,900 psf, she notes.

She estimates that typical one-bedroom units in the development can fetch rentals

ranging from $1,800 to $2,000 per month, based on recent caveats lodged with URA. However, she is confident that the unit on the market can secure a higher rent as it is a duplex penthouse.

Viva Vista comprises 144 units across five storeys. As at Sept 3, the most recent transac-tion at the development was on July 17, when a 388 sq ft unit on the second floor transacted at $616,000 ($1,590 psf). Meanwhile, anoth-er similar sized unit on the second floor sold for $625,000 ($1,613 psf) on July 30, 2019. E

Viva Vista duplex penthouse on sale for $970,000

SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE EDMUND TIE

EDMUND TIE

Recent transactions at Viva Vista

Contract date Area (sq ft) Price ($) Price ($ psf)

Jul 17, 2020 388 616,000 1,590

Jul 30, 2019 388 625,000 1,613

Jul 25, 2019 377 560,000 1,486

Jul 1, 2019 377 600,000 1,593

Jun 17, 2019 323 550,000 1,703

URA REALIS

Recent rental contracts for 700 to 800 sq ft units at Viva Vista

Lease date (2020) Monthly rent ($)

July 2,300

June 1,900

June 2,200

June 2,300

May 2,250

May 2,300

March 2,200

EDGEPROP SINGAPORE

The freehold duplex penthouse is close to Haw Par Villa MRT Station and business hubs like Fusionopolis and Mapletree Business City View from the unit

The master bedroom of the unit, which comes with an ensuite bathroom

EDGEPROP | SEPTEMBER 14, 2020 • EP15

Scan QR code for more details

Properties for Sale For sales enquiries, please contact nafeesah.kasim@edgeprop.sg or call 6232-8820

$11,000,000Detached HouseD15 SIGLAP HILL | Freehold Built-Up(sqft): 8,000 | Land(sqft): 6,000PSF:$1,833

Set in a regular plot, located in the desirable D15 residential enclave, this brand new, three-storey, impeccable family home features 7 generous bedrooms, all en-suite. Lift, pool, luxury living. For sale, at valuation!

$12,800,000Detached HouseD11 DUNEARN ESTATE | Freehold Built-Up(sqft): 7,500 | Land(sqft): 5,455PSF:$2,346

Rare listing! A corner 3-storey bungalow nestled in a serene and private enclave, and close to Botanic Gardens and Singapore Chinese Girls’ School. This house is tastefully curated by renowned aKTa-rchitects recently and luxuriously furnished with Miele appliances, lift and a 20m pool.

$6,500,000Semi-Detached HouseD28 BEGONIA TERRACE | Freehold Built-Up(sqft): 6,879 | Land(sqft): 3,435PSF: $1,892

Nice quiet, exclusive environment. Spacious ensuites, well thought layout. Park 2 cars inside. Good size swimming pool. TOP and ready for occupation.

$5,600,000Semi-Detached HouseD10 HOLLAND | FreeholdBuilt-Up(sqft): 4,000 | Land(sqft): 2,373PSF: $2,360

Rare! Holland vicinity. Stunning SemiD. Designed like detached. 4+1 Face south. Glass lift n pool. Must view! Call exclusive agent now Stefanie Wong.

$10,800,000GCB BungalowD21 KING ALBERT PARK | FreeholdBuilt-Up(sqft): 3,500 | Land(sqft): 7,950 PSF: $1,358

Mere $10m to own a GCBA Bungalow & Build Your Villa. Nice & Regular land shape. Lush Greenery, Quiet & Serene location. Mins walk to KAP Shopping mall & MRT station. Within 1Km to MGSP. Don’t Miss!

Stefanie Wong SRI PTE LTD R026642Z

65 9640 3389

Heather Ong SRI PTE LTD R059539C

65 8200 1230

Claudia Tan SRI PTE LTD R053584F

65 9450 0672

Daniel Ling SRI PTE LTD R023232J

65 9009 6605

$5,700,000Semi-Detached HouseD20 BISHAN/ MING PARK HOUSE | FreeholdBuilt-Up(sqft): 5,321 | Land(sqft): 3,529PSF: $1,615

Rarely available house in Bishan’s landed enclave with Junction 8 and MRT just minutes away by foot. This elegant semi-detached home offers unparalleled craftsmanship and exceptional amenities! Features include gorgeous master suite with walk-in wardrobe, gourmet kitchen with island and granny room.

Lim Hwee Sze SRI PTE LTD R059835Z

65 8121 0003

$4,130,000Terrace HouseD15 FRANKEL ESTATE | Freehold Built-Up(sqft): 3,900 | Land(sqft): 1,765PSF: $2,340

Brand new tastefully renovated 2.5 storey inter terrace In Frankel. 3 mins walk to Kembangan MRT. Situated on elevated land. Park 2 cars, 5 bedrooms en-suite with lift.

Jelyn Aw SRI PTE LTD R027192Z

65 9002 2330

Jason Ng SRI PTE LTD R060073G

65 9179 9912

$17,500,000Terrace HouseD9 EMERALD HILL | Freehold Built-Up(sqft): 10,600 | Land(sqft): 3,970PSF: $4,408

Rare gem! Modern terrace with 8 spacious bedrooms, 3-storey & a basement along Emerald Hill Road, mins walk from the bustling Orchard Road shopping belt. The house enjoys wide road frontage, has been tastefully designed with a pool, roof terrace, mini zen garden & elevator. Not to be missed!

Marcus Lee SRI PTE LTD R024413B

65 8688 7666

$5,300,000Semi-Detached HouseD18 PASIR RIS BEACH PARK | 999 years Built-Up(sqft): 4,100 | Land(sqft): 4,004PSF: $1,324

This is a lovely family home but it also offers a redevelopment opportunity with a wide 12m frontage for a 3.5-storey home with spectacular ocean view. The interior is complete with huge living room and elevated dining area, whereas the exterior is occupied with grassy backyard and a two-car garage.

Desmond Tong SRI PTE LTD R057121D

65 8500 5550

$6,500,000Detached HouseD19 BRIGHTON CRESCENT | Freehold Built-Up(sqft): 4,500 | Land(sqft): 4,370PSF: $1,487

Serangoon Gardens exclusive and rare detached on an elevated land. Car porch for 4 cars. Modern interior with 5 bedrooms. Quiet street with mostly bungalows rarely available on market. No traffic congestion getting home, outside circus.

Darren Timothy SRI PTE LTD R031485H

65 9879 1191

$4,080,000Semi-Detached HouseD28 JALAN KECHUBONG | 999 Years Built-Up(sqft): 4,550 | Land(sqft): 2,169PSF: $1,881

Brand new 3.5 storey SD @ Terrace price. Unit comes with pool, lift, 4 bedrooms with attached, CCTV system, 2 parking space.

Kelvin Ang SRI PTE LTD R021427F

65 9841 3233

$4,300,000Terrace HouseD16 JALAN TANJONG | FreeholdBuilt-Up(sqft): 5,500 | Land(sqft): 2,285PSF: $1,882

MODERN CONTEMPORY HOME. Featured in Designer Home Magazines, this unconventional MASTERPIECE is a sight to behold. The thoughtfully curated decor and ornaments perfectly complement each another, which makes for an exotic yet calming environment. Minutes walk to Tanah Merah MRT & Simpang Bedok.

Adriel Chan SRI PTE LTD R027404Z

65 8299 5888

PROPHUNT CLASSIFIEDS

Recent rental contracts for 700 to 800 sq ft units at Viva Vista

Lease date (2020) Monthly rent ($)

July 2,300

June 1,900

June 2,200

June 2,300

May 2,250

May 2,300

March 2,200

EP16 • EDGEPROP | SEPTEMBER 14, 2020

PROPHUNT CLASSIFIEDS

Scan QR code for more details

Properties for Sale For sales enquiries, please contact nafeesah.kasim@edgeprop.sg or call 6232-8820

$3,750,000Terrace HouseD19 KOVAN ESTATE | Freehold Built-Up(sqft): 5,350 | Land(sqft): 1,710PSF: $2,193

$6,450,000Semi-Detached HouseD15 MOUNTBATTEN ESTATE | Freehold Built-Up(sqft): 6,867 | Land(sqft): 2,840PSF: $2,271

So convenient. So well built. So nice! Brand new 3.5 storey terrace with 5+1 ensuite bedrooms and private lift and 2 parking lots. Face north. Walking distance to Kovan MRT, Kovan market, food centre, Heartland Mall, 24-hr NTUC, gym, etc. Ideal for multi-generation families.

Rebuilt masterpiece at prime Katong, near to upcoming Tanjong Katong MRT. 4 storeys of architectural wonder, each with a unique spacial concept. Functional design marries the stylish ID perfectly. Strictly for the discerning. But appreciated by all family profiles. Simply a Must-View.

$9,280,000Semi-Detached HouseD11 VANDA ESTATE | Freehold Built-Up(sqft): 7,080 | Land(sqft): 3,613PSF: $2,569

$4,100,000Semi-Detached House D19 TAI KENG GARDENS ESTATE | Freehold Built-Up(sqft): 4,200 | Land(sqft): 3,884PSF: $1,056

Value-for-money 2.5 storey Semi-D with both large land and large build-up area! 5 ensuite bedrooms complement a huge family and dining hall, dry and wet kitchen and parking space for 2-3 cars. Proximity to several reputable schools and Bartley MRT tops the icing on the cake of this rare gem.

$7,080,000Detached HouseD28 NERAM NIM ESTATE | 999 yearsBuilt-Up(sqft): 5,200 | Land(sqft): 5,903 PSF: $1,199

Classic luxury never goes out of style, especially when it was recreated with close to $1mil of A&A and renovation. Quality ensues, ensuring comfort for every family member in this rare 2 story detached house that provided both land (3 large gardens) and build (6+1 rooms).

$5,200,000Semi-Detached HouseD16 PEAKVILLE ESTATE | Freehold Built-Up(sqft): 3,552 | Land(sqft): 5,335PSF: $975

Majestic rebuilt 3 storey Semi-D with 6+1 ensuite bedrooms is an ideal home for big families. Carefully curated huge Chilean marble adorns the floors of this modern resort, with every floor spacious and airy for the privacy and communal gatherings of everyone in the family.

$6,500,000Detached HouseD20 THOMSON ESTATE | Freehold Built-Up(sqft): 5,500 | Land(sqft): 4,066PSF: $1,599

$2,550,000Terrace HouseD28 SUNRISE VILLAS ESTATE | Freehold Built-Up(sqft): 2,000 | Land(sqft): 1,712PSF: $1,489

$3,180,000Terrace HouseD19 KOVAN ESTATE | Freehold Built-Up(sqft): 3,900 | Land(sqft): 2,034PSF: $1,563

Renovated cosy freehold terrace at tranquil Sunrise Villa. The modern interior, lifestyle concept and abundance of parks nearby and affordable price will appeal to small families or couples upgrading to their first landed property.

Reconstructed 3 storey terrace with 5 bedrooms near Kovan MRT and many daily conveniences like Heartland Mall, wet market, food centre, famed eateries. Tastefully renovated and very well maintained, this is ideal for upgraders who want a move-in condition home.

Brand new 2.5 storey Semi-D with pool, lift, 5+1 rooms at prime Vanda vicinity. Located in a bungalow zone, surrounded by greenery and GCBs, this house offers unmatched privacy and exclusivity amidst a luxurious abode built with superior materials, worksmanship and functionality.

Rebuilt 2.5 storey detached house just minutes walk away from Thomson Plaza and upcoming Upp Thomson MRT station. Super wide frontage, elevated position that provides unblocked views, and a spacious interior with 6+1 rooms make this an ideal choice for multi-generation families.

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

$3,990,000Terrace HouseD15 KATONG ESTATE | FreeholdBuilt-Up(sqft): 4,353 | Land(sqft): 1,763PSF: $2,263

Brand new 3.5 storey terrace with lift at Katong. Stunning glass façade captures the essence of this well built house, filled with quality materials like De-Detriche, Brandt, Bravat, Geberit. Grigo Gerogina, Le Grand, etc. The superior built quality has to be admired in person!

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

$3,880,000Corner Terrace HouseD19 SERANGOON GARDENS | 999 YearsBuilt-Up(sqft): 3,500 | Land(sqft): 2,158PSF: $1,798

Magazine-featured designer 2.5 storey corner terrace, within 5 min walk to future MRT and 2 min drive to CTE. Modern façade sets the tone for an overhauled spacious interior with high ceiling, open plan living & dining hall, 4+1 bedrooms and 2 parking lots. Truly a stylish gem.

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145

$2,980,000Terrace HouseD16 UPP EAST COAST ESTATE | FreeholdBuilt-Up(sqft): 2,200 | Land(sqft): 1,734PSF: $1,719

Experience idyllic charm in the East with this charming and well renovated 2 storey terrace with 4+1 rooms (including a granny’s and maid’s room on level 1). The ‘sleepy’ neighbourhood will soon be well connected to other parts of S’pore via 2 MRT stations just minutes walk away.

Willi Ching HUTTONS ASIA PTE LTD R014380H

65 9431 5145