A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF AUGUST 22, 2016 | ISSUE 742

M A K E B E T T E R D E C I S I O N S

Eye on PropertyCan homebuyers enjoy

capital appreciation similar to that in the past? EP5

Your neighbourhoodRobertson Quay — waterfront living inDistrict 9 EP6&7

Done DealsUnits at Hilltop sold

from $2,722 psf EP10&11

Gains & LossesHefty losses in District 4

EP12

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

Property huntersChew Chuan Tin (right) and Benjamin Song, the duo behind Propspur Holdings, are scouring the US, China and Australia for opportunistic deals.See ourr Covvvverr Sttoryy oon PPages 88 andddd 99.

EP2 • THEEDGE SINGAPORE | AUGUST 22, 2016

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

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PROPERTY BRIEFS

EcoWorld and Ballymore to launch London City Island in SingaporeDevelopers EcoWorld and Ballymore

will be launching their joint develop-

ment, London City Island (LCI) (right),

at EcoWorld Sales Gallery on Martin’s

Drive over the weekend of Aug 27 and 28.

LCI is a 522,720 sq ft, mixed-use de-

velopment that is made up of 1,700 apart-

ments, retail and leisure offerings. The

999-year leasehold project will house

the English National Ballet School. LCI

is located between two new Crossrail

stations at Customs House and Canary

Wharf, which will be one of the larg-

est Crossrail stations. The Canary Wharf

station is scheduled to open in 2018.

Phase one of the development is ex-

pected to be completed this year, while

phase two is set to be completed within

next three years. JLL has been appointed

as the marketing agent for this project.

URA releases Fernvale Road siteA private residential site along Fern-

vale Road has been released for sale

by URA. Analysts are expecting strong

interest from developers, owing to the

location of the site and the absence of

upcoming mass-market condominium

projects in the Sengkang area.

“Including the Fernvale Road site,

only three residential sites are confirmed

for sale in 2H2016. This will certainly

nudge developers to bid for the site,”

says Desmond Sim, CBRE’s head of re-

search for Singapore and Southeast Asia.

The 185,100 sq ft, 99-year leasehold

residential site has a maximum gross

floor area of 555,309 sq ft and could

yield 605 housing units.

B2 industrial site at Wan Lee Road up for sale at $6.8 millionKH Roberts, a manufacturer of speci-

ality food ingredients, has placed its

industrial building (bottom, left) at 19

Wan Lee Road up for sale by expres-

sions of interest. The asking price for

the property is in the region of $6.8

million.

The building is located within the

JTC food zone on Wan Lee Road. The

property comprises a large stand-alone

building that is made up of warehous-

ing, production, lab and office areas,

and a yard space for loading and un-

loading of goods. It has a gross floor

area of 22,676 sq ft. The property is sit-

ting on a 25,007 sq ft leasehold site in

the Business 2 food zone, with a bal-

ance tenure of about 11 years.

The expressions of interest exercise

closes at 3pm on Sept 22. JLL has been

appointed as the sole marketing agent

of the property.

Regal International signs MOU with XY Hotel for hospitality joint venturesRegal International Group has inked a

memorandum of understanding (MOU)

with China-based XY Hotel Group to

begin their strategic business alliance.

Both parties aim to venture into inno-

vative hospitality offerings targeted at

Gen X and Y travellers in Sarawak, Ma-

laysia, and Southeast Asia.

Regal International is a diversified in-

ternational business group based in East

Malaysia. The company is listed on the

Mainboard of the Singapore Exchange

as well as Taiwan Depositary Receipts

on the Taiwan Stock Exchange.

JLL acquires PDM InternationalJLL has acquired Hong Kong-based re-

gional interior design firm PDM Inter-

national. The 20-year-old firm has over

180 staff and specialises in design and

construction of work spaces across many

industries. Clients of PDM include Adi-

das, Citi, Dentsu Aegis Network, Estee

Lauder, Google and New Balance. In

the region, PDM has a presence in 19

cities, with new additions such as Bei-

jing, Shanghai, Bangkok, Kuala Lum-

pur and Seoul. It now provides project

management services in 27 cities across

Asia-Pacific.

“This is an exciting move for JLL,

adding to our already strong project and

development services offering in Asia-Pa-

cific,” says Jordi Martin, JLL’s corporate

solutions Asia-Pacific CEO. Since the

start of 2015, JLL has acquired over 40

companies worth a total of $1.2 billion.

Developer sales in July — the highest monthly sales in 2016 Developers moved 1,091 new private

homes in July, excluding executive con-

dominiums (ECs). It was the highest

monthly sales in 2016, suggesting that

the market outlook, which turned pos-

itive in the earlier part of the year, has

carried through past the mid-year, says

Ong Teck Hui, JLL’s national director

of research.

Compared with June, new private

home sales leapt 104% m-o-m, but was

34% lower compared with last July, ob-

serves Ong. He attributes the difference

in the y-o-y sales to the launch of High

Park Residences, where 1,169 units were

sold in the first weekend of launch in

July last year. Meanwhile, the top-sell-

ing condo last month was MCL Land’s

Lake Grande in Jurong West, where 464

of 500 units launched were sold at a me-

dian price of $1,368 psf.

The total number of new private

homes sold for the first seven months

of 2016 stood at 4,766 units, 6.2% lower

than the same period last year, he adds.

The other top sellers last month

were earlier launches such as The Tri-

linq in Clementi (42 units sold at a me-

dian price of $1,393 psf), The Glades at

Tanah Merah (35 units sold at a median

price of $1,413 psf), Principal Garden at

Prince Charles Crescent (34 units sold at

a median price of $1,618 psf) and The

Poiz Residences next to the Potong Pa-

sir MRT station (31 units sold at a me-

dian price of $1,446 psf).

“The sales figures for July indicate

continued traction for the stock of un-

sold units from ongoing projects,” says

Desmond Sim, head of CBRE Research

for Singapore and Southeast Asia. He ex-

pects some of the sites on the Reserve

List of the government land sales pro-

gramme to be triggered before year end.

July also saw the launch of two

new ECs, namely the 504-unit Treas-

ure Crest in Sengkang and the 358-unit

Northwave in Woodlands. The bestsell-

ing EC projects in July were Treasure

Crest (398 units sold at a median price

of $751 psf), Bellewaters (70 units sold

at median price of $790 psf), Sol Acres

(43 units sold at median price of $796

psf) and The Visionaire (40 units sold

at median price of $819 psf).

Oakwood Asia Pacific launches Oakwood Studios Serviced apartment operator Oakwood

Asia Pacific is adding a new product tier,

namely Oakwood Studios, which will

debut in Singapore in 4Q2016. There

are three existing product tiers — Oak-

wood Premier, Oakwood Residence and

Oakwood Apartments.

Oakwood Studios is aimed at “global

nomads with independent lifestyles and

will be located in dynamic cities with vi-

brant scenes”, says Dean Schreiber, man-

aging director of Oakwood Asia Pacific.

Meanwhile, an extension of the Oak-

wood Residence product tier — Oak-

wood Hotel & Residence — will debut

in Kuala Lumpur and Suzhou. This gives

flexibility to guests to choose between

hotel rooms and serviced apartments.

Wynn Palace to open on Aug 22Wynn Resorts will launch the floral-themed

Wynn Palace in Macau at 8pm on Aug

22. The latest masterpiece resort from

Steve Wynn (bottom, right) has under-

gone six years of development. Among

the highlights of the resort include 1,706

furnished rooms, suites and villas, large-

scale floral displays, an extensive collec-

tion of rare art and meetings facilities.

There will also be 199,993 sq ft of luxu-

ry retail space and dining outlets within

the resort, called Spa at Wynn Palace. —

Compiled by Tan Chee Yuen E

ECO

WO

RLD

& BA

LLYM

ORE

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP3

EP4 • THEEDGE SINGAPORE | AUGUST 22, 2016

MARKET TRENDS

ERA revives Coldwell Banker| BY MICHAEL LIM |

US real estate franchise

Coldwell Banker has had

a presence in Singapore

since 2000, but it has been

dormant for the past eight

years. The company that held the fran-

chise in Singapore, Hersing Corp, sold

the franchise together with Asia-Pacif-

ic brokerage firm ERA Real Estate for

over $100 million in 2013. The buy-

er is Singapore-based private equity

firm Northstar Group.

While ERA has grown to become

the biggest real estate agency in Singa-

pore with 6,375 agents and over 40%

market share in terms of new pro-

ject launches, Coldwell Banker has

remained dormant since 2008 until

now. “We have to revive and grow

the Coldwell Banker brand within

the next five years,” says Jack Chua,

CEO of ERA and Coldwell Banker.

Coldwell Banker and ERA, along

with Century 21 and Sotheby’s Inter-

national Realty, are owned by New

York Stock Exchange-listed real estate

services company Realogy.

In Singapore, Coldwell Banker and

ERA are under Northstar.

ConsolidationWith eight consecutive rounds of

property cooling measures culmi-

nating in the total debt servicing ra-

tio loan framework in June 2013,

residential transaction volume has

halved to between 7,000 and 7,500

units over the last two years. Like-

wise, the number of new agents fell

to 1,299 last year — less than half the

3,006 new entrants in 2014, according

to the Council for Estate Agencies.

There has been a wave of con-

solidation in the real estate industry,

with franchises changing hands. In

Singapore, Century 21 is owned by

Asia-Pacific Strategic Investments, a

former Malaysian bereavement ser-

vices company that transformed it-

self into a real estate services firm

last year. APSI acquired Century 21

Hong Kong and Asia-Pacific, which

includes the Singapore franchise, fol-

lowed by Global Alliance Property in

Singapore in 2015.

Sotheby’s debuted in Singapore

in 2007, when it was brought in by

a group of high-net-worth investors.

However, it subsequently closed.

The luxury brand returned to Singa-

pore in March this year. This time,

it is operated by List Holdings Sin-

gapore, the entity that also operates

List Sotheby’s International Real-

ty in Japan and Honolulu, Hawaii.

The Singapore business is headed

by Hisashi Kitami, owner and CEO

of List Sotheby’s.

There is an urgency to grow the

Coldwell Banker franchise in Singa-

pore, concedes Chua. When Coldwell

Banker first started in Singapore 16

years ago, it operated as a division

of ERA. The real estate services of-

fered by both entities were similar.

“People started asking why we have

ERA and Coldwell Banker. It was like

we were cannibalising our own busi-

ness,” he says. That led to the deci-

sion to combine the two under ERA

eight years ago.

Franchise modelThis time around, Chua is taking a

different tack to grow Coldwell Banker

as a separate entity. He is using the

franchise model, which is similar to

that of Century 21. Chua is making

an effort to target small- and medi-

um-sized real estate agencies to bring

them under the umbrella brand of

Coldwell Banker. At the same time,

the individual companies can keep

their respective brands, he says.

For example, the first company

to sign up as a franchisee was Elite-

hill Real Estate. That was in Janu-

ary. By February, its owner Mar-

tin Goh had convinced three more

agencies to sign up. So far, there

are 11 Coldwell Banker franchisees

with a salesforce of 80. The agen-

cies range from sole entrepreneurs

to firms with 30 salespersons. An-

other handful of agencies are com-

ing on board, says Goh.

Goh has become more than just

a poster child for Coldwell Banker.

He was appointed general manag-

er of Coldwell Banker in Singapore

and will oversee the expansion of

the franchise. However, he will con-

tinue to manage his firm, now re-

named Coldwell Banker Elitehill

Real Estate.

“The main attraction for most

small- and medium-sized agencies

is that they will become part of an

international brand and will be able

to tap both local deals from ERA and

overseas deals from other Coldwell

Banker franchisees around the world,”

says Goh. “They will also be able to

leverage ERA’s training programmes

for their salespersons and technolo-

gy platforms that small firms are un-

able to provide.”

Coldwell Banker will have its own

corporate office within the 7,000 sq ft

space at SLF Building. There will be

meeting rooms and desks for agents

to use, like a co-working space.

According to Chua, the target is

to have at least 20 franchisees in

Singapore by the end of the year. To

attract new franchisees, the fee has

also been kept at an attractive level.

“It’s in the range of $1,500 to $3,000

for three years,” he says.

Chua (left) and Goh

ALBE

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Millennials hunger for townhouses| BY PRASHANT GOPAL |

While competing developers focus on pric-

ier single-family homes, Jim Clarke is

building townhouses for cash-strapped

millennials. And the units are going fast.

Almost a third of Robertson Brothers Homes’

projects are for townhouses, compared with

zero a few years ago, says Clarke, president

of the closely held builder, based near De-

troit, the US. The 37-home Sherman Oaks de-

velopment opened for sale a year ago, within

walking distance of the thriving town centre

in Royal Oak, Michigan, and it is almost sold

out. Now the company is starting three more

projects, Clarke says.

“Millennials are underserved,” he says. “The

only way to get affordable housing built in a

lot of these areas is by attaching it.”

Townhouses, which are often less expensive

than detached single-family homes because

they are smaller and more densely packed, are

making a comeback in the US as young people,

saddled with student debt, look for an afforda-

ble path to homeownership. Starts for attached

homes increased to 28,000 in 2Q, the highest

level since 4Q 2007, according to data released

on Aug 17 by the Commerce Department. In

the past four quarters combined, townhouse

construction jumped 26%, more than double

the growth for detached properties.

First-time buyers accounted for 33% of all

sales in June, up from 30% in May and the

largest share since July 2012, according to the

National Association of Realtors.

“It’s a hint that we can see builders grow-

ing the entry-level space,” says Robert Dietz,

chief economist at the National Association

of Home Builders. “This is the single-family

experience in a slightly more affordable de-

velopment.”

Homebuilders during much of the recov-

ery have been appealing to wealthier buyers

with bigger houses, partly because land and

labour costs have been rising — a trend that

has left many first-time buyers on the sidelines.

In 2Q, townhouses accounted for almost 13%

of single-family starts, up from a low of less

than 9% in 2011.

In the next few years, townhouse con-

struction is likely to surge past the 16% peak

reached during the last boom, in 2007, Dietz

says. Small builders working locally will prob-

ably lead the charge, he says.

Andy and Chad Baker, 37-year-old identi-

cal twins, are getting ready to build 30 town-

houses on 0.6ha just east of downtown Nash-

ville, Tennessee. They are knocking down three

single-family houses to make way for the pro-

ject, which will have homes of about 1,700 sq

ft with two-car garages.

“It’s the middle ground, literally and figu-

ratively, for a lot of millennials,” Andy Baker

says. “They want to be close to downtown,

so being a few miles away is the best of both

worlds. You have some green space but you

don’t have the parking hassles.”

The typical US townhouse has less than

2,000 sq ft, compared with about 2,500 sq ft

for a detached house, Dietz says.

Clarke, the Michigan builder, says many

of his buyers could not afford a single-family

home close to the action in downtown Roy-

al Oaks. A detached home in the area would

be about US$100,000 ($134,500) more expen-

sive than the US$280,000 his townhouses go

for, he says.

“You’re giving up your yard,” Clarke says,

“but what you’re getting is that you’re within

walking distance of the restaurants and bars.”

— Bloomberg LP

Partially completed townhouses in Illinois, the US

BLO

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THEEDGE SINGAPORE | AUGUST 22, 2016 • EP5

EYE ON PROPERTY

Can homebuyers enjoy capital appreciation similar to that in the past?

In 2Q2016, the URA price index for private

non-landed homes slipped 0.1% q-o-q, the

smallest decline seen in 11 consecutive quar-

ters. The quarter also marked the third an-

niversary of the total debt servicing ratio.

While the market could be bottoming out,

one question that remains is whether home-

buyers today could enjoy similar capital ap-

preciation to that in the past, once the global

economy recovers.

Over the past four decades, between 1975

and 2015, prices of private non-landed homes

grew 6% annually. GDP per capita also grew

6% annually over the same period. Clearly,

the long-term prospects of Singapore’s prop-

erty market hinge on the country’s econom-

ic performance.

“On the demand side, the ability of the econ-

omy to continue to create wealth for Singapo-

reans is crucial for a constant supply of people

with the wherewithal to purchase private prop-

erties,” says Alan Cheong, head of research at

property consultancy firm Savills Singapore.

Singapore’s solid fundamentals, including

political stability, legal transparency and qual-

ity workforce, will continue to be the engine

of growth. Without new growth drivers, how-

ever, the economy would not have sufficient

power to accelerate. Some cracks are already

showing. The city state moved down one spot

in the global competitiveness ranking by IMD

this year, and its high labour costs and strong

dollar have come under the spotlight.

The republic ranked 78th globally this

year in the Innovation Efficiency Ratio, joint-

ly published by Cornell University, INSEAD

and the World Intellectual Property Organi-

sation. The Innovation Efficiency Ratio meas-

ures the amount of innovation output a coun-

try produces relative to its inputs. The report

indicates weakness in creative outputs such

as national feature films.

It is risky to assume that what goes down

must come up. History tells us that past growth

could well be water under the bridge. In the

17th century, the British exchanged its Run

Island in Indonesia for a swampy island in

North America that belonged to the Dutch.

The British were sure they got the short end

of the stick as Run Island was rich in nutmeg,

a valuable commodity used to preserve and

flavour food and believed to have medicinal

properties. At that time, a piece of real estate

on Run Island was likely more valuable than

one on the swampy island in North America.

Ironically, few people know the existence

of Run Island today. The humble swampy is-

land, on the other hand, is none other than

Manhattan, a borough of New York City, home

to some of the world’s swankiest and prici-

est real estate.

The decline of Run Island arguably start-

ed in the 1800s when the British began trans-

planting nutmeg trees to their colonies, in-

cluding Singapore. The act crushed the Dutch

monopoly and brought down nutmeg prices.

Singapore is unlikely to follow in the foot-

steps of Run Island after decades of building its

fundamentals. It could, however, take a lesson

in innovation from the rise of New York City

as it enters into an era of great uncertainty.

New York City had thrived on garment man-

ufacturing, sugar refining and publishing. A rap-

id fall in transport cost, however, changed the

game, said Harvard economist Edward Glaes-

er in a talk. Production need not take place

near the consumer market and could be shift-

ed to another part of the world where labour

was cheaper. The city did not buckle under

the new forces, but successful-

ly moved up the value chain to

fashion designing and financial

services, which shaped the fate

of Fifth Avenue and Wall Street.

Conversely, Detroit offers a

classic example of what could

happen if an economy delays in-

novating. Its Big Three car man-

ufacturers had lost their market

shares during the oil crisis in

the 1970s to the Japanese car-

makers, which produced more

fuel-efficient cars.

Stoking the innovation flameIn his book Can Singapore Survive?, Professor

Kishore Mahbubani, dean of the Lee Kuan Yew

School of Public Policy at the National Uni-

versity of Singapore, advocates a liberal arts

education to develop a culture of challeng-

ing and questioning assumptions in an era of

great uncertainty.

However, efforts to inculcate the culture of

critical thinking, risk-taking and innovation will

take time to bear fruit. Meanwhile, urban eco-

nomic principles may offer interim solutions.

Studies suggest that population density has

a positive impact on wages. Economists reckon

that the physical proximity in a densely popu-

lated urban area promotes the sharing of ideas,

which leads to innovation and higher-value

products and services. The benefits of cluster-

ing are known as agglomeration economies.

Glaeser shared that the per capita income

in the 10 densest US counties was 50% high-

er than the least dense half of US counties in

year 2000. Also, the three largest metropoli-

tan areas in the US accounted for 18% of US

GDP while housing only 13% of the coun-

try’s population.

Wall Street in Lower Manhattan and Silicon

Valley in Northern California exemplify agglom-

eration economies, with the clustering of firms

and individuals credited with the slew of in-

novative financial products and technologies.

The quality of human capital is equally

important in driving innovation. Wall Street

and Silicon Valley draw the best talents from

top universities. In his book Urban Econom-

ics, US economist Arthur O’Sullivan quoted a

study by Carlino and Hunt that found that a

10% increase in the proportion of the popu-

lation with a college degree raises patent in-

tensity by 10.5%.

Singapore has undoubtedly

taken these steps to bolster inno-

vation. However, high real-estate

and labour costs are blunting the

country’s competitive edge in at-

tracting businesses, preventing it

from riding fully on its open-econ-

omy policy and compromising

its agglomeration economies.

Savills’ Cheong also cautions

that if immigration policies are

such that they let in only those

who add value to the economy

without cannibalising local jobs,

the growth rate is unlikely to head back to pre-

vious numbers as the global economy restruc-

tures to a new norm of slower growth.

“With market distortions arising from mul-

tiple cooling measures, we may see a stunt-

ed private residential price cycle from peak to

trough and vice versa. It would be extremely

unlikely that the market would re-experience

the 56% trough-to-peak upside seen in the

2Q2009-to-3Q2013 period. Hazarding a guess,

we believe it may be more like a 10%-to-15%

trough-to-peak price growth, with the future

long-term average price increase moderating

from the 1990-to-2016 average of 5% to 3%

per annum,” Cheong says.

The population issueLee Nai Jia, Edmund Tie & Co’s head of re-

search for Singapore and Southeast Asia, opines

that for Singapore to thrive as a global city and

stay competitive, it will need to have a popu-

lation of eight million to 10 million.

“We need the scale of demand and talent

to succeed. The key thing is, how do we make

that happen? We definitely have the land to

house 10 million people [by intensifying land

use], but we do not have the infrastructure

to move people from suburban areas to the

city at the moment. I think our government is

working hard to make it happen,” notes Lee.

“Self-reinforcing effects”, one of the five

axioms of urban economics, work like com-

pound interest. As cities grow in size, they

attract supporting businesses, including con-

sultancy, accounting, legal, logistics and con-

struction. Large cities are also able to support

discretionary goods and services such as the-

atres and museums. In turn, they become a

magnet for the best talents, which might fuel

their growth further.

The converse is also true. Detroit’s dwin-

dling population resulted in the shuttering of

supporting businesses, which accelerated its

decline. Detroit tells us that a declining pop-

ulation has an adverse multiplier effect. Simi-

larly, the spate of retail closures in Singapore

may compromise its status as a shopping des-

tination, which could translate into slower

tourist arrivals and other self-reinforcing ef-

fects. Buildings are durable goods that can

last for decades. Real-estate supply therefore

cannot adjust fast enough if population and

demand shrink.

Lee, who holds a PhD in urban and region-

al planning from the Massachusetts Institute

of Technology, is optimistic that future capi-

tal appreciation for Singapore property could

outstrip historical pace after the economy has

restructured.

“We will probably be like a hybrid of New

York and Monaco in the future, and will al-

ways be a magnet for talent and investors.

However, the restructuring will take at least

five years or longer if there are economic

shocks,” he reckons.

Smart city and urban managementStill, the population cannot grow indefinitely.

The challenge for policymakers is to identify

the optimum population size, which is not a

static number. A continued increase in popu-

lation may result in diseconomies of scale out-

gunning agglomeration economies, owing to

capital dilution, congestion and other urbani-

sation problems. This would start a downtrend

in utility, an economic term that could refer to

income or satisfaction levels.

Proactive urban management is key in de-

laying the downtrend in utility and maintaining

a city’s liveability. “URA’s plan to decentralise

and allow people to work near their homes is

critical to achieving economic growth and en-

abling people to live comfortably,” says Lee.

Daniel Tay, architect and urban planning

consultant at Activistar, an urban innovation

company, says Singapore exemplifies excellence

in urban management, with its city planning

and almost textbook-perfect co-ordinated roll-

out of projects.

He gives the example of the real-time traf-

fic information system that allows drivers to

find alternative routes in the event of a traffic

congestion or road hazard, thereby allowing

almost seamless traffic flow.

“Smart city”, meanwhile, is the latest

buzzword in contemporary urban manage-

ment. A smart city uses information and com-

munications technology to enhance its livea-

bility, workability and sustainability.

Part of a smart city solution is the automa-

tion of menial jobs, according to Ryan Tan Hin

Tuan, a former instructor on smart cities for

the Singapore Cooperation Programme. The

use of robots and automation would free up

manpower and partially ease labour shortage.

Tan highlights Enevo, a company head-

quartered in Finland, which offers an optimal

waste management solution. The company

uses wireless ultrasonic sensors to detect the

level of waste in a bin and a cloud service to

alert waste collectors when the bins are full. It

also guides drivers to the bin on the most op-

timal route. Tan says the possibilities are end-

less. In the future, the system could incorpo-

rate a driverless vehicle.

Tan also cites the use of automated scrub-

bers in facilities management. Low-skilled

workers could be trained to operate a fleet of

scrubbers while automation ensures consist-

ency in the cleaning.

High real-estate and labour costs are blunting Singapore’s competitive edge in attracting businesses,preventing it from riding fully on its open-economy policy E

BLO

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BERG

| BY FEILY SOFIAN |

EP6 • THEEDGE SINGAPORE | AUGUST 22, 2016

YOUR NEIGHBOURHOOD

Robertson Quay enclave offers waterfront living in District 9

| BY MICHAEL LIM |

Race and Rhonda Wong, found-

ers of Anthill Realtors and

the Ohmyhome buyer-seller

transaction platform for HDB

flats, live in a plush duplex

penthouse at RiverGate. The 3,000

sq ft unit has spectacular views of

the Singapore River and the city sky-

line towards Marina Bay. The sisters

have been living there with their par-

ents since 2009, when the 546-unit

freehold private condominium devel-

oped jointly by CapitaLand and Hwa

Hong Corp was completed. Their fa-

ther purchased the penthouse when

the project was launched in 2005.

“Our family enjoys going for a

stroll along the river in the evening,”

says Race. “As it’s all connected, we

can walk all the way from RiverGate

to Clarke Quay and back.” It is not

just families who are out for a stroll

in the evenings, but also joggers and

dog owners with their pets.

What the Wongs like about the

area is its connectivity. It is just a

five-minute drive to Orchard Road

and within walking distance of eat-

‘With transacted prices for freehold condos ranging from $1,500 to $2,300 psf and its riverfront lifestyle, it may be worthwhile for buyers to consider this forgotten area of prime District 9,’ says Eyo

Fronting the Singapore River is RiverGate, a 43-storey landmark in the area

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eries in the neighbourhood of Rob-

ertson Quay and Mohamad Sultan.

They include Giardino Italian Pizzeria

at Robertson Blue, Brussel Sprouts at

The Pier @ Robertson and Red House

Seafood Restaurant at The Quayside.

Although it is just a short distance

from the vibrant eateries and drink-

ing holes in converted shophouses

along Boat Quay, Clarke Quay and

Mohamed Sultan Road, the residen-

tial enclave of Robertson Quay is qui-

et, especially in the area bordered

by Martin Place, Martin Road, Riv-

er Valley Close and Kim Yam Road.

Fronting the Singapore River is

RiverGate, a landmark in the area, as

the condo towers are 43 storeys; other

condos along the waterfront such as

Robertson Blue, 8 Rodyk, Robertson

100, Watermark and UP@Robertson

Quay are low-rise 10-storey blocks.

At RiverGate, there is an Italian

restaurant, Limoncello Pizza Grill,

which faces the river and is open to

the public. The latest resale transaction

at RiverGate was that of a 1,744 sq ft,

three-bedroom unit that fetched $3.3

million ($1,892 psf) in April, based

on caveats lodged with URA Realis.

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP7

YOUR NEIGHBOURHOOD

A 592 sq ft, one-bedroom unit at Martin Place Residences was sold for $1.37 million ($2,314 psf) in August

Meanwhile, UP@Robertson Quay,

a boutique 70-unit, 99-year lease-

hold development, was completed

in 2015. The project by listed proper-

ty giant City Developments is linked

to M Social Hotel. The latest trans-

action at UP@Robertson Quay was

that of a 1,119 sq ft, two-bedroom

unit that was sold for $2.2 million

($1,985 psf) in January. Meanwhile,

Watermark by CDL’s parent compa-

ny, Hong Leong Holdings, compris-

es 206 freehold units and is perched

atop a historic warehouse. The pro-

ject was completed in 2008. The lat-

est transaction at Watermark was

for a 1,066 sq ft, two-bedroom unit

that changed hands for $1.7 million

($1,626 psf) in May.

On the other side of Martin Road

are condos that do not front the river.

They are Martin Edge, Martin No 38,

Oleanas Residence and Martin Place

Residences, which is located at the

top of the hillslope.

Martin Road-Martin Place Martin No 38 comprises 88 loft apart-

ments and three commercial units. It

set a new benchmark for the neigh-

bourhood when it was launched, of-

fering the first “New York-style ware-

house loft apartments”. The freehold

project by SC Global was completed

in 2011. The most recent transaction

at Martin No 38 was that of a 1,130

sq ft, two-bedroom unit that was sold

for $2.5 million ($2,208 psf) in June.

Two commercial units on the first level

of Martin No 38 feature upscale cafés

PS Petit Café and Chop Suey Café.

As there has been no new launch

in the neighbourhood over the past

five years (the last residential launch

was UP@Robertson Quay in 2011),

a 480,307 sq ft, 99-year leasehold

site fronting Martin Place Residenc-

es was hotly contested when it was

put up for tender. The site drew 13

bids, with listed developer Guoco-

Land topping the bid. It paid $595

million ($1,239 psf per plot ratio) for

the site in June. The site has the po-

tential to yield between 450 and 460

residential units.

The 302-unit freehold Martin Place

Residences by Frasers Centrepoint was

completed in 2011. The project was

A 1,119 sq ft, two-bedroom unit at UP@Robertson Quay was sold for $2.2 million ($1,985 psf) in January Watermark, where the conserved warehouse has been turned into a car park

Martin No 38 with New York-style warehouse loft apartments

Oleanas Residence was completed in 1999 and comprises 130 units

GuocoLand submitted the highest bid of $595 million ($1,239 psf ppr) among the 13 bidders for the 480,307 sq ft site

fully sold before completion. The two

most recent transactions at Martin

Place Residences were those of a 592

sq ft, one-bedroom unit that fetched

$1.37 million ($2,314 psf) in August

and a 1,421 sq ft, three-bedroom unit

that changed hands for $2.9 million

($2,055 psf) in June, according to ca-

veats lodged with URA Realis.

Alan Cheong, head of research

at Savills Singapore, reckons Guo-

coLand could price its new condo at

Martin Place in line with the latest

transaction prices achieved at Mar-

tin Place Residences, or “at an aver-

age of $2,300 psf”.

Across the road from Martin Place

Residences is Oleanas Residence, a

130-unit freehold condo developed

by Bonvest Group and completed in

1999. The most recent transaction

at the project was that of a 1,141 sq

ft, three-bedroom unit that changed

hands for $1.78 million ($1,560 psf)

in June.

Overlooked District 9 neighbourhood“The Robertson Quay neighbourhood

has been somewhat overlooked of

late by property investors who are

focused on the new condos in the

prime areas of Nassim Road, Ardmore

Park, Grange Road and Cairnhill,” E

says Samuel Eyo, managing director

of Singapore Christie’s Internation-

al Real Estate. “With the transacted

prices for freehold condos in Rob-

ertson Quay ranging from $1,500 to

$2,300 psf and its riverfront lifestyle,

it may be worthwhile for buyers and

investors to consider this forgotten

area of prime District 9.”

EP8 • THEEDGE SINGAPORE | AUGUST 22, 2016

COVER STORY

Property huntersChew Chuan Tin and Benjamin Song, the duo behind Propspur Holdings, are scouring the US, China and Australia for opportunistic deals

| BY CECILIA CHOW |

Singaporean Chew Chuan Tin remem-

bers the first dotcom bubble very well.

He had just graduated at the top of his

class at National University of Singa-

pore with a first-class honours degree in

business administration, majoring in finance.

After receiving multiple scholarships, he chose

to do his graduate programme at University of

California, Berkeley, in 1995.

That was when he saw some of his class-

mates become millionaires overnight just on

the strength of their ideas. “That was the start

of the internet boom and a great time to be an

entrepreneur,” he recounts.

After completing his graduate studies, Chew

became a venture capitalist at Vertex Venture

Holdings, a member of Temasek Holdings. He

was based in Silicon Valley and invested in

software companies and start-ups. “California

is a real melting pot — no matter what your

background is, if you work hard and have the

talent, you can make it in life,” says Chew.

He rode the dotcom bubble all the way

to the end. And he saw the carnage in 2000,

when many of the start-ups imploded. For ven-

ture capitalists, it was the “clearing up stage”,

he relates. “There wasn’t much to do then.”A model house at Highland Meadows in Urbandale, a residential community in Des Moines, Iowa, where homes are priced from US$500,000 in the first phase

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Chew (right, with Song): The US is a big market. There are different dynamics at play and each economy is different.

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP9

COVER STORY

That was when some of his former class-

mates at UC Berkeley began to interest him in

real estate opportunities. Chew and his friends

pooled together and invested in a single-fami-

ly home in Los Angeles, California, sometime

in 2000 and 2001. “We just wanted to under-

stand the laws of investing in real estate in

the US,” he says.

From bubble to bubbleAlthough the investment amount was relative-

ly small, Chew more than doubled his money

within a short period. It also gave him a fore-

taste of the real estate bubble in 2001 to 2006,

which followed the dotcom bubble in the US.

During that period, Los Angeles and San Die-

go were among the seven metropolitan areas

where housing prices appreciated more than

80%, according to the S&P/Case-Shiller house

price indices.

However, following his sole investment

in California, Chew did not re-enter the US

real estate market until the sub-prime crisis

in late 2007 to 2010. This was because he and

his wife, who is from China, decided to move

to Qingdao in 2005, where she could be close

to her family.

They invested in a manufacturing firm that

produced honeycomb panels for construction

and exported to the US. They also invested in

real estate, picking up an apartment and sev-

eral commercial lots in Qingdao as well as sev-

eral prime apartments near the CBD in Beijing.

“The housing market in China is still seeing

strong growth,” says Chew.

The couple decided to move to Singapore in

2007, when their daughter was about to start

school. “I wanted to acclimatise her to the Sin-

gapore education system,” he says.

Shopping for distressed dealsIn 2009, in the midst of the global financial

crisis, Chew went back to the US to hunt for

property development and investment oppor-

tunities. “They were selling properties for 10

cents on the dollar,” he says. “Some proper-

ties were being sold below development cost.

Whatever you bought, it was cheaper than

constructing the project yourself.”

The states with the highest foreclosure

rates were Florida, Michigan and Nevada, re-

calls Chew. He decided to focus on Michigan.

It was there that Chew and fellow Singapo-

rean investor, Benjamin Song, crossed paths.

Song, a civil engineer by training, was also

a serial entrepreneur. By the time he was hunt-

ing for real estate opportunities in the US af-

ter the sub-prime crisis, he had already found-

ed two training schools focused on educating

the public on leveraging the financial markets

for wealth creation. He was also director and

fund manager at fund management firm FX1

Capital from 2006 to 2009. There, he had di-

versified his investment portfolio to include

real estate, oil and precious metals.

The two Singaporeans already knew each

other through mutual friends. Song was in

Michigan as he was eyeing some medical of-

fice buildings that were going for a song but

had attractive rental yields. However, other

funds had snatched them up before he could

get his foot in.

Hunting as a pack“That was when I met [Chew], and we decid-

ed to get together and explore more opportuni-

ties in Michigan and other states,” says Song.

They had initially looked at acquiring some

apartment blocks, a strip mall and even medi-

cal centres in cities across Michigan. They were

looking at investments in cities across Michi-

gan, except in Detroit. “There was this apoca-

lyptic movie, Vanishing on Seventh Street, and

Detroit really did look a little like that after the

sub-prime crisis,” says Song.

The duo were shopping for foreclosed prop-

erties at auctions, but realised their window

of opportunity was limited when big US insti-

tutional investors and hedge funds swooped

in and bought several hundreds or thousands

of foreclosed houses at once. “That forced us

out of that business,” concedes Chew.

In 2012, Chew and Song formed a compa-

ny to invest in US property. They acquired a

stake in Northstar Centre, a mixed-use devel-

opment with commercial and residential com-

ponents on a 535-acre parcel to the north of

Williston, a city in North Dakota. When com-

pleted, the two million sq ft development will

have 566,000 sq ft of commercial space and

1,500 residential units.

The pair subsequently bought a 50-room

hotel in Arizona in partnership with others.

They refurbished the hotel, put in a new op-

erator under the Best Western label and suc-

ceeded in raising both the occupancy and av-

erage room rates. Once the occupancy rate was

stabilised, the property was sold.

Iowa — ‘more than just cornfields’Early this year, Chew and Song started Prop-

spur Holdings, and their maiden project is

Highland Meadows, a property development

in Urbandale, a residential community in the

Des Moines Metropolitan Statistical Area, in

Iowa. The first phase of 19 homes co-devel-

oped with US developer Kimberley Develop-

ment is substantially sold. The houses sit on

lot sizes ranging from 12,600 to 24,852 sq ft

and are priced from US$500,000 ($672,386).

Propspur owns another 100 acres at High-

land Meadows, which can be developed into

220 houses with a gross development value of

US$110 million. Chew, the company’s CEO, in-

tends to sell the houses over five phases. The

total investment by 2018 is estimated to be

about US$44 million.

Unlike in Singapore, it takes just four months

to construct a house in the US as they are pri-

marily made of wood, says Chew. Starting

prices of houses in the second phase will be

from US$300,000, as they will be smaller than

those in the first phase.

Des Moines was not as badly affected by the

US sub-prime crisis as other metropolitan are-

as, owing to its diversified economy and low

housing inventory, according to Chew. Howev-

er, the low inventory has also sparked a hous-

ing boom. “Houses are sold within hours,” he

says. “If you don’t have a pre-qualified loan

from a bank, you can’t buy a house. So, a lot

of young people want to secure a housing loan

while interest rates are still low.”

In July, 1,398 homes were sold, according

to the Des Moines Area Association of Realtors.

While home sales dropped from last July, there

was an uptick in sale prices by almost 3% to

US$185,000. According to the realtors, year-

to-date sales are higher by about 400 homes.

While inventory levels have been climbing, in-

terest rates remain low, making purchasing a

home more economical than renting.

Des Moines is considered the world’s

third-biggest capital for insurance compa-

nies to be headquartered. It was ranked 13th

in Forbes’ 2015 list of best places for business

and careers. It topped the list two years ago.

A lot of tech companies have also moved to

Des Moines to take advantage of the affordable

cost of living. “If you ask the average Ameri-

can in his 60s, he will say that Iowa has noth-

ing but cornfields,” says Chew. “But the econ-

omy in Iowa has transformed since the 1990s.”

According to Chew, there are a lot more sky-

scrapers being built in the Des Moines CBD

in Iowa than in neighbouring Omaha, Nebras-

ka, home of billionaire investor Warren Buf-

fett. “It’s also one of the best places to raise

a family, given its quality of life, affordability

and good education system,” he says.

In New York, one could spend two to three

hours commuting every day. In Des Moines,

it is just 20 minutes from the edge of the sub-

urb to the city centre, says Chew. “You save

two to three hours every day and that trans-

lates to a better quality of life.”

‘Pretty opportunistic’The US is a big country and every state is like

an individual country. “It’s like Europe,” says

the 43-year-old Chew. “There are different dy-

namics at play and each economy is different.

There are different pockets of growth and we

just went after that.”

The 42-year-old Song adds, “We’re pret-

ty opportunistic. At the time, the single-fam-

ily housing market made the most sense and

posed the lowest risk with the highest returns.”

They have also identified several hotel sites

in the state of Arizona and a hotel in Nashville,

Tennessee. “There hasn’t been any new hotels

built in recent years,” says Song, managing di-

rector of Propspur. “The existing hotel stock is

relatively old and has not been upgraded be-

cause banks weren’t lending during the global

financial crisis.” He sees opportunity to refur-

bish old hotels and reposition and sell them.

Apart from the US, the partners behind Prop-

spur are also interested in investing in Asia.

“We’re looking at locations that make sense,”

says Song. He sees opportunity in Seremban,

Negeri Sembilan, and Ayer Keroh, Melaka,

where the Kuala Lumpur-Singapore high-speed

rail will have stops. In those ventures, Song

believes that partnering a Chinese construc-

tion company would make the most sense.

Likewise, there are also opportunities in Chi-

na, adds Song. One investment target is incuba-

tion centres in the Hubei province. “Once they

are built, the government will rent the premises

on a long-term basis and encourage start-ups

to take up space at affordable rates,” he says.

Another opportunity is a co-development

site in Perth, Australia. The property is locat-

ed within a five-minute walk of Crown Casino

in Burswood and near the Swan River. “We’re

working with the building owner on what de-

velopment would be best,” says Song.

Aim to list company, a future REITPropspur has 20 staff, with at least 12 locat-

ed in the Singapore head office in Suntec City.

The rest are in the US. Chew and Song have

set their eye on listing their company on the

Singapore Exchange.

The company currently has a market cap-

italisation of $50 million, based on projected

profits. The aim is to double the market capi-

talisation by the time they are ready to list the

company, says Chew.

Their goal is to launch a real estate invest-

ment trust of commercial properties and hotels

within the next decade. “Singapore is a hub

for REITs,” says Chew. “And if we become a

listed company, it’s easier to sponsor a busi-

ness trust or REIT.”

Why the name Propspur? “We wanted ‘Pros-

per’, but it was taken,” says Chew. “So, we

decided to choose ‘Propspur’ — for property

and prosperity. At least it’s unique and peo-

ple will remember us.”

Houses in the first phase of Highland Meadows, where there will be five new phases on a 100-acre plot in the future

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EP10 • THEEDGE SINGAPORE | AUGUST 22, 2016

DONE DEALS

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

Residential transactions with contracts dated Aug 1 to Aug 8

District 1 MARINA ONE RESIDENCES Apartment 99 years August 06, 2016 1,119 2,416,800 - 2,159 Uncompleted New SaleV ON SHENTON Apartment 99 years August 01, 2016 474 1,234,200 - 2,606 Uncompleted New SaleDistrict 3 ALEX RESIDENCES Apartment 99 years August 03, 2016 678 1,377,000 - 2,031 Uncompleted New SaleALEX RESIDENCES Apartment 99 years August 06, 2016 678 1,351,500 - 1,993 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years August 03, 2016 797 1,267,600 - 1,591 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years August 04, 2016 506 1,087,200 - 2,149 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years August 04, 2016 861 1,369,000 1,364,000 1,584 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years August 06, 2016 861 1,390,000 1,385,000 1,608 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years August 06, 2016 861 1,343,000 1,338,000 1,554 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years August 07, 2016 807 1,374,000 1,369,000 1,696 Uncompleted New SaleTHE CREST Condominium 99 years August 03, 2016 635 1,084,000 - 1,707 Uncompleted New SaleTHE CREST Condominium 99 years August 06, 2016 710 1,226,000 - 1,726 Uncompleted New SaleTHE CREST Condominium 99 years August 07, 2016 635 1,083,000 - 1,705 Uncompleted New SaleTHE REGENCY AT TIONG BAHRU Condominium Freehold August 03, 2016 1,281 2,030,000 - 1,585 2010 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years August 05, 2016 1,356 2,060,000 - 1,519 2004 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years August 02, 2016 1,367 2,428,000 - 1,776 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years August 04, 2016 2,637 4,200,000 - 1,593 2011 ResaleSKYLINE RESIDENCES Condominium Freehold August 01, 2016 484 1,000,000 - 2,064 2015 ResaleSKYLINE RESIDENCES Condominium Freehold August 02, 2016 1,475 2,600,000 - 1,763 2015 ResaleTHE INTERLACE Condominium 99 years August 05, 2016 2,325 2,308,000 - 993 2013 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years August 04, 2016 1,711 2,610,000 - 1,525 2010 ResaleDistrict 5 DOVER PARKVIEW Condominium 99 years August 02, 2016 936 960,000 - 1,025 1997 ResaleHERITAGE VIEW Condominium 99 years August 04, 2016 1,163 1,382,000 - 1,189 2000 ResaleMENDON SPRING Apartment Freehold August 04, 2016 1,055 1,000,400 - 948 2002 ResalePASIR PANJANG ROAD Terrace Freehold August 05, 2016 1,905 1,398,000 - 734 1996 ResaleTHE GRANDHILL Condominium Freehold August 05, 2016 1,841 2,030,000 - 1,103 2006 ResaleTHE TRILINQ Condominium 99 years August 01, 2016 915 1,233,000 - 1,348 Uncompleted New SaleTHE TRILINQ Condominium 99 years August 01, 2016 1,346 1,612,000 - 1,198 Uncompleted New SaleTHE TRILINQ Condominium 99 years August 02, 2016 915 1,240,000 - 1,355 Uncompleted New SaleTHE TRILINQ Condominium 99 years August 02, 2016 1,356 1,630,000 - 1,202 Uncompleted New SaleTHE TRILINQ Condominium 99 years August 06, 2016 915 1,308,000 - 1,430 Uncompleted New SaleTHE TRILINQ Condominium 99 years August 06, 2016 915 1,269,000 - 1,387 Uncompleted New SaleTHE TRILINQ Condominium 99 years August 07, 2016 710 1,037,000 - 1,460 Uncompleted New SaleTREASURE PLACE Condominium Freehold August 04, 2016 2,121 1,940,000 - 915 2006 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years August 03, 2016 2,013 1,850,000 - 919 2008 ResaleVENTANA Apartment Freehold August 05, 2016 1,270 1,388,000 - 1,093 2003 ResaleWEST BAY CONDOMINIUM Condominium 99 years August 08, 2016 1,216 970,000 - 797 1993 ResaleWESTCOVE CONDOMINIUM Condominium 99 years August 02, 2016 1,292 990,000 - 766 1998 Resale

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

District 7 SOUTHBANK Apartment 99 years August 01, 2016 592 905,000 - 1,529 2010 ResaleDistrict 8 STURDEE RESIDENCES Condominium 99 years August 01, 2016 721 1,060,000 - 1,470 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years August 05, 2016 657 1,075,300 - 1,638 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years August 05, 2016 829 1,266,900 - 1,529 Uncompleted New SaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years August 05, 2016 1,464 2,130,000 - 1,455 2007 ResaleCAIRNHILL NINE Apartment 99 years August 04, 2016 1,033 2,909,000 - 2,815 Uncompleted New SaleCAIRNHILL NINE Apartment 99 years August 04, 2016 1,066 2,678,000 - 2,513 Uncompleted New SaleCITYVISTA RESIDENCES Condominium Freehold August 01, 2016 2,142 4,455,360 - 2,080 2010 ResaleHILLTOPS Condominium Freehold August 01, 2016 829 2,256,000 - 2,722 2011 ResaleHILLTOPS Condominium Freehold August 02, 2016 1,184 3,482,000 - 2,941 2011 ResaleHILLTOPS Condominium Freehold August 03, 2016 829 2,756,700 - 3,326 2011 ResaleMARTIN PLACE RESIDENCES Condominium Freehold August 04, 2016 592 1,370,000 - 2,314 2011 ResaleNEWTON EDGE Apartment Freehold August 05, 2016 581 975,000 - 1,677 2011 ResaleNIVEN ROAD Terrace Freehold August 02, 2016 904 3,250,000 - 3,577 1996 ResaleOUE TWIN PEAKS Condominium 99 years August 02, 2016 549 1,361,600 - 2,480 2015 ResaleOUE TWIN PEAKS Condominium 99 years August 04, 2016 549 1,423,900 - 2,594 2015 ResalePATERSON SUITES Condominium Freehold August 08, 2016 1,679 3,900,000 - 2,323 2010 ResaleRICHMOND PARK Condominium Freehold August 08, 2016 1,367 2,600,000 - 1,902 1996 ResaleSCOTTS HIGHPARK Condominium Freehold August 05, 2016 3,466 5,900,000 - 1,702 2009 ResaleSOPHIA HILLS Condominium 99 years August 02, 2016 1,313 2,524,000 - 1,922 Uncompleted New SaleSOPHIA HILLS Condominium 99 years August 06, 2016 710 1,336,000 - 1,881 Uncompleted New SaleSOPHIA HILLS Condominium 99 years August 06, 2016 700 1,307,000 - 1,868 Uncompleted New SaleTHE RISE @ OXLEY – RESIDENCES Apartment Freehold August 05, 2016 1,163 2,595,600 - 2,233 Uncompleted New SaleURBANA Condominium Freehold August 01, 2016 1,012 1,800,000 - 1,779 2007 ResaleWILKIE COURT Apartment Freehold August 02, 2016 980 1,298,000 - 1,325 1991 ResaleDistrict 10 ARDMORE THREE Condominium Freehold August 01, 2016 1,776 6,738,035 - 3,794 2014 ResaleARDMORE THREE Condominium Freehold August 02, 2016 1,776 6,807,395 - 3,833 2014 ResaleD’LEEDON Condominium 99 years August 01, 2016 2,239 3,360,000 - 1,501 2014 ResaleD’LEEDON Condominium 99 years August 02, 2016 1,076 1,721,000 - 1,599 2014 ResaleD’LEEDON Condominium 99 years August 02, 2016 1,679 2,522,000 - 1,502 2014 ResaleD’LEEDON Condominium 99 years August 05, 2016 1,518 2,256,000 - 1,486 2014 ResaleD’LEEDON Condominium 99 years August 05, 2016 2,153 2,861,000 - 1,329 2014 ResaleD’LEEDON Condominium 99 years August 08, 2016 1,421 2,315,000 - 1,629 2014 ResaleFOUR SEASONS PARK Condominium Freehold August 05, 2016 2,260 5,330,000 - 2,358 1994 ResaleGOODWOOD RESIDENCE Condominium Freehold August 05, 2016 2,928 7,180,000 - 2,452 2013 ResaleGRAMERCY PARK Condominium Freehold August 05, 2016 2,691 6,948,800 - 2,582 2016 New SaleLEEDON RESIDENCE Condominium Freehold August 01, 2016 2,088 4,180,000 - 2,002 2015 New SaleLEEDON RESIDENCE Condominium Freehold August 06, 2016 2,669 5,200,000 - 1,948 2015 New SaleMON JERVOIS Condominium 99 years August 07, 2016 1,410 2,526,000 - 1,791 2016 New SaleMUTIARA VIEW Apartment Freehold August 02, 2016 1,173 1,688,000 - 1,439 2000 ResaleRV RESIDENCES Condominium 999 years August 01, 2016 420 916,000 - 2,182 2015 ResaleSOMMERVILLE PARK Condominium Freehold August 08, 2016 1,948 2,650,000 - 1,360 1985 ResaleSPANISH VILLAGE Condominium Freehold August 05, 2016 786 1,108,000 - 1,410 1987 ResaleTHE ASANA Apartment Freehold August 02, 2016 1,033 2,220,000 - 2,148 Uncompleted New SaleTHE CAPRI Apartment Freehold August 05, 2016 764 1,200,000 - 1,570 1998 ResaleTHE SERENADE @ HOLLAND Condominium 99 years August 01, 2016 1,507 1,760,000 - 1,168 2004 ResaleTHE TRIZON Condominium Freehold August 05, 2016 2,260 3,200,000 - 1,416 2012 ResaleTHREE BALMORAL Apartment Freehold August 05, 2016 1,528 3,200,000 - 2,094 2016 New SaleVICTORIA PARK GROVE Semi-Detached 99 years August 05, 2016 2,207 4,373,000 - 1,981 Uncompleted New SaleWATERFALL GARDENS Condominium Freehold August 02, 2016 4,844 6,700,000 - 1,383 2010 ResaleDistrict 11 ADAM PARK CONDOMINIUM Condominium Freehold August 03, 2016 1,453 1,950,000 - 1,342 2004 ResaleAMARYLLIS VILLE Condominium 99 years August 01, 2016 980 1,380,000 - 1,409 2004 ResaleRESIDENCES @ EVELYN Condominium Freehold August 08, 2016 2,250 3,600,000 - 1,600 2007 ResaleROCHELLE AT NEWTON Condominium 99 years August 01, 2016 1,862 2,700,000 - 1,450 2012 ResaleTHE GLYNDEBOURNE Condominium Freehold August 08, 2016 1,991 4,225,000 - 2,122 2013 ResaleTRILIGHT Condominium Freehold August 02, 2016 2,099 3,500,000 - 1,667 2012 ResaleWATTEN ESTATE CONDOMINIUM Condominium Freehold August 03, 2016 2,594 2,850,000 - 1,099 1983 ResaleDistrict 12 SKYSUITES17 Apartment Freehold August 01, 2016 355 580,000 - 1,633 2014 ResaleTHE VERVE Apartment Freehold August 01, 2016 818 905,000 - 1,106 2012 ResaleDistrict 13 COTSWOLD CLOSE Detached Freehold August 04, 2016 4,424 5,000,000 - 1,131 1997 ResaleJALAN MULIA Terrace Freehold August 01, 2016 1,356 1,560,000 - 1,147 Unknown ResaleMULBERRY AVENUE Terrace Freehold August 01, 2016 1,701 2,233,000 - 1,310 Unknown ResaleTHE POIZ RESIDENCES Apartment 99 years August 01, 2016 538 819,000 - 1,522 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years August 04, 2016 420 625,000 - 1,489 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years August 06, 2016 850 1,237,005 - 1,455 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years August 06, 2016 1,152 1,559,670 - 1,354 Uncompleted New SaleWOODSVILLE 28 Apartment 99 years August 03, 2016 1,184 1,265,000 - 1,068 2011 ResaleDistrict 14 JALAN KRIAN Terrace Freehold August 05, 2016 1,916 2,250,000 - 1,173 1989 ResaleREZI 3TWO Apartment Freehold August 05, 2016 463 692,200 - 1,496 Uncompleted New SaleROYCE RESIDENCES Apartment Freehold August 05, 2016 398 520,000 - 1,306 2013 ResaleSIMS URBAN OASIS Condominium 99 years August 03, 2016 958 1,308,000 - 1,365 Uncompleted New Sale

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

E

Units at Hilltops sold from $2,722 psf| BY TAN CHEE YUEN |

In the prime Cairnhill area, luxu-

ry developer SC Global Develop-

ments is offering a deferred pay-

ment scheme to move unsold units

at its 241-unit Hilltops. The “en-

hanced purchase plan” was launched

at end-July, with 30 units offered for

sale. These are a mix of two- and

three-bedroom apartments sized from

800 to 1,700 sq ft, and priced from

$2.5 million to $6 million.

Buyers need to pay a 20% down

payment or $600,000 on a $3 mil-

lion unit and earn a 10% return

($60,000) per annum for two years

before completing their purchase.

This is because the 30 units offered

for sale are already leased and re-

turns are backed by rents. The en-

hanced purchase plan is said to of-

fer buyers up to $100,000 savings on

mortgage payments.

There was “a good crowd” at the

open house over the weekend of July

30 and 31. “It’s a very attractive deal

because even if you put your money

in the bank, you won’t get such high

returns,” says Samuel Eyo, manag-

ing director of Christie’s Internation-

al Real Estate.

In the wake of the launch of the

enhanced payment scheme, three

units at Hilltops have been sold, ac-

cording to caveats lodged on Aug 1

to 3. The units are all two-bedroom

apartments located in the mid- to

high-floors of the 20-storey block.

One of the units is an 829 sq ft unit

on the 19th floor that was sold for

$2.76 million ($3,326 psf), while the

other is a similar-sized unit on the

16th floor that fetched $2.26 million

($2,722 psf). The biggest of the three

is a 1,184 unit on the 10th floor that

went for $3.48 million ($2,941 psf).

When Hilltops was launched at

the peak of the market in 4Q2007,

two- to four-bedroom apartments with

sizes ranging from 1,249 to 2,465 sq

ft were sold at prices ranging from

Three units at Hilltops have been sold at prices ranging from $2.26 million to $3.48 million

$4.37 million ($3,501 psf) to $11.86

million ($4,812 psf).

Hilltops comprises two- to five-bed-

room apartments of 800 to 5,300 sq

ft and penthouses with the largest

sized at 11,000 sq ft. The units are

spread across three towers — two of

them are 20 storeys and the third is

14 storeys. The freehold development

was designed by award-winning ar-

chitect Mok Wei Wei of W Architects

and completed in 2011.

Even at today’s lowered prices,

Hilltops still commands a premium.

Adjacent to Hilltops is the 140-unit

freehold Helios Residences that was

also completed in 2011. The devel-

opment consists of a 20-storey and

19-storey block. The most recent

transaction at Helios Residences was

in May, when a 1,313 sq ft, two-bed-

room unit on the 16th floor changed

hands for $2.75 million ($2,094 psf).

The unit was purchased in July 2007

for $4.44 million ($3,378 psf).

Wing Tai Holdings, the developer

of Helios Residences, also developed

the neighbouring The Light @ Cairn-

hill. The development comprises 118

units in a 20-storey block and was

completed in 2004. The most recent

transaction at The Light @ Cairnhill

was for a 1,561 sq ft, three-bedroom

unit on the 14th floor that changed

hands for $3.15 million ($2,018 psf)

in July.

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP11

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated August 16, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

Residential transactions with contracts dated Aug 1 to Aug 8

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

SIMS URBAN OASIS Condominium 99 years August 05, 2016 710 903,476 - 1,272 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years August 07, 2016 710 998,000 - 1,405 Uncompleted New SaleSINGA HILLS Apartment Freehold August 04, 2016 667 942,875 - 1,413 2016 New SaleSINGA HILLS Apartment Freehold August 07, 2016 657 930,000 - 1,416 2016 New SaleTHE VINES Apartment Freehold August 05, 2016 1,055 1,048,000 - 993 2003 ResaleTREASURES @ G20 Apartment Freehold August 01, 2016 452 565,000 - 1,250 2015 New SaleTREASURES @ G20 Apartment Freehold August 01, 2016 947 650,000 - 686 2015 New SaleWATERBANK AT DAKOTA Condominium 99 years August 01, 2016 1,141 1,700,000 - 1,490 2013 ResaleWATERBANK AT DAKOTA Condominium 99 years August 05, 2016 883 1,230,000 - 1,394 2013 ResaleDistrict 15 8M RESIDENCES Apartment Freehold August 03, 2016 775 1,501,164 - 1,937 2016 New SaleAURALIS Apartment Freehold August 01, 2016 732 875,000 - 1,195 2013 ResaleCOSTA RHU Condominium 99 years August 02, 2016 4,037 3,850,000 - 954 1997 ResaleCOSTA RHU Condominium 99 years August 08, 2016 1,012 1,190,000 - 1,176 1997 ResaleDUNBAR WALK Semi-Detached Freehold August 01, 2016 3,283 5,800,000 - 1,768 2015 ResaleDUNMAN VIEW Condominium 99 years August 05, 2016 1,259 1,210,000 - 961 2004 ResaleFULCRUM Condominium Freehold August 02, 2016 474 916,000 - 1,934 2016 New SaleKING’S MANSION Condominium Freehold August 03, 2016 1,604 1,900,000 - 1,185 1982 ResaleLORONG K TELOK KURAU Semi-Detached Freehold August 01, 2016 2,863 3,518,000 - 1,229 1996 ResalePALM OASIS Apartment Freehold August 01, 2016 1,453 1,220,000 - 840 2008 ResalePINEHURST CONDOMINIUM Condominium Freehold August 05, 2016 1,690 1,665,000 - 985 1993 ResaleRITZ REGENCY Apartment Freehold August 01, 2016 3,143 2,400,000 - 764 2009 ResaleTHE ATRIA AT MEYER Condominium Freehold August 01, 2016 1,475 1,810,000 - 1,227 1996 ResaleTHE BELVEDERE Condominium Freehold August 01, 2016 1,012 1,625,000 - 1,606 2007 ResaleTHE SEA VIEW Condominium Freehold August 04, 2016 1,216 1,805,000 - 1,484 2008 ResaleTHE SHORE RESIDENCES Condominium 103 years August 03, 2016 1,292 1,760,000 - 1,363 2014 ResaleVERSILIA ON HAIG Condominium Freehold August 08, 2016 1,130 1,560,000 - 1,380 2010 ResaleDistrict 16 BLEU @ EAST COAST Condominium Freehold August 04, 2016 1,012 1,150,000 - 1,137 2008 ResaleJALAN TANJONG Terrace Freehold August 05, 2016 2,045 1,888,000 - 925 Unknown ResaleKEW WALK Semi-Detached 99 years August 01, 2016 2,971 2,400,000 - 809 1997 ResaleKEW WALK Semi-Detached 99 years August 04, 2016 2,400 1,780,000 - 741 1996 ResaleLIMAU GARDEN Terrace 99 years August 04, 2016 2,314 1,280,000 - 553 1996 ResaleSEA BREEZE GROVE Terrace Freehold August 03, 2016 1,830 2,250,000 - 1,229 1992 ResaleTANAH MERAH KECHIL AVENUE Terrace 99 years August 03, 2016 2,723 1,680,000 - 617 2000 ResaleTHE GLADES Condominium 99 years August 01, 2016 721 982,000 - 1,362 Uncompleted New SaleTHE GLADES Condominium 99 years August 03, 2016 861 1,137,000 - 1,320 Uncompleted New SaleTHE GLADES Condominium 99 years August 05, 2016 721 1,050,000 - 1,456 Uncompleted New SaleTHE GLADES Condominium 99 years August 06, 2016 721 1,049,000 - 1,455 Uncompleted New SaleTHE GLADES Condominium 99 years August 07, 2016 624 933,000 - 1,494 Uncompleted New SaleTHE GLADES Condominium 99 years August 07, 2016 721 1,056,000 - 1,464 Uncompleted New SaleWATERFRONT WAVES Condominium 99 years August 03, 2016 1,518 1,760,000 - 1,160 2011 ResaleDistrict 17 BALLOTA PARK CONDOMINIUM Condominium Freehold August 02, 2016 1,442 888,000 - 616 2000 ResaleLOYANG RISE Terrace 99 years August 03, 2016 1,625 1,520,000 - 937 1996 ResaleTHE INFLORA Condominium 99 years August 02, 2016 1,302 1,160,000 - 891 2016 Sub SaleTOH HEIGHTS Detached Freehold August 01, 2016 9,774 6,000,000 - 614 Unknown ResaleDistrict 18 COCO PALMS Condominium 99 years August 06, 2016 915 1,010,400 - 1,104 Uncompleted New SaleD’NEST Condominium 99 years August 05, 2016 1,432 1,421,000 - 993 Uncompleted New SaleEASTPOINT GREEN Condominium 99 years August 04, 2016 958 788,000 - 823 1999 ResaleEASTPOINT GREEN Condominium 99 years August 05, 2016 1,141 890,000 - 780 1999 ResaleLIVIA Condominium 99 years August 03, 2016 1,324 1,050,000 - 793 2011 ResaleMY MANHATTAN Condominium 99 years August 08, 2016 861 1,100,000 - 1,277 2014 ResalePINEVALE Exec. Condo 99 years August 02, 2016 1,389 858,000 - 618 1999 ResaleTAMPINES COURT Condominium 101 years August 04, 2016 1,711 941,000 - 550 Unknown ResaleTHE PALETTE Condominium 99 years August 03, 2016 893 845,000 - 946 2015 Sub SaleTHE PALETTE Condominium 99 years August 05, 2016 732 788,000 - 1,077 2015 Sub SaleTHE SANTORINI Condominium 99 years August 01, 2016 753 760,000 - 1,009 Uncompleted New SaleTHE SANTORINI Condominium 99 years August 01, 2016 753 760,000 - 1,009 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years August 03, 2016 1,346 1,400,000 - 1,041 Uncompleted New SaleDistrict 19 BELLEWATERS Exec. Condo 99 years August 01, 2016 1,496 1,104,830 - 738 Uncompleted New SaleBELLEWATERS Exec. Condo 99 years August 02, 2016 1,238 995,220 - 804 Uncompleted New SaleBELLEWATERS Exec. Condo 99 years August 03, 2016 1,216 963,000 - 792 Uncompleted New SaleBELLEWATERS Exec. Condo 99 years August 03, 2016 1,238 970,200 - 784 Uncompleted New SaleBELLEWATERS Exec. Condo 99 years August 04, 2016 1,528 1,095,930 - 717 Uncompleted New SaleBELLEWATERS Exec. Condo 99 years August 06, 2016 1,410 968,240 - 687 Uncompleted New SaleBELLEWATERS Exec. Condo 99 years August 06, 2016 1,410 950,000 - 674 Uncompleted New SaleBOTANIQUE AT BARTLEY Condominium 99 years August 02, 2016 1,130 1,512,000 - 1,338 Uncompleted New SaleBROCKHAMPTON DRIVE Terrace 999 years August 05, 2016 2,799 2,655,000 - 948 Unknown ResaleCENTRAL VIEW Condominium 99 years August 02, 2016 1,216 955,000 - 785 2002 ResaleCHUAN PARK Condominium 99 years August 04, 2016 1,496 1,000,000 - 668 1984 ResaleCHUAN PARK Condominium 99 years August 05, 2016 1,981 1,400,000 - 707 1984 ResaleCOMPASS HEIGHTS Apartment 99 years August 05, 2016 1,399 1,020,000 - 729 2002 ResaleFLORENCE REGENCY Apartment 103 years August 04, 2016 1,679 920,000 - 548 Unknown ResaleJEWEL @ BUANGKOK Condominium 99 years August 04, 2016 775 911,250 - 1,176 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years August 05, 2016 657 631,120 - 961 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years August 07, 2016 484 595,000 - 1,228 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years August 07, 2016 484 588,000 - 1,214 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years August 07, 2016 484 583,100 - 1,204 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years August 07, 2016 1,109 1,236,760 - 1,116 Uncompleted New SaleKOVAN MELODY Condominium 99 years August 03, 2016 1,227 1,200,000 - 978 2006 ResaleLA FIESTA Condominium 99 years August 06, 2016 893 1,057,000 - 1,183 2016 New SaleLORONG 1 REALTY PARK Terrace 999 years August 08, 2016 2,347 2,500,000 - 1,064 Unknown ResaleLORONG CHUAN Terrace Freehold August 08, 2016 3,261 3,083,300 - 946 1988 ResalePARK RESIDENCES KOVAN Apartment Freehold August 05, 2016 355 592,000 - 1,667 2014 ResaleRIVERSAILS Condominium 99 years August 01, 2016 1,109 1,080,000 - 974 2016 Sub SaleROSALIA PARK Condominium Freehold August 01, 2016 1,518 1,200,000 - 791 1995 ResaleSTARS OF KOVAN Apartment 99 years August 01, 2016 732 1,081,200 - 1,477 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years August 01, 2016 506 709,750 - 1,403 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years August 04, 2016 506 766,700 - 1,515 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years August 06, 2016 506 748,850 - 1,480 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years August 07, 2016 517 724,200 - 1,402 Uncompleted New SaleTHE AMORE Exec. Condo 99 years August 01, 2016 1,227 945,000 - 770 Uncompleted New SaleTHE AMORE Exec. Condo 99 years August 02, 2016 1,098 950,000 - 865 Uncompleted New SaleTHE AMORE Exec. Condo 99 years August 02, 2016 1,302 1,076,000 - 826 Uncompleted New SaleTHE FLORIDA Exec. Condo 99 years August 08, 2016 1,292 870,000 - 674 2000 ResaleTHE QUARTZ Condominium 99 years August 04, 2016 1,152 1,100,000 - 955 2009 ResaleTHE QUINN Apartment Freehold August 02, 2016 560 939,680 - 1,679 2016 New SaleTHE TERRACE Exec. Condo 99 years August 02, 2016 1,001 806,400 793,400 793 Uncompleted New SaleTHE TERRACE Exec. Condo 99 years August 06, 2016 1,001 829,200 816,200 815 Uncompleted New SaleTHE TERRACE Exec. Condo 99 years August 06, 2016 1,001 800,700 787,700 787 Uncompleted New SaleTHE VALES Exec. Condo 99 years August 02, 2016 764 629,530 - 824 Uncompleted New SaleTHE VALES Exec. Condo 99 years August 02, 2016 904 723,620 - 800 Uncompleted New SaleTHE VALES Exec. Condo 99 years August 06, 2016 753 637,290 - 846 Uncompleted New SaleTHE VALES Exec. Condo 99 years August 06, 2016 1,033 818,000 - 792 Uncompleted New SaleTHE VALES Exec. Condo 99 years August 07, 2016 904 716,830 - 793 Uncompleted New SaleTHE VALES Exec. Condo 99 years August 07, 2016 915 723,620 - 791 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 01, 2016 1,076 818,000 - 760 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 01, 2016 1,152 792,000 - 688 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 02, 2016 1,076 802,000 - 745 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 02, 2016 1,076 799,000 - 742 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 02, 2016 958 680,000 - 710 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 06, 2016 1,076 830,000 - 771 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 06, 2016 1,076 822,000 - 764 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 06, 2016 1,076 818,000 - 760 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 06, 2016 958 683,000 - 713 Uncompleted New SaleTREASURE CREST Exec. Condo 99 years August 07, 2016 958 727,000 - 759 Uncompleted New SaleTRILIVE Condominium Freehold August 03, 2016 549 840,000 - 1,530 Uncompleted New SaleTRILIVE Condominium Freehold August 03, 2016 904 1,355,000 - 1,499 Uncompleted New SaleWATERWOODS Exec. Condo 99 years August 05, 2016 1,636 1,287,884 - 787 2015 New SaleDistrict 20 CENTRO RESIDENCES Condominium 99 years August 08, 2016 872 1,250,000 - 1,434 2014 ResaleCLOVER RISE Terrace Freehold August 01, 2016 1,798 2,650,000 - 1,471 Unknown ResaleFAR HORIZON GARDENS Condominium 99 years August 05, 2016 1,948 1,330,000 - 683 1986 ResaleFLORAVIEW Apartment Freehold August 07, 2016 775 967,300 - 1,248 Uncompleted New Sale

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

GOLDENHILL PARK CONDOMINIUM Condominium Freehold August 05, 2016 1,335 1,750,000 - 1,311 2004 ResaleGRANDEUR 8 Condominium 99 years August 01, 2016 1,227 1,360,000 - 1,108 2005 ResaleJALAN CHEMPEDAK Terrace Freehold August 03, 2016 2,002 3,050,000 - 1,525 Unknown ResaleJALAN PELATINA Terrace Freehold August 03, 2016 1,862 2,300,000 - 1,237 1967 ResaleTHE PANORAMA Condominium 99 years August 02, 2016 797 968,350 - 1,216 Uncompleted New SaleTHE PANORAMA Condominium 99 years August 03, 2016 1,001 1,245,216 - 1,244 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years August 01, 2016 732 1,047,000 - 1,430 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years August 05, 2016 732 1,085,000 - 1,482 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years August 05, 2016 1,055 1,556,600 - 1,476 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years August 07, 2016 1,055 1,452,600 - 1,377 Uncompleted New SaleDistrict 21 CLEMENTI CRESCENT Terrace Freehold August 03, 2016 2,153 2,800,000 - 1,301 1983 ResaleENG KONG DRIVE Terrace Freehold August 08, 2016 1,970 2,480,000 - 1,261 1996 ResaleGARDENVISTA Condominium 99 years August 01, 2016 1,346 1,700,000 - 1,263 2006 ResalePINE GROVE Condominium 99 years August 02, 2016 1,173 910,000 - 776 Unknown ResalePINE GROVE Condominium 99 years August 03, 2016 1,755 1,420,000 - 809 Unknown ResalePINE GROVE Condominium 99 years August 03, 2016 1,744 1,080,000 - 619 Unknown ResalePINE GROVE Condominium 99 years August 04, 2016 1,163 890,000 - 766 Unknown ResaleDistrict 22 CASPIAN Condominium 99 years August 08, 2016 936 1,050,000 - 1,121 2012 ResaleLAKE GRANDE Condominium 99 years August 01, 2016 904 1,297,000 - 1,434 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 01, 2016 818 991,000 - 1,211 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 02, 2016 517 738,000 - 1,428 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 02, 2016 721 935,000 - 1,296 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 02, 2016 743 924,000 - 1,244 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 05, 2016 753 925,000 - 1,228 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 05, 2016 1,109 1,331,000 - 1,201 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 06, 2016 775 1,038,000 - 1,339 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 06, 2016 947 1,254,000 - 1,324 Uncompleted New SaleLAKE GRANDE Condominium 99 years August 07, 2016 947 1,211,000 - 1,278 Uncompleted New SaleLAKEHOLMZ Condominium 99 years August 01, 2016 1,582 1,280,000 - 809 2005 ResaleLAKESIDE TOWER Apartment 99 years August 04, 2016 1,970 970,000 - 492 Unknown ResaleLAKEVILLE Condominium 99 years August 04, 2016 1,141 1,374,189 1,366,189 1,197 Uncompleted New SalePARC OASIS Condominium 99 years August 02, 2016 1,507 1,250,000 - 829 1994 ResalePARC VISTA Condominium 99 years August 01, 2016 1,055 870,000 - 825 1998 ResaleTHE FLORAVALE Exec. Condo 99 years August 02, 2016 1,324 750,000 - 566 2000 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years August 05, 2016 1,270 1,380,000 - 1,086 2014 ResaleTHE LAKESHORE Condominium 99 years August 08, 2016 861 950,000 - 1,103 2007 ResaleWESTWOOD RESIDENCES Exec. Condo 99 years August 01, 2016 1,033 858,800 - 831 Uncompleted New SaleWESTWOOD RESIDENCES Exec. Condo 99 years August 04, 2016 947 734,100 - 775 Uncompleted New SaleWESTWOOD RESIDENCES Exec. Condo 99 years August 07, 2016 1,238 956,000 - 772 Uncompleted New SaleDistrict 23 ECO SANCTUARY Condominium 99 years August 01, 2016 990 1,183,190 - 1,195 Uncompleted New SaleECO SANCTUARY Condominium 99 years August 04, 2016 990 1,240,030 - 1,252 Uncompleted New SaleGLENDALE PARK Condominium Freehold August 04, 2016 1,410 1,470,000 - 1,042 2000 ResaleHILLINGTON GREEN Condominium 999 years August 03, 2016 990 1,028,000 - 1,038 2002 ResaleHILLION RESIDENCES Apartment 99 years August 01, 2016 474 657,020 - 1,387 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years August 01, 2016 474 623,350 - 1,316 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years August 02, 2016 463 637,910 - 1,378 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years August 03, 2016 474 634,270 - 1,339 Uncompleted New SaleHILLVIEW REGENCY Condominium 99 years August 02, 2016 1,119 915,000 - 817 2005 ResaleKINGSFORD. HILLVIEW PEAK Condominium 99 years August 05, 2016 527 756,000 - 1,433 Uncompleted New SaleKINGSFORD. HILLVIEW PEAK Condominium 99 years August 07, 2016 549 747,955 - 1,362 Uncompleted New SaleKINGSFORD. HILLVIEW PEAK Condominium 99 years August 07, 2016 915 1,180,000 - 1,290 Uncompleted New SaleKINGSFORD. HILLVIEW PEAK Condominium 99 years August 07, 2016 850 1,095,000 - 1,288 Uncompleted New SaleKINGSFORD. HILLVIEW PEAK Condominium 99 years August 07, 2016 678 794,000 - 1,171 Uncompleted New SaleREGENT GROVE Condominium 99 years August 04, 2016 926 740,000 - 799 2000 ResaleSOL ACRES Exec. Condo 99 years August 03, 2016 710 577,000 - 812 Uncompleted New SaleSOL ACRES Exec. Condo 99 years August 04, 2016 1,066 822,000 - 771 Uncompleted New SaleSOL ACRES Exec. Condo 99 years August 04, 2016 614 467,000 - 761 Uncompleted New SaleSOL ACRES Exec. Condo 99 years August 06, 2016 732 593,000 - 810 Uncompleted New SaleSOL ACRES Exec. Condo 99 years August 06, 2016 1,163 927,000 - 797 Uncompleted New SaleSOL ACRES Exec. Condo 99 years August 06, 2016 1,098 832,000 - 758 Uncompleted New SaleVERDE AVENUE Terrace 99 years August 02, 2016 1,615 1,460,000 - 904 2000 ResaleWANDERVALE Exec. Condo 99 years August 01, 2016 958 720,000 - 752 Uncompleted New SaleWANDERVALE Exec. Condo 99 years August 03, 2016 1,098 836,000 - 761 Uncompleted New SaleWANDERVALE Exec. Condo 99 years August 04, 2016 958 732,000 - 764 Uncompleted New SaleWANDERVALE Exec. Condo 99 years August 05, 2016 1,130 831,000 - 735 Uncompleted New SaleDistrict 25 BELLEWOODS Exec. Condo 99 years August 01, 2016 1,152 918,590 - 798 Uncompleted New SaleBELLEWOODS Exec. Condo 99 years August 03, 2016 1,066 867,300 - 814 Uncompleted New SaleBELLEWOODS Exec. Condo 99 years August 03, 2016 1,227 957,390 - 780 Uncompleted New SaleBELLEWOODS Exec. Condo 99 years August 03, 2016 1,227 948,420 - 773 Uncompleted New SaleBELLEWOODS Exec. Condo 99 years August 04, 2016 1,528 1,151,370 - 753 Uncompleted New SaleBELLEWOODS Exec. Condo 99 years August 05, 2016 1,249 968,060 - 775 Uncompleted New SaleBELLEWOODS Exec. Condo 99 years August 06, 2016 1,249 996,930 - 798 Uncompleted New SaleBELLEWOODS Exec. Condo 99 years August 06, 2016 1,346 1,024,650 - 762 Uncompleted New SaleBELLEWOODS Exec. Condo 99 years August 06, 2016 1,227 933,140 - 760 Uncompleted New SaleNORTHWAVE Exec. Condo 99 years August 06, 2016 980 748,560 - 764 Uncompleted New SaleDistrict 26 MEADOWS @ PEIRCE Condominium Freehold August 01, 2016 915 970,000 - 1,060 2012 ResaleMEADOWS @ PEIRCE Condominium Freehold August 08, 2016 1,776 1,950,000 - 1,098 2012 ResaleSPRINGLEAF DRIVE Semi-Detached Freehold August 02, 2016 3,552 3,000,000 - 845 1990 ResaleTHONG BEE ROAD Terrace Freehold August 03, 2016 3,929 2,988,000 - 761 1997 ResaleDistrict 27 JALAN KERAYONG Semi-Detached Freehold August 08, 2016 2,099 1,628,000 - 776 Unknown ResaleNORTH PARK RESIDENCES Apartment 99 years August 02, 2016 829 1,087,200 - 1,312 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years August 06, 2016 829 1,056,600 - 1,275 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years August 06, 2016 872 1,042,200 - 1,195 Uncompleted New SaleORCHID PARK CONDOMINIUM Condominium 99 years August 05, 2016 872 730,000 - 837 1994 ResalePARC LIFE Exec. Condo 99 years August 03, 2016 980 753,350 751,050 767 Uncompleted New SalePARC LIFE Exec. Condo 99 years August 06, 2016 753 631,750 629,450 835 Uncompleted New SalePARC LIFE Exec. Condo 99 years August 06, 2016 936 684,000 681,700 728 Uncompleted New SaleSIGNATURE AT YISHUN Exec. Condo 99 years August 01, 2016 1,184 853,024 - 720 Uncompleted New SaleSIGNATURE AT YISHUN Exec. Condo 99 years August 06, 2016 775 605,670 - 782 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 01, 2016 786 863,000 - 1,098 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 02, 2016 797 809,000 - 1,016 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 03, 2016 797 838,000 - 1,052 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 03, 2016 797 808,000 - 1,014 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 05, 2016 689 739,000 - 1,073 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years August 06, 2016 786 864,000 - 1,100 Uncompleted New SaleTHE BROWNSTONE Exec. Condo 99 years August 06, 2016 915 807,200 - 882 Uncompleted New SaleTHE BROWNSTONE Exec. Condo 99 years August 06, 2016 958 764,800 - 798 Uncompleted New SaleTHE CRITERION Exec. Condo 99 years August 06, 2016 1,023 779,200 - 762 Uncompleted New SaleTHE CRITERION Exec. Condo 99 years August 07, 2016 1,023 807,200 - 789 Uncompleted New SaleTHE MILTONIA RESIDENCES Condominium 99 years August 05, 2016 1,518 1,200,000 - 791 2014 ResaleTHE VISIONAIRE Exec. Condo 99 years August 01, 2016 1,141 947,000 - 830 Uncompleted New SaleTHE VISIONAIRE Exec. Condo 99 years August 04, 2016 1,141 952,215 - 835 Uncompleted New SaleTHE VISIONAIRE Exec. Condo 99 years August 06, 2016 872 708,840 - 813 Uncompleted New SaleTHE VISIONAIRE Exec. Condo 99 years August 06, 2016 958 778,090 - 812 Uncompleted New SaleTHE VISIONAIRE Exec. Condo 99 years August 06, 2016 1,550 1,139,490 - 735 Uncompleted New SaleTHE VISIONAIRE Exec. Condo 99 years August 07, 2016 980 789,500 - 806 Uncompleted New SaleYISHUN EMERALD Condominium 99 years August 08, 2016 1,206 868,000 - 720 2002 ResaleDistrict 28 GRANDE VISTA Condominium 999 years August 08, 2016 2,024 1,560,000 - 771 1992 ResaleMIMOSA CRESCENT Detached Freehold August 02, 2016 8,159 9,000,000 - 1,103 1974 ResaleRIVERBANK @ FERNVALE Condominium 99 years August 02, 2016 1,044 1,090,000 1,085,000 1,039 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years August 03, 2016 1,044 1,099,000 1,094,000 1,048 Uncompleted New SaleRIVERTREES RESIDENCES Apartment 99 years August 06, 2016 947 1,042,640 - 1,101 Uncompleted New SaleRIVERTREES RESIDENCES Apartment 99 years August 07, 2016 1,206 1,233,860 - 1,023 Uncompleted New SaleSELETAR SPRINGS CONDOMINIUM Condominium 99 years August 02, 2016 1,302 920,000 - 706 2000 ResaleSTRATTON DRIVE Terrace Freehold August 02, 2016 1,905 2,450,000 - 1,287 2003 ResaleSUNRISE CLOSE Terrace Freehold August 02, 2016 2,476 2,655,000 - 1,073 1987 Resale

EP12 • THEEDGE SINGAPORE | AUGUST 22, 2016

Residential transactions with contracts dated Aug 2 to 8

URA

, THE

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E PR

OPE

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Most profi table deals

Non-profi table deals

PROJECT DISTRICT AREA (SQ FT) DATE SOLD (2016) SALES PRICE ($ PSF) DATE BOUGHT PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)NON-LANDED 1 Four Seasons Park 10 2,260 Aug 5 2,358 June 13, 2006 1,535 1,860,000 54 4 10.22 Watten Estate Condominium 11 2,594 Aug 3 1,099 Jan 27, 2003 393 1,830,000 179 8 13.53 The Grandhill 5 1,841 Aug 5 1,103 Apr 29, 2004 473 1,160,000 133 7 12.34 Varsity Park Condominium 5 2,013 Aug 3 919 Nov 17, 2004 374 1,096,457 146 8 11.75 8 @ Mount Sophia 9 1,464 Aug 5 1,455 Apr 15, 2005 790 973,688 84 6 11.36 Treasure Place 5 2,121 Aug 4 915 June 11, 2004 488 905,000 87 5 12.27 Far Horizon Gardens 20 1,948 Aug 5 683 Apr 1, 1999 321 705,000 113 4 17.48 Chuan Park 19 1,981 Aug 5 707 Feb 1, 2000 353 700,000 100 4 16.59 Mutiara View 10 1,173 Aug 2 1,439 July 8, 1999 886 648,000 62 3 17.110 Kovan Melody 19 1,227 Aug 3 978 Oct 10, 2004 513 570,800 91 6 11.8LANDED 1 Terrace/Niven Road 9 904 Aug 2 3,577 Nov 7, 2003 1,024 2,320,000 249 10 12.72 Terrace/Sunrise Close 28 2,476 Aug 2 1,073 Feb 1, 2002 426 1,600,000 152 7 14.53 Terrace/Thong Bee Road 26 3,929 Aug 3 761 Dec 26, 2007 402 1,408,000 89 8 8.64 Terrace/Lorong 1 Realty Park 19 2,347 Aug 8 1,064 Aug 20, 2007 532 1,250,000 100 8 9.05 Terrace/Jalan Chempedak 20 2,002 Aug 3 1,525 June 6, 2011 915 1,220,000 67 10 5.2

PROJECT DISTRICT AREA (SQ FT) DATE SOLD (2016) SALES PRICE ($ PSF) DATE BOUGHT PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)1 Reflections At Keppel Bay 4 2,637 Aug 4 1,593 Aug 27, 2007 2,125 1,404,300 25 3 8.92 The Oceanfront @ Sentosa Cove 4 1,711 Aug 4 1,525 Oct 16, 2007 1,949 726,450 22 3 8.83 Scotts Highpark 9 3,466 Aug 5 1,702 Aug 8, 2006 1,881 618,000 9 1 10.04 Richmond Park 9 1,367 Aug 8 1,902 Sept 11, 2009 2,252 478,000 16 2 6.95 Trilight 11 2,099 Aug 2 1,667 Sept 17, 2010 1,810 300,000 8 1 5.96 The Trizon 10 2,260 Aug 5 1,416 July 19, 2013 1,500 190,000 6 2 3.07 Terrace/Loyang Rise 17 1,625 Aug 3 937 June 19, 2013 1,005 110,000 7 2 3.18 Ballota Park Condominium 17 1,442 Aug 2 616 Oct 6, 1996 669 77,080 8 0.4 19.89 Newton Edge 9 581 Aug 5 1,677 Feb 20, 2012 1,738 35,000 3 1 4.510 Compass Heights 19 1,399 Aug 5 729 June 17, 2011 750 30,000 3 0.6 5.1

GAINS AND LOSSES

Note: URA caveat record downloaded on Aug 12 and 16

Hefty losses in District 4| BY ESTHER HOON |

Two sellers in District 4 sustained hefty

losses from the sale of their houses on

Aug 4. Both had previously purchased

the units in 2007. The bigger loss of

$1.4 million was traced to a 2,637 sq

ft unit at Reflections at Keppel Bay. The seller

purchased the unit from the developer in Au-

gust 2007 at $2,125 psf and resold it at $1,593

psf. This is the biggest loss sustained at the

project since April 2012, when a 4,747 sq ft

unit changed hands at a loss of $1.58 million.

The transaction also marks the eighth unprof-

itable deal at the project this year. Of the 16

homes sold at the project this year, only three

were profitable. Reflections at Keppel Bay is

a 99-year leasehold development comprising

1,129 units on Keppel Bay View. It was com-

pleted in 2011.

The smaller loss of $726,450 was from a

1,711 sq ft unit at The Oceanfront @ Sentosa.

The unit was purchased in October 2007 at

$2,125 psf in a sub-sale and resold at $1,525

psf. This marks the second 1,711 sq ft unit

from the project sold at a loss this year. In

April, a similar-sized unit on the sixth floor

was disposed of at a $487,780 loss. The only

profit able deal of the four units sold this year

at The Oceanfront @ Sentosa was for a 1,216

sq ft unit, which netted a $99,200 gain for the

seller. The 264-unit, 99-year leasehold devel-

opment was completed in 2010.

In the same week, Watten Estate Condo-

minium, a 104-unit freehold development on

Shelford Road in prime District 11, saw its

most profitable transaction on Aug 3, when

a 2,594 sq ft unit changed hands for a prof-

it of $1.83 million. The unit was purchased

in January 2003 at $393 psf and resold at

$1,099 psf, reflecting an annualised gain of

8%. Prior to this, the most profitable deal at

the project accrued to a 2,594 sq ft unit at

block 36, which reaped $1.78 million in prof-

it in October 2011. All homes sold at the pro-

ject since 2010 have been profitable. Watten

A 2,637 sq ft unit at Reflections at Keppel Bay was sold at a $1.4 million loss

SAM

UEL

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UA/T

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Estate Condominium was completed in 1983.

Separately, three condo units fetched prof-

its exceeding $1 million in the week of Aug

2 to 8. The most profitable deal accrued to

a 2,260 sq ft unit at Four Seasons Park, in

which the seller amassed $1.86 million. He

purchased the unit in June 2006 at $1,535 psf

and resold it at $2,358 psf on Aug 5, which

translates to an annualised gain of 4%. Of the

two other units sold at Four Seasons Park this

year, a 2,874 sq ft unit was resold at a prof-

it of $2.55 million in May, while the profita-

bility of the other, a 2,874 sq ft unit sold in

April, could not be traced owing to a lack of

data. Four Seasons Park is a 202-unit freehold

development located near Orchard Boulevard

in prime District 10.

The other two deals with million-dollar

profits were in District 5. The bigger profit of

$1.16 million was from a 1,841 sq ft unit at The

Grandhill, a 53-unit freehold development on

Pasir Panjang Hill. The unit on the fifth floor

was resold at $1,103 psf, more than double

its purchase price of $473 psf in April 2004.

The seller had previously purchased the unit

from the developer. The annualised gain works

out to be 7%. In February, however, a 1,830

sq ft unit at the project was sold at a loss of

$20,000, despite being held for close to eight

years. So far, only two transactions at the pro-

ject were traced to a loss. The Grandhill was

completed in 2006.

The smaller profit of $1.1 million accrued

to a 2,013 sq ft unit at Varsity Park Condo-

minium. The unit was purchased in Novem-

ber 2004 at $374 psf and resold at $919 psf on

Aug 3, reflecting an annualised gain of 8%.

Of the 336 resale transactions at the condo so

far, only four sustained losses, based on URA

caveat records. All of the unprofitable homes

were purchased from the resale market, and

held for less than four years. Varsity Park Con-

dominium is a 530-unit, 99-year leasehold de-

velopment on West Coast Road. It was com-

pleted in 2008.

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP13

DEAL WATCH

Unit at Draycott Eight for sale at 2010 level

The tower with two-bedroom apartments and lofts (left) at Draycott Eight

THE

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Historical transactions of 1,400 to 1,500 sq ft units

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

Dec 6, 2010 6 Draycott Park Mid 1,432 3,260,000 2,277Nov 8, 2010 6 Draycott Park High 1,432 2,688,000 1,878July 30, 2010 6 Draycott Park Mid 1,432 2,800,000 1,956July 28, 2010 6 Draycott Park High 1,485 2,880,900 1,939

*Low floors: L1 to 7, Mid floors: L8 to 15, High floors: L16 & above

| BY TAN CHEE YUEN |

A 1,432 sq ft unit at

Draycott Eight is list-

ed on TheEdgeProp-

erty.com at $2.68 mil-

lion, or $1,872 psf.

The two-bedroom unit on the

15th floor of the 24-storey tow-

er enjoys a pool view.

Developed by Wing Tai Hold-

ings and completed in 2005, the

99-year leasehold Draycott Eight

project features three 24-sto-

rey towers. Two of the tow-

ers contain only four-bedroom

“sky villas” with sizes ranging

from 2,863 sq ft to 3,218 sq ft.

The third tower is made up of

two-bedroom apartments sized

at 1,173 sq ft, 1,421 sq ft and

1,615 sq ft; and two-bedroom

lofts from 1,432 to 1,798 sq ft.

Penthouses are sized at 4,015

and 4,187 sq ft.

The last transaction of a

two-bedroom loft in the third

tower was in August last year

when a 1,647 sq ft two-bedroom

loft changed hands for $2.93

million ($1,779 psf). However,

the last time units of 1,432 sq ft

changed hands was more than

six years ago when a 21st floor

unit was sold for $2.69 million

($1,878 psf) and an 11th floor

unit was sold for $3.26 million

($2,277 psf) in November and

December 2010 respectively.

Historically, two-bedroom

loft units at Draycott Eight sized

between 1,400 and 1,500 sq ft

were sold at an average price of

$2,141 psf, according to agents.

However, very few of these units

are on the market for sale.

The project was one of the

first high-end condos to offer

a round-the-clock concierge

service. The highlight of the

project is its 16,000 sq ft club-

house, which is a conserved

colonial bungalow.

Draycott Eight is also sought

after owing to its proximity to

The American Club and Tan-

glin Club, as well as Eton Pre-

school (Claymore), ISS Inter-

national School (Elementary

and Middle Schools) and An-

glo-Chinese School (Primary).

For more information, call

marketing agent Kevin Feng

at 8200 9297.

Scan the QR code for value

deals at Draycott Eight and

nearby projects

As TheEdgeProperty.com is not

party to the contract between the

client and agent, it is unable to

verify information provided by

the agent

TABL

ES: U

RA, T

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DGE

PRO

PERT

Y

Recent rental contracts for two-bedroom units at Draycott Eight

LEASE DATE AREA (SQ FT)

($) ($PSF)

May 1,000 to 1,100 6,500 6.2

May 1,100 to 1,200 6,500 5.7

April 1,500 to 1,600 6,400 4.1

April 1,500 to 1,600 6,630 4.3

April 1,400 to 1,500 7,000 4.8

April 1,100 to 1,200 6,400 5.6

April 1,100 to 1,200 7,000 6.1

April 1,100 to 1,200 6,630 5.8

March 1,600 to 1,700 7,000 4.2

March 1,100 to 1,200 7,000 6.1

($) ($PSF)

MONTHLY RENT

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EP14 • THEEDGE SINGAPORE | AUGUST 22, 2016

PERSONALITY

UMLand’s group MD Dennis Ngleads corporate overhaul| BY WONG KING WAI |

United Malayan Land Bhd

(UMLand) is undergoing a

corporate exercise to stream-

line its activities to ensure

greater growth. One of the

changes was the appointment of Den-

nis Ng Yew Khim, 42, as its group

managing director on March 1. He

is the eldest son of executive depu-

ty chairman Ng Eng Tee.

Singapore-born Dennis grew up

in Vancouver, Canada, and studied

computer science at the University

of British Columbia. Having worked

in Singapore and Canada, he has 15

years of experience in the property

development and investment sector.

In Singapore, he was with the

then Public Works of Singapore (now

known as CPG Consultants) for five

years. In 2004, he headed for Canada

to helm King George Financial Corp,

a property development and invest-

ment company. He spent nine years

there before returning to Malaysia.

Dennis’ duties at UMLand include

overseeing the company’s daily op-

erations and restructuring exercise.

“UMLand has grown tremendous-

ly since its privatisation three years

ago. Previously, we were operating

on a flat structure. We had about

30-plus heads reporting to a small

group of leaders. Now that we have

reached this size, it is time for us to

change, to restructure to a more sus-

tainable, scalable hierarchy system,”

Dennis explains.

“We have functional heads now.

There is a group director of niche

projects, group director of town-

ships, group director of corporate

services and so on, and they hold

their own divisional meetings and

report directly to the company’s

main committee.”

Dennis has taken over the reins

from former group CEO Chia Lui

Meng, who is now a director. Ac-

cording to Dennis, the idea for the

restructuring exercise was brought

up last year. He believes it is sim-

ply “a product of evolution for the

company” as it embarks on more

projects.

“We felt that it was very difficult

to manage using the flat hierarchy

system. With the new pyramidal

organisation system, it allows us to

empower the next level of authority

with regard to approvals and deci-

sion-making,” he says.

To ensure a smooth transition, the

restructuring exercise is being carried

out in phases: first, the top tier, fol-

lowed by the lower tiers.

“This is the largest restructuring

exercise the company has ever done,”

Dennis says, adding that he hopes to

complete it by year-end. The com-

pany has more than 600 employees.

“We are confident about our long-

term prospects in Malaysia. We be-

lieve the company will be a great per-

former from next year. In the medium

term, there isn’t any negative aspect.

Ng: This is the largest restructuring exercise the company has ever done

“UMLand has already expanded to

neighbouring countries and globally,

we have other companies in place.

Regional development is like a five-

year plan.”

To recap, UMLand was privatised

on Oct 3, 2012.

HospitalityOne new area that UMLand has ven-

tured into is the provision of hospi-

tality services for some of its high-

rise developments.

“We are a traditional develop-

er; we build residential properties,

sell them and move on to the next

project,” Dennis says. “However,

we also want to provide our cus-

tomers with the best living experi-

ence in the high-rise properties we

developed.

“So, one of the ways to do that

is to operate the common facilities.

For example, at Suasana Bukit Cey-

lon — where UMLand’s head office

is located — we have the poolside

café. We also offer services such as

cleaning and food delivery.”

The hospitality division started

about 1½ years ago and is headed

by its own CEO. The rationale for the

new division was that past experi-

ence showed the management com-

mittees of high-rises were not able

to maintain the commercial areas.

“We found that for our previ-

ous projects, when we handed over

all the common areas to the man-

agement committee, there was so

much space for a café, wine bar

and such. Eventually, you end up

with a poor tenant, or very poor

service, or they just give up alto-

gether,” says Dennis.

As a result, he says, some of the

areas are retained and managed

by UMLand to ensure “a minimum

standard of service”.

Moving forward, he says the com-

pany plans to offer transient hospi-

tality accommodation under its own

brand — Suasana — in some of its

townships. However, the five-star

hotels will be managed by interna-

tional operators. “For townships, it

is usually easier to operate [hospi-

tality accommodation] under your

own brand,” he notes.

Strong performanceOne of the reasons Dennis believes

the market will turn around quick-

er than expected — some experts

believe that it will only happen in

2018 — is because of the positive

response to UMLand’s township

launches. “So far, we have not seen

a drop in demand. For some of the

recent launches, there were over-

night queues, something we have

never experienced before,” he says.

“Of course, we were launching at

good price points... because we are

a long-time developer and landown-

er, we can afford to do so.”

One of the “hot” projects he was

referring to is Imperial Jade in Seri

Alam, Johor. The launch in Septem-

ber last year saw an 80% take-up

rate. The development comprises

440 houses with built-ups of between

1,665 and 2,213 sq ft. The selling pric-

es were RM539,900 ($180,716)for

one-storey houses and RM672,000

for two-storey ones.

Dennis says international brands

are already vying to set up shop in

UMLand’s townships. “For example,

in the Seri Alam township, sudden-

ly, there are two Starbucks cafés.

I think Malaysia’s general market,

from the international perspective,

is starting to ramp up. They (inter-

national brands) look into the fu-

ture, so if they think [the market]

will recover in 12 months, they will

approach us now.”

One planned project that Dennis is

excited about is the yet-to-be-named

13-acre mixed-use development in

Precinct 7, located next to Putrajaya

Sentral in Putrajaya. The project will

offer serviced apartments, branded

residences, boutique offices, shopof-

fices, a hotel, retail mall and office

tower. Dennis reveals that it will have

a gross floor area of 300 million sq ft.

The project will be connected to

the Express Rail Link and mass rap-

id transit, and there is a high possi-

bility that the proposed Kuala Lum-

pur-Singapore high-speed rail will

pass by it. A bus terminus will be

also be located there.

Meanwhile, UMLand does not

have any launches lined up in the

immediate future. It is still looking

for suitable land, especially in the

Klang Valley, Dennis says.

UMLand’s landbank that has been

approved for development totals

5,872.3 acres, with an estimated gross

development value of RM19.952 bil-

lion. Its undeveloped landbank stands

at 1,755.7 acres, with an estimated

GDV of RM10.977 billion.

Among its major developments

are Johor Halal Park and Seri Alam

as well as niche projects such as

Somerset Puteri Harbour, The Wave,

Suasana Iskandar Malaysia, UM City

and Viridea Lakeside, all in Iskandar

Malaysia, Johor.

In the Klang Valley, its projects

include township developments Seri

Austin, Seri Putra and Mahkota Hills

and niche project Star Residences.

As UMLand reinvents itself to

prepare for further growth, it is also

looking to create more value for its

purchasers in the days ahead.

Wong King Wai is deputy editor of

City & Country at The Edge Malaysia

This story first appeared in The Edge

Property Malaysia

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THEEDGE SINGAPORE | AUGUST 22, 2016 • EP15

| BY NEASA MACERLEAN |

The Brexit vote raised eyebrows across

Asia, but a flow of private sector deals

into the UK from China, Hong Kong,

Japan and South Korea since then sug-

gests that Asian investors continue to

see potential within the country.

At least three major transactions announced

on and since the referendum day on June 23

share the characteristic that one individual in

the buying group drove the deal out of strong

personal conviction. The £24.3 billion ($42.1

billion) takeover of Cambridge-based chip

designer ARM Holdings by Japan’s SoftBank

Group is the biggest Asian investment into

the UK and was pushed by the belief of Soft-

Bank founder and CEO Masayoshi Son that

ARM’s technology will play a crucial role in the

Internet of Things. “All things will be connect-

ed and what is the biggest common denomi-

nator? That is ARM,” he says.

Similarly, a £220 million investment into

Sheffield by Sichuan Guodong Construction

Group over the next three years — part of a

£1 billion package spread over the next 60

years — is said to be the largest UK property

deal outside London by a Chinese developer.

It was a result of chairman Wang Chunming

visiting his daughter when she was study-

ing at a university there. “This agreement il-

lustrates our confidence in Sheffield as a city

going from strength to strength, with real

growth potential,” he says.

The attractions of a falling currencyHong Kong property magnate William Cheng

Kai Man is the driving force behind the £70.3

million acquisition by Magnificent Hotel

Investments of Travelodge Royal Scot Hotel in

London’s King’s Cross area. The transaction,

he says, gives the company “an ideal opportu-

nity to get into the high-demand hotel sector

in London, and the falling currency has made

the deal more attractive”.

The pound’s 10% fall since the Brexit vote

is an important part of the equation for po-

tential Asian investors, says Robert Stassen,

JLL’s head of capital markets research, Europe.

“The UK looks relatively more attractive on

pricing than it did pre-Brexit,” he says. “But

does that make up for the uncertainty that ex-

ists? Working that out is probably where po-

tential investors need a bit more time.”

Indeed, the general consensus is that it is

too early to quantify the impacts on the UK’s

direct commercial property investment mar-

ket, according to JLL’s Brexit update in August.

Most deals across the UK that were in negotia-

tion prior to Brexit are progressing, with only

a small portion withdrawn, and the impact on

pricing has been mixed.

Some corporate decision-makers are also

biding their time and looking for greater clarity

on the UK settlement, with little evidence that

Brexit is reshaping companies’ location deci-

sions. With the start to any Brexit settlement

at least six months away, location decisions

will play out over a much longer timescale.

Looking to the longer termJust as they did before the Brexit vote, Asian

investors tend to seek strategic opportuni-

ties rather than quick gains. Singapore-based 

Dr Megan Walters, JLL’s head of research

Asia-Pacific capital markets, expects “long-

term, sophisticated investors” to hold through

the current cycle. “We expect increased in-

terest in a broader range of sectors, such as

hotels and other alternative real estate asset

classes,” she says.

Singapore’s state investment fund Temasek

Holdings invested £417 million in student ac-

commodation in Edinburgh, Manchester and

other locations in a pre-Brexit deal, setting a

path that Walters believes other Asian inves-

tors might follow. “The UK remains a centre

for global education excellence,” she says.

“And many people want to invest in the UK

because they have family connections there.”

Having personal knowledge of the UK is one

way that some investors are managing to over-

come the economic uncertainties that Brexit

represents. The sovereignty downgrade of the

UK by Fitch Ratings and other credit ratings

agencies, for instance, will “matter much more

for risk committees” than for high-net-worth

individuals who might be familiar with some

UK real estate markets, according to Walters.

Need to diversify outside AsiaDespite the Brexit uncertainty, Asian inves-

tors remain keen to diversify out of domestic

real estate markets. China’s outbound capi-

tal, which has been on an upward long-term

curve, is expected to remain active in the next

12 months, according to Stuart Crow, JLL’s head

of Asia-Pacific capital markets. And even Ja-

pan’s more traditional, risk-adverse investors

are “chasing yield and diversification in off-

shore markets” in the face of negative inter-

est rates at home, according to Walters. The

favoured markets abroad are the US, the UK

and the rest of Europe.

In the absence of a European Union trade

treaty with India or China, a UK outside the

EU does not start off at such a large disadvan-

tage. There is also the possibility — contro-

versial as it is — that the UK’s new immigra-

tion policy could be a points-based one that

could make it easier for well-qualified Asians

to work and live in the country.

Walters describes herself as “continuing

to be optimistic” about the prospects for the

UK as a recipient of direct investment from

Asia. Stassen says the “fundamentals of the

UK real estate market haven’t really changed

at this stage”. Meanwhile, the uncertainty

that remains has narrowed, he adds. “What

is priced in now is a process that will arrive

at a reasonable conclusion,” Stassen says. “In

the end, it is not unlikely we’ll have a middle-

of-the-road solution. The European Union is

pretty good at doing that.”

It is very early days in the post-Brexit vote

world, but early signs indicate that Asian in-

vestors concur with Chancellor Philip Ham-

mond when he says the UK is “open for busi-

ness”. Yet, caution remains: For all the investors

who have already committed themselves to

the post-Brexit UK landscape, there are many

more watching closely to see how the situa-

tion develops.

Neasa MacErlean is a JLL Real Views writer. Real

Views is a news site of JLL, a leading New York

Stock Exchange-listed real estate advisory firm.

Is the UK still a favourite among Asian investors?

Having personal knowledge of the UK is one way that some investors are managing to overcome the economic uncertainties that Brexit represents

Singapore’s state investment fund Temasek invested £417 million in student accommodation in Edinburgh (pictured above), Manchester and other locations in a pre-Brexit deal

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EP16 • THEEDGE SINGAPORE | AUGUST 22, 2016

ARCHITECTURE & DESIGN

The lure of penthouses| BY ANGELA LIM |

The rapidly increasing net worth and

aspirations of individuals desiring an

affluent lifestyle have played major

roles in the mushrooming of high-class

homes in the sky. Unlike apartments

that might be too compact or landed homes

that might be too difficult to maintain, pent-

houses are a good option for the well-heeled

who want the space of landed houses but not

the hassle of maintaining it.

Typically located on the top floors of con-

dominium buildings with prestigious address-

es and fitted with luxurious top-of-the-line fin-

ishing, penthouses are sexy and come with

more floor space and loftier ceilings. These

unique abodes usually offer panoramic,

breathtaking views of the city skyline. In re-

cent times, floor-to-ceiling windows have be-

come a common feature, allowing one to en-

joy more natural light and stunning views.

These advantages can be enhanced with good

interior design and appropriate embellishments.

In one of the triplexes located near the CBD

with views of the sky and sea, a neutral ivory

base was chosen for the interiors, with punc-

tuations of blue, lavender and strong pur-

ple. The colour scheme celebrates the mar-

riage between the interiors and the views.

Structural columns, responsible for holding up

the penthouse, become part of a gantry feature

or portal, bringing certain sections of the inte-

riors into focus.

Unique to most penthouses are double-vol-

ume ceilings that give the space a roomier feel.

While most of us would agree that addition-

al light and height are a form of luxury, not

every penthouse owner knows how to take

advantage of these characteristics. For exam-

ple, a nice chandelier or pendant light draws

the eye to a double-volume void.

Apart from aesthetics, these spaces give the

owner the flexibility to create a mezzanine or

a loft deck with tall book shelves that allow

for more storage. 

A private roof terrace offers a fantastic op-

portunity to create a unique outdoor space.

Unlike those on the ground level, roof terraces

need to feature sturdy furniture/planters, given

the increased wind speed at higher altitudes. 

All in, investing in a luxurious penthouse

can prove to be a most incredible and reward-

ing experience.

Angela Lim is a co-founder of SuMisura, a

multiple award-winning interior design firm

A double-volume ceiling gives the owner the flexibility to create a mezzanine or a loft deck with tall book shelves that allow for more storage

The colour scheme celebrates the marriage between the interiors and the views

Structural columns become part of a gantry feature to bring certain sections of the interiors into focus A double-volume void will look gorgeous with a nice chande lier or pendant light

Unlike terraces on the ground level, sturdy furniture and planters are needed for roof terraces, given the increased wind speed at higher altitudes

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