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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF MARCH 6, 2017 | ISSUE 769

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

Making retailmalls great againExperiential retailing has beentouted as the antidote for dyingretail malls. What does it entail?See our Cover Story on Pages 8 and 9.

Market TrendAsia’s rich prefer UK and Singapore, says Knight Frank EP4

OffshoreJohor property market

sees mixed performance in 4Q2016 EP10&12

SpotlightRising household debt in Asia a growing concern

EP6

Done DealsParc Riviera sells 43 units

within a weekEP14&15

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EP2 • THEEDGE SINGAPORE | MARCH 6, 2017

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

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Three shophouses put up for sale at $54 millionA portfolio of three commercial shop-

houses in Holland Village, Chinatown

and Kampong Glam have been put up

for sale by public tender. The indicative

price for all three properties is $54 mil-

lion. According to CBRE, the appoint-

ed marketing agent for the properties,

buyers have the option to either buy

all three or purchase them individually.

The first property (above, left) is a

freehold two-storey corner shophouse

located at Lorong Mambong in Holland

Village. It sits on a corner site of 1,976

sq ft and has a built-up area of 3,354

sq ft. The shophouse enjoys dual road

frontage and is currently tenanted by

Harry’s pub on the ground floor and

F45 fitness centre on the second lev-

el. The indicative price for the unit is

$20 million.

The second property (above, centre)

is a pair of two three-storey shophous-

es with an attic level located on Pagoda

Street in Chinatown. The shophouses sit

on two contiguous land lots, forming a

combined rectangular site with a total

land area of 3,010 sq ft and total built-

up of 9,226 sq ft. They have a 99-year

lease from October 1995 and are zoned

for commercial use under the Kreta Ayer

(Chinatown) historic district based on

URA’s 2014 Master Plan.

The ground floors are tenanted to

two retail shop operators and enjoy an

immediate large catchment of tourists

with a high footfall. The upper floors

are leased to reputable multination-

al corporations in the advertising and

media industries. The shophouses are

located less than 50m from the China-

town MRT Interchange Station and en-

joy direct sheltered access to the station.

The indicative price for the pair of

shophouses is $28 million.

The final property (top, right) is a free-

hold two-storey conservation shophouse

located along North Bridge Road in the

heart of the Kampong Glam Conserva-

tion Area/Ophir-Rochor Corridor. It sits

on a site area of 1,260 sq ft and has a

total floor area of 1,900 sq ft. The prop-

erty is zoned for full commercial usage

under the 2014 Master Plan, within the

Kampong Glam Conservation Area. The

shophouse is fully tenanted. Its indica-

tive price is $6 million.

CBRE noted that, as all three prop-

erties are zoned as “commercial”, it is

open to both local and foreign buyers

with no Additional Buyer’s Stamp Duty

or Seller’s Stamp Duty imposed on the

purchase of the site.

The public tender exercise for all three

properties closes on April 28.

Goh & Goh Building up for collective saleGoh & Goh Building (bottom, left), a

four-storey mixed-use building located

at Upper Bukit Timah Road and next to

the Beauty World MRT station, has been

put up for sale by tender. According to

JLL, the appointed marketing agent, the

indicative price for the building is $120

million, which translates into approxi-

mately $1,460 psf ppr on potential gross

floor area, before factoring in the 10%

bonus balcony GFA for the residential

component. The land rate includes an

estimated development charge of $15

million payable upon redevelopment.

This is the first time the property has

been put up for sale, says JLL. Goh &

Goh Building, built in the late 1980s,

comprises seven apartments and sev-

en shops. More than 80% of the devel-

opment’s owners have consented to the

collective sale, according to JLL. Under

the 2014 Master Plan, the 30,874 sq ft

site is zoned “residential with commer-

cial on the first storey” with an allow-

able gross plot ratio of three.

The tender exercise closes on March 28.

URA launches Toh Tuck Road siteURA has launched a 99-year leasehold

site at Toh Tuck Road for sale. It is the

first residential site from the Confirmed

List of the 1H2017 Government Land

Sales programme. The 201,517 sq ft site

with a maximum GFA of 282,124 sq ft

can potentially yield 325 housing units.

SLP International head of research

Nicholas Mak expects this site to draw

about eight to 16 bids. He estimates

the top bid in the tender to range from

$185 million to $200 million ($655 to

$700 psf ppr).

C&W obtains approval for redevelopment of Katong Shopping CentreCushman & Wakefield and the Collec-

tive Sale Committee of Katong Shopping

Centre (bottom, right) have secured ap-

proval for the redevelopment of Katong

Shopping Centre to commercial and ser-

viced residence use. According to C&W,

the reserve price remains the same at

$630 million, which translates into a

land price of $2,248 psf of GFA.

Although the current master plan

zoning for Katong Shopping Centre is

commercial and residential with a plot

ratio of three, approval has been giv-

en for the development of a new mall

with serviced residences at a plot ra-

tio of 3.223.

Katong Shopping Centre is sited at the

eastern end of Mountbatten Road lead-

ing to East Coast Road on an 86,924 sq

ft freehold land. It is close to regional

business hubs in Paya Lebar and Changi

Business Park. It is also within walking

distance of the Tanjong Katong and Ma-

rine Parade MRT stations on the upcom-

ing Thomson-East Coast line.

C&W is the exclusive marketing agent.

The tender exercise closes on March 13.

Spacemob opens its second co-working space at Science ParkSpacemob, the Vertex Ventures-backed

co-working space operator, has announced

a strategic partnership with Ascendas-

Singbridge to open its second co-work-

ing space in Singapore. It will be located

in Science Park and is expected to open

at the end of March.

The 14,000 sq ft space at Ascent, a

new Ascendas-Singbridge development

located opposite the Kent Ridge MRT

station at Science Park 1, will provide

small businesses with cost-effective spac-

es, and close proximity to key research

and tertiary institutions, R&D, high-tech

innovation and start-up communities.

DC rates increased for three segments of the real estate marketThe government has increased the de-

velopment charge rates for three seg-

ments of the real estate market amid

improved sentiment in the property

market. These are charges that are lev-

ied by the government for enhancing

the use of some land sites, or build-

ing bigger developments on them. DC

rates are revised on a half-yearly ba-

sis by the Ministry of National Devel-

opment (MND), in consultation with

the Chief Valuer.

According to MND, DC rates for three

use groups — commercial, non-landed

residential and hotel or hospital — have

gone up, while DC rates for industrial

use have been reduced. However, DC

rates will remain unchanged for land-

ed residential, place of worship or civ-

ic and community institution and oth-

er use groups.

DC rates for commercial use rose

1.3% on average, with the largest in-

crease of 29% was in the Shenton Way/

Raffles Quay/Marina Bay Financial

centre area. The DC rates for condo-

minium use went up by an average of

4%, with the sharpest increase of 17%

being for the Jalan Besar, Serangoon

Road and Balestier Road.

DC rates for hotel or hospital also in-

creased, by 2.6% on average, with the

highest increase of 19% being in several

sectors including Tampines Road, Upper

Paya Lebar, Ang Mo Kio Avenue 3 and

6, Lornie Road, and Yuan Ching Road.

Meanwhile, DC rates for industrial

use were slashed by 3.7% on average.

According to MND, the revised slate will

apply for the period of March 1 to Aug 31

this year. — Compiled by Michael Lim

C &

W

CorrectionOur cover story titled “Orchard Road’s latest landmark” (Issue 768, Feb 27) should have said that Cairnhill Nine was completed in October 2016, and not as published. The error is regretted.

JLL

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THEEDGE SINGAPORE | MARCH 6, 2017 • EP3

EP4 • THEEDGE SINGAPORE | MARCH 6, 2017

MARKET TREND

Asia’s ultra-rich favour homes in UKand Singapore, says Knight Frank

‘Jesuits close to £100 mil dealto sell Kensington plot’

UK house prices gain more than expected

| BY MICHAEL LIM |

Singapore is the second-most important

destination in the world for Asian ultra-

high-net-worth individuals (UHNWIs)

when it comes to real estate investments,

according to the latest edition of Knight

Frank’s Wealth Report 2017, released on March 1.

The UK remains the top destination, followed

by Singapore, Hong Kong, China and the US.

“The conducive business environment and

clear regulatory framework here have augment-

ed Singapore’s status among the wealthy as a

preferred location to live and do business in,”

says Alice Tan, head of research and consul-

tancy at Knight Frank Singapore.

According to the report, expectations of

rising interest rates have not dampened the

appetite of the world’s ultra-wealthy when it

comes to property investments in key global

cities such as Singapore.

“Not only are a lot of UHNWIs heavily in-

vested in property, they have also signalled

their intentions to increase their investment

allocations in property over the coming years,”

says Nicholas Holt, head of research for Asia-

Pacific at Knight Frank.

According to the report, Asia’s UHNWIs

have allocated about 29% of their portfolios to

real estate over the next two years, compared

with the global average of 24%.

“Amid the current backdrop of economic

uncertainty, it did not come as a surprise that

wealth preservation is now the most impor-

tant factor when it comes to UHNWIs’ invest-

ment strategies,” Holt adds.

The two property segments that are high-

ly sought after by the world’s UHNWIs are

prime residential developments and commer-

cial units, the report says.

“We see returning UHNWI interest in ultra-

luxury properties here because our prices have

reached a very attractive value proposition

compared with Hong Kong, where the price

Singapore is the second-most important destination in the world for Asian UHNWIs when it comes to real estate investment

Tan: Singapore’s conducive business environment and clear regulatory framework have augmented its status among the wealthy as a preferred location to live and do business in

E

| BY JACK SIDDERS |

Johnny Sandelson, the proper-

ty entrepreneur developing a

luxury- home project for seniors

in London’s Chelsea district, is in

talks to buy a £100 million ($174

million) plot of land in Kensington

from a Jesuits group, two people fa-

miliar with the plan say.

Sandelson and a group of South

African investors have agreed to a

deal to buy the 1.1ha King’s Gardens

site from Jesuits in Britain, the peo-

ple say, asking not to be identified

because the deal is not yet complete.

The developer is considering luxury

retirement homes, private apartments

and other commercial buildings for

the plot, which is about 600m south

of Kensington Palace, they add.

Spokesmen for Sandelson and bro-

ker CBRE Group, which is advising

on the sale of the plot, declined to

comment. Nobody from Jesuits in

Britain was available for comment.

Britain faces a severe shortage

of housing specifically targeted at

older people, according to an Octo-

ber 2016 report published by broker

Knight Frank. One in 12 people will

be 80 or more by 2039 while just

3% of new homes planned or under

construction are for the elderly, the

report says. Those aged from 65 to

74 now hold more wealth than the

entire population aged under 45, a

group more than twice their size,

according to Resolution Foundation,

a non-partisan think tank.

Sandelson announced plans for

Auriens, a luxury development in Lon-

don’s Chelsea district with chauffeur

service and a bar called Zimmer, last

year. The project will open in 2019.

He founded GuestInvest, the hotel

chain that allowed investors to buy

and lease individual rooms, in 2003.

The company, which was backed by

HBOS, was placed into administra-

tion in 2008.

The King’s Gardens plot is next

to Heythrop College, which helps

educate aspiring Catholic priests.

The college, originally founded in

Belgium in 1614, is due to close in

2018 because of losses, a spokesman

told the London Evening Standard

last September, when the newspaper

reported the plan to sell the site.

Residential land values in Lon-

don’s best districts fell 11.5% in 2016,

according to Knight Frank. The rate

of decline slowed in the final quar-

ter and there are early signs that

some investors will soon return to

the market in anticipation that prices

are close to the bottom, the broker

says. — Bloomberg LP E

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| BY BRIAN SWINT |

UK house prices rose more than

expected in February, accord-

ing to Nationwide Building

Society, a sign that market strength

has extended into this year. Prices

gained 0.6% from January, a third

month of gains. Economists pre-

dicted an increase of 0.2%. From a

year earlier, prices climbed 4.5% to

an average of £205,846 ($358,632).

Britain’s housing market and the

wider economy have been surpris-

ingly resilient since the vote to leave

the European Union last June. Still,

the Bank of England sees cooler

expansion this year as consumer

spending moderates.

Nationwide does not provide a

regional breakdown, though other

reports suggest the market is weak-

er in London, with more home

sellers having to cut asking prices.

London home prices have surged

about 86% since 2009, meaning it

now costs buyers 14.2 times their

annual gross salary to purchase

a property, more than double the

UK average.

Nationwide predicts a modest

2% increase in average UK house

prices this year, citing low borrow-

ing costs and a dearth of homes for

sale. The shortage of homes has

underpinned the house-price boom

of the last two decades.

“Recent data suggests that the

UK economy has continued to

perform relatively strongly,” says

Nationwide chief economist Robert

Gardner. “The outlook is uncer-

tain, but we, along with most

other forecasters, expect the UK

economy to slow through 2017.”

— Bloomberg LP

of a prime residential unit can be double that

of Singapore’s,” Tan notes.

“The prime residential areas favoured by

UHNWIs are Nassim, Ardmore and Bishops-

gate,” she adds.

Knight Frank categorises ultra-luxury res-

idential properties as those with a minimum

size of 2,500 sq ft and are located in prime

residential districts 9 and 10. According to the

real estate consultancy, the renewed interest in

prime residential properties pushed up prices

of ultra-luxury homes here by 3.4% to $3,000

psf in 2016, from $2,800 in 2015.

UHNWIs’ interest in Singapore real estate is

not confined to prime residential developments;

they are keen on strata-office properties as well.

Take, for example, the recent acquisition of GSH

Plaza by Fullshare Holdings, a Hong Kong-listed

investment holding company controlled by main-

land Chinese billionaire Ji Changqun.

Fullshare Holdings, which is engaged in prop-

erty development, building, investment and

healthcare services, paid $750 million for Plaza

Ventures, the holding company that owns GSH

Plaza. The deal values the building at $2,900 psf.

According to Tan, UHNWIs view Singapore

as a key business hub and the gateway city to

Southeast Asia (SEA).

“We are seeing interest and enquiries from

Chinese, Indian, Myanmar and Indonesian

companies looking to establish their business

base here, to gain access to the SEA market,”

she says. “They are looking to buy strata-office

space priced between $3 million and $10 mil-

lion, or about $2,000 to $2,500 psf, and pref-

erably freehold, to house their operations in.”

However, these individuals do not limit

their search to freehold developments; they

are also looking at 99-year leasehold projects

with at least 60 years left on their lease, Tan

adds. One such development is International

Plaza in Tanjong Pagar.

“As competition heats up and the pace of

property market changes accelerates in the re-

gion, the wealthy community [will be active-

ly hunting] for safe havens with stable politi-

cal climate such as Singapore to preserve their

investments,” says Tan.

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THEEDGE SINGAPORE | MARCH 6, 2017 • EP5

EP6 • THEEDGE SINGAPORE | MARCH 6, 2017

SPOTLIGHT

Rising household debt a concern across Asia

The household balance sheet in Singapore (excludes cars and properties held under companies)

VARIABLES 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016Household net worth 1,493,302.5 1,500,955.3 1,502,307.4 1,519,115.9 1,549,001.8 1,566,070.0 1,588,457.0 Assets 1,789,148.5 1,797,927.4 1,801,289.6 1,820,461.0 1,850,020.5 1,870,410.2 1,895,947.4 Financial assets 965,328.4 972,798.5 969,652.6 986,971.3 1,006,334.3 1,019,378.7 1,040,845.7 Currency and deposits 355,453.7 358,449.2 360,767.1 365,826.5 373,393.2 376,186.4 384,546.3 Shares and securities 172,840.8 171,633.9 161,517.1 164,179.0 163,907.4 163,998.8 164,908.2 Listed shares 89,645.1 88,044.3 78,902.9 81,399.6 81,737.2 80,946.6 80,644.4 Unlisted shares 30,441.6 30,511.9 30,582.1 30,611.2 30,658.2 30,771.6 30,884.9 Unit trusts and investment funds 52,754.0 53,077.7 52,032.0 52,168.2 51,512.0 52,280.6 53,378.9 Life insurance 140,332.4 139,879.1 138,345.4 141,756.4 145,424.8 148,413.3 153,342.7 Central Provident Fund (CPF) 282,409.0 288,304.5 293,913.6 299,522.4 307,682.8 314,837.9 322,067.5 Pension funds 14,292.5 14,531.8 15,109.4 15,687.0 15,926.2 15,942.2 15,980.9 Residential property assets 823,820.1 825,128.8 831,637.0 833,489.7 843,686.2 851,031.5 855,101.7 Public housing 395,330.8 394,521.5 397,318.0 400,951.4 404,755.3 409,120.4 411,419.7 Private housing 428,489.4 430,607.3 434,319.0 432,538.3 438,930.9 441,911.1 443,682.0 Liabilities 295,846.0 296,972.0 298,982.2 301,345.0 301,018.7 304,340.2 307,490.4 Mortgage loans 218,599.3 219,932.0 222,720.4 224,731.6 225,761.7 227,927.7 229,919.5 Financial institutions 181,233.3 182,422.6 185,009.9 186,862.6 187,548.9 189,362.7 191,150.5 Housing and Development Board (HDB) 37,366.0 37,509.4 37,710.5 37,869.0 38,212.8 38,565.0 38,769.0 Personal loans 77,246.7 77,040.0 76,261.9 76,613.4 75,256.9 76,412.5 77,570.9 Motor vehicle 9,902.7 9,755.1 9,585.9 9,559.0 9,572.6 9,558.5 9,585.0 Credit/charge cards 9,950.0 9,743.6 9,924.3 10,266.5 9,848.1 10,210.8 10,287.1 Others 57,394.0 57,541.3 56,751.7 56,787.9 55,836.2 56,643.2 57,698.7

Table 1

1Q2015 2Q2015 3Q2015 4Q2015 VARIABLES 1Q2016 2Q2016 3Q2016

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| BY TAN CHEE YUEN & LIN ZHIQIN |

Government officials, policymakers,

economists, bankers and experts

gathered here for the Second Annu-

al Asean Consumer and Household

Debt Conference on Feb 22 and 23.

The two-day event aimed to provide insight

into the implications of household debt and

the challenges faced by the policymakers.

“Over the years, household financial liabil-

ities as a share of personal disposable income

has gone up in Asia,” said Akrur Barua, an

economist at Deloitte Services LP, setting the

tone for the conference.

According to Barua, a number of factors

have led to the rise in household debt in Asia.

Rising incomes in Asia have resulted in higher

consumer demand for products and services.

Along with income growth, there is an increase

in access to credit across Asian economies. Post-

2008, policymakers also offered fiscal and mon-

etary incentives to entice consumers to spend

more. In addition, rising demand and a flow of

liquidity led to a surge in asset prices, especially

in the housing sector. With demand for hous-

ing remaining strong and house prices rising,

the result has been a rapid increase in the val-

ue of housing loans or mortgages.

“Cyclical credit outpaced cyclical growth

from 2011 to 2015 in many Southeast Asian

countries”, noted Vincent Conti, Asia-Pacific

economist at Standard & Poor’s Ratings Ser-

vices Singapore.

According to Barua, the household debt

burden in many Asian economies is now even

higher than the US figure prior to 2009, be-

fore the global financial crisis (see Chart 1).

In fact, Thailand, Malaysia, South Korea and

Taiwan have crossed the 80% mark in house-

hold debt-to-GDP ratio.

Malaysia has a household debt to GDP of

88.7%. Total household debt stood at RM1.1

trillion ($348 billion) as at September 2016,

according to Dr Nirwan Noh, head, monetary

and prices section fiscal and economics divi-

sion, Ministry of Finance, Malaysia.

Barua warned of the risks of rising house-

hold debt with the housing cycle on the up-

swing. Across Asia, house prices have been

escalating as demand for housing rises amid

strong income growth. Real estate makes up

about 86% of household wealth in India and

Indonesia, and 50% in China, compared with

30% to 38% in the US.

As house prices remain elevated across many

economies in Asia, the debt burden on first-

time homebuyers has also increased. This has

implications on household net worth and may

affect long-term growth of the housing sector.

Reining in the risksAccording to Nirwan of Malaysia’s Ministry of

Finance, with residential property purchases

contributing half of the indebtedness among

households as at end-September 2016, Malaysia

has embarked on several initiatives to control

household indebtedness. One of them is the

restructuring of the Real Property Gains Tax

for individuals to curb speculative activities.

The loan-to-value (LTV) ratio is capped at

70% for the third and subsequent housing loan

for individuals and at 60% for non-individu-

als. Malaysia has also increased the supply of

affordable housing through various govern-

ment initiatives such as PR1MA. Some 175,000

houses will be sold at 20% below market price

under PR1MA, with a total of 10,000 units ex-

pected to be completed in 2017.

“Towards 2016, banks [in Southeast Asia]

started becoming more cautious and started

tightening credit to households, which is good

Negative growth in retailsales in Singapore points to consumers tightening belts

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Chart 2

Retail Sales Index (excluding motor vehicles)y-o-y changes

January2014

December2016

% change15

10

5

0

-5

-10

The household debt burden in many Asian economies is now higherthan the 137% in the US in 2007 (represented by the red dotted line)

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*Note: Hong Kong: We have taken loans and liabilities of households**Thailand: We have used 2003 figures instead of 2002; 2016 figures are estimates by Oxford Economics based on latest available higher frequency data for the year; for China and Thailand, the estimates start in 2015 and for India, in 2013

Chart 1

%

UK US Australia China HongKong*

India Japan Malaysia SouthKorea

Taiwan Thailand**

240

200

160

120

80

40

0

200220082016

143

107

200

80

30

141159

177

139 144

114

Table 2

Note: Includes strata-titled office, retail and industrial properties; new sales from developers only

URA,

IPA

YEAR NUMBER OF STRATA VALUE OF ASSUME 30% ASSUME 70% LOAN UNITS SOLD BY TRANSACTIONS PURCHASED UNDER BY THE DEVELOPERS ($) COMPANY ($) COMPANY ($)

2011 2,893 2,323,539,329 697,061,799 487,943,2592012 4,253 4,781,575,878 1,434,472,763 1,004,130,9342013 2,510 4,225,907,976 1,267,772,393 887,440,6752014 1,670 2,239,289,478 671,786,843 470,250,7902015 693 1,003,280,248 300,984,074 210,688,8522016 543 792,730,485 237,819,146 166,473,402Total 12,562 15,366,323,394 4,609,897,018 3,226,927,913

As an example, households in Singapore could have $3.2 billion of loans not tracked by the household balance sheet

E

in terms of managing the risks. But house-

hold debt remains elevated,” said Standard

& Poor’s Conti.

Reza Siregar, a senior economist at IMF

Singapore Regional Training Institute, point-

ed out that private consumption was a key

driver of growth in Asean during the global

financial crisis. The increase in private con-

sumption contributed about 50% of real GDP

growth in recent years in Indonesia, Malaysia

and the Philippines. He expects the growth of

private consumption and government spend-

ing to remain a key driver of real GDP growth

for the Asean economies this year.

The risk is that “significant household debt

will undermine the impact of income growth

on private consumption”, says Siregar. Ac-

cording to Deloitte’s Barua, policymakers are

facing difficulty in reducing high household

debt amid slow growth, high inflation, and

currency risks.

Singapore’s situation“After the global financial crisis, we had very

cheap loans for many years, and that drove up

the household debt level. However, the LTV ra-

tio for housing still looks good at 27%, with

assets at $855 billion and liabilities at $230

billion”, said Ku Swee Yong, CEO of Interna-

tional Property Advisor.

“The average net worth per household is

$1.26 million and the household balance sheet

looks healthy, with household net worth at

$16 trillion and liabilities at $307 billion. But

the household balance sheet excludes assets

and liabilities for properties held under com-

panies,” Ku noted (see Table 1).

He pointed out that households may have

registered companies to invest in proper-

ties, and loans made to these companies are

considered commercial loans that are not

tracked by the household balance sheet. As-

suming 30% of the strata units sold by de-

velopers since 2011 were bought by compa-

nies formed by “household investors”, there

could be property loans totalling $3.2 billion

that are not tracked by the household balance

sheet (see Table 2).

Ku also highlights the rise in cash-flow bur-

den for landlords whose investment properties

remain vacant for a long period of time. In the

meantime, they have to continue making mort-

gage repayments. For instance, the occupan-

cy rate of private multiple-user factory space

completed in 2014 was 90.8% in 4Q2016. “In

other words, after about two years of repay-

ing the mortgage, 9% of investors are still not

collecting rental income.”

Ku opined that the many months of nega-

tive y-o-y growth in the retail sales index from

2014 to 2016 is a sign that consumers are tight-

ening their belts in response to a tight cash flow

situation that is not adequately reflected in the

household balance sheet (see Chart 2).

($ MIL)

THEEDGE SINGAPORE | MARCH 6, 2017 • EP7

EP8 • THEEDGE SINGAPORE | MARCH 6, 2017

COVER STORY

Making retail mallsGREAT AGAIN

| BY FEILY SOFIAN |

The secret to happiness is to spend money

on experiences and not things, says

Thomas Gilovich, a psychology profes-

sor at Cornell University. Experiences

are said to linger in our memories, re-

sulting in storytelling and conversation, and

enhancing social relations. In fact, the antici-

pation of an experience can be gratifying by

itself. Experiences also elicit fewer social com-

parisons than material goods.

Experiential retailing has been touted as

the antidote for dying retail malls. Malls, as

such, need to reposition themselves from the

“places to buy” that they are now to “places to

be”, says Stephen Lampert of retail and brand

consultancy FITCH.

The responsibility of creating positive

experiences for shoppers lies with retailers

as much as with landlords. Lampert names

Lenox Square in Atlanta, Georgia, the US as

an example. The mall positions itself to at-

tract well-heeled, active and affluent women

in the northern Atlanta suburb and some

retailers pull out all stops to engage them.

Williams-Sonoma, a premier retailer in home

Experiential retailing has been touted as the antidote for dying retail malls. What does it entail?

Lampert: Lenox Square positions itself to attract well-heeled, active and affluent women in the northern Atlanta suburb

furnishings and gourmet cookware, holds reg-

ular cooking classes while ivivva, a sports

apparel label created by lululemon, has a list

of fitness events on its Facebook calendar.

This might pose a conundrum to mall

landlords, who would be confronted with the

choice of offering bigger space to a few retail-

ers versus letting them out to more retailers,

which could generate higher rents. The key,

perhaps, is to work with retailers that Lampert

calls “temples for devotees”. A classic example

is the Apple store, a place dedicated to serving

customers and where product sale is second-

ary. Apple also has a host of events and work-

shops on its calendar, including Discover Apple

Music, iPhone Photography and Power Your

Workday with iPad.

Malls with an Apple Store are said to rake

in 13% higher sales per square foot than those

without, according to a Bloomberg article,

citing data from Green Street Advisors. A Tesla

store is said to have similar effects and Lenox

Square is home to both brands. The mall also

features Neiman Marcus, considered a more

productive department store compared with

JCPenney, Macy’s and Sears.

In Singapore, at least two malls appear to be

stepping a similar direction. Funan Digita Life

Mall is being revamped into a live-work-play

destination. When completed in 2019, Funan

will take visitors’ shopping experience to a

whole new level with an indoor cycling path,

rock-climbing wall as well as an experiential

cinema and a smart food court. The mall will

also offer a drive-through click-and-collect, and

hands-free shopping service, whereby shoppers

can choose to either pick up their purchases

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THEEDGE SINGAPORE | MARCH 6, 2017 • EP9

COVER STORY

from Funan’s concierge when they are done,

or have them delivered to their homes.

At Downtown Gallery, luxury, bespoke living

and wellness will form the building blocks of

the mall, which will feature a social kitchen,

eight boutique gyms and a farmer’s market

by The Providore.

Turning e-commerce from foe into friendA closer look at the Lenox Square website

unearths other interesting trends. To engage

shoppers online, the website features a look-

Apple stores are a crowd-puller for malls around the world

Malls of the future could be a one-stop learning and leisure destination

book page show casing what is trending for the

week and where to shop for the looks.

One of the posts reads, “Our fave gowns

from the Oscars”, accompanied by a picture

of Emma Stone in her Givenchy dress. Forever

21 has a beauty hack video on the page with

an online link to show customers where they

can purchase the products.

Another post, by Victoria’s Secret, reads, “Last

Chance to vote Heavenly for Best Fragrance in

the Total Beauty Awards!” along with an online

link to the poll page. That same post, which

features two Victoria’s Secret angels, has at-

tracted 4,000 likes, 69 shares and 32 comments

on the retailer’s Facebook page. Lenox Square

could potentially convert the interests gener-

ated online into a higher footfall for the mall.

The page is updated so frequently that the

Oscars post no longer existed the following day.

Back home, Singaporeans would be fami-

liar with the CapitaStar app, which allows

customers to accumulate STAR$ from purchases

made in participating CapitaLand malls and

exchange them for CapitaVouchers or other

promotion gifts. The CapitaStar app is said to

be more than just a reward programme to re-

tain customer loyalty; it is also a tool to gain

insight into customers’ spending profile and

preferences.

CapitaLand has also stepped up its techno-

logy capabilities as bricks-and-mortar retailers

continue to grapple with competition from

e-commerce. On Nov 1, the group started an

artificial intelligence “chatbot” called Sparkle

on its CapitaStar platform, offering virtual con-

cierge services such as making restaurant book-

ings and answering queries from customers.

Centre of learning?From pop-up stores to augmented reality, a

host of new retail trends from around the

world are gaining traction among shoppers.

Several trends, however, would resonate with

the local retail sector more than others. These

trends would be those that serve Singa pore’s

demographic profile and the immediate needs

of the economy.

According to Euromonitor, the “middle

youth”, aged between 30 and 44, form the

Funan (left) and Downtown Gallery exemplify the future of retail malls, taking shopping experience to new heights with their bold and novel concepts

largest segment of the population. Many in

this age group are on the lookout for better

career opportunities, the report notes. To cater

to this group, future malls can be positioned

as a one-stop learning and leisure destination.

A survey by international recruitment firm

Randstad found that 84% of Singapore res-

pondents saw the need to acquire more digital

skills to guarantee future employ ability, sur-

passing the global average of 64%. The latest

data released by the Ministry of Manpower

showed a total of 19,000 workers were laid

off in 2016, the highest figure since 2009. Un-

employment rate rose from 1.9% in Decem-

ber 2015 to 2.2% last December. On the other

hand, organisations in certain sectors such

as IT and healthcare struggle to fill positions,

suggesting a skills mismatch.

To catalyse learning among working adults,

perhaps malls should play a bigger role in edu-

cation. Future malls might consider having a

dedicated space for schools and free study area

with charging stations and WiFi. With these in

place, an adult learner need not waste time com-

muting to various places to fulfil his learning

and leisure needs. This could be a private-part-

nership project by mall developers and govern-

ment agencies and the non-income-generating

space should be exempt from property tax.

Integrating learning with leisure activi-

ties would also allow “chance encounters”

and “informal gatherings” among students,

which would promote collaboration and po-

tentially innovation. In the same vein, univer-

sities have provided for generous public spaces

and amenities where students can commingle

and network.

The idea is simply an evolution of exist-

ing concepts. Funan and Downtown Gallery,

for example, have injected co-working space

into their tenant mix. Meanwhile, co-working

space provider Spacemob has roped in General

Assem bly, a digital education provider known

for spawning entrepreneurs, as its anchor.

Separately, Euromonitor projects that mid-

lifers aged 45 to 59 and late-lifers aged 60 and

above would experience the steepest growth

owing to baby boomers entering these age

groups. Boomers, particularly women, enjoy

bargain-hunting as a thrill, according to a survey

by Euromonitor. Owing to age-related health

concerns, they are more conscious of the in-

gredients in the food they consume, compared

with younger respondents.

One in three female boomers is said to be

attempting to lose weight, but when it comes

to maintaining an active lifestyle, they prefer

low-impact exercises such as walking and yoga.

Meanwhile, an older study by Council for Third

Age shows the top five activities for Singapore

baby boomers during their free time are watch-

ing TV, shopping, reading, cooking and baking.

Perhaps global trends such as boutique fit-

ness studios, artisanal culinary workshops and

halls of learning, which resonate with consum-

ers across age groups, would bring some lustre

back to jaded malls in Singapore. Lastly, some

elements of surprise should be thrown in for

instagrammable moments.

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EP10 • THEEDGE SINGAPORE | MARCH 6, 2017

OFFSHORE

Note: Prices shown are based on both transacted and listed prices. Adjustments are made where necessary for variations in size, specific location, design, condition and improvements, if any.

| BY RACHEAL LEE |

The property market in Johor

will remain challenging this

year and developers will fo-

cus on clearing stock and

selling products priced be-

low RM700,000 ($221,625).

“More freebies will be given to

close sales,” says KGV Internation-

al Property Consultants (Johor) Sdn

Bhd executive director Samuel Tan

when presenting The Edge-KGV In-

ternational Property Consultants Jo-

hor Baru Housing Property Monitor

for 4Q2016. “There will be fewer new

launches, and launches will be in

small batches. Niche areas such as

Senibong Cove and Horizon Hills as

well as preferred areas like Bukit In-

dah, Setia Eco Garden and Seri Alam

will remain attractive even though

sales moderated in 4Q2016.”

He foresees changes in the industry

as developers strive to perform better

and, in some cases, to survive. He ex-

pects them to adopt new marketing

approaches to overcome the current

soft market conditions.

“All in all, I am cautiously optimis-

tic about landed residential properties,

niche products in preferred locations

and stratified properties priced below

RM550 psf with absolute pricing at

RM500,000,” he says.

The Kuala Lumpur-Singapore

high-speed rail (HSR) project re-

mains the focus of Johor although

its alignment has yet to be con-

firmed. Tan believes a new wave of

land price increases is likely to hit

when the alignment is confirmed or

when land acquisitions commence.

Damansara Realty and Country Garden signed an agreement last October to jointly develop Central Park in Johor

Mixed performance in Johor in 4Q2016

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Johor property prices 4Q2011-4Q2016 (RM’000)

“Based on past experiences of

catalytic projects, land prices in

the vicinity will rise 20% to 100%,

depending on the distance of the

sites from the HSR station,” he ex-

plains. “When the station is com-

pleted, prices will increase further.”

Tan also expects prices of other

types of properties to go up in tan-

dem with the rising land prices. For

a start, he believes the demand for

homes will soar as workers move

to the state to take up jobs in the

HSR project. He also expects ho-

tels and shops in the state do well.

Rental rates remained flatThe performance of Johor’s property

market was mixed across all segments

in the last quarter of 2016. According

to the KGV data, the prices of most

landed and non-landed homes were

flat while others saw a slight drop.

In Horizon Hills, the prices of

standard two-storey terraced houses

(land area: 1,400 sq ft) and two-storey

cluster houses (2,240 sq ft) slipped

4.6% to RM620,000 and 8.3% to

RM1.1 million respectively.

The prices of standard two-sto-

rey semi-detached houses in Taman

Bukit Indah (land area: 3,400 sq

ft) also declined, down 5.5% to

RM850,000, while those in Bandar

Seri Alam (2,380 sq ft) saw a 5% de-

cline to RM950,000.

Meanwhile, the prices of two-

storey cluster homes in Taman Bukit

Indah fell 9% to RM1 million while

those of the units in Molek Pine Con-

dominium (Tower 2) declined 4.6%

to RM620,000.

According to KGV, the gross month-

ly rents of houses in Johor Baru were

also flat in the quarter under review.

Nevertheless, a number of houses

sampled saw a slight increase in gross

yield. Rents for standard two-storey

terraced houses in both East Ledang

(land area: 1,820 sq ft) and Horizon

Hills (1,400 sq ft) rose 0.2% to 5%

and 5.4% respectively.

Other landed homes such as stand-

ard two-storey semi-detached and

two-storey cluster homes also saw

a similar trend. Rents for standard

two-storey semi-detached homes in

both Taman Bukit Indah (land area:

1,400 sq ft) and Bandar Seri Alam

(2,380 sq ft) rose 0.2% to 4.5% and

4% respectively.

For two-storey cluster homes in

Taman Bukit Indah (land area: 2,240

sq ft) and Horizon Hills (2,240 sq ft),

rents rose 0.2% and 0.3% to 2.6%

and 3.5% respectively.

As for non-landed properties, the

gross rental yield of Sky Executive

Suites rose 0.8% to 8.3% while that

of Molek Pines (Tower 2) increased

0.3% to 6.8%.

Cautiously optimisticTan expects the opening of the new

interchange linking the Kempas- Senai

Highway and Senai Airport City to

boost development in the areas near

the airport, especially those belong-

ing to Senai Airport City and Singa-

pore-based Lee Rubber Co (Pte) Ltd.

“First, accessibility will boost de-

mand for homes in the area. Cur-

rently, the route to Senai Airport

City is long and cumbersome. [With

the new interchange], demand for

land, factories, houses and shops in

Senai Airport City and the surround-

ing areas will pick up,” he says.

“On the other side of the inter-

change is Taman Impian Emas. It

will now have easier access.”

The Edge Malaysia reported re-

cently that Lee Rubber has been dis-

posing of its land in Malaysia. Since

April 2015, it has sold four properties,

valued at more than RM300 million,

of which two are in Johor.

The news report also notes that,

based on a 2008 booklet issued by

the Iskandar Regional Development

Authority, Lee Rubber has formed a

joint venture with Johor Corp and

the Employees Provident Fund to de-

velop the 456-acre Johor Technology

Park. It also says the company has

a further 6,100 acres — a 2,900-acre

township being developed at Taman

Impian Emas on a joint-venture ba-

sis with the Kuok Group and anoth-

er company, and 3,200 acres in Se-

nai and Skudai.

CONTINUES ON PAGE EP12

KGV

2011 2012 2013 2014 2015 2016 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Standard two-storey terraced houses in selected schemesTaman Bukit Indah 370 375 375 380 380 390 400 420 430 450 480 480 500 520 550 550 520 500 500 500 500East Ledang 620 660 660 738 738 835 835 900 900 1,100 1,200 1,300 1,300 1,350 1,350 1,350 1,350 1,350 1,100 1,100 1,000Horizon Hills 480 500 520 550 580 580 580 600 600 650 650 680 700 720 750 750 750 750 650 650 620Taman Molek 520 520 600 630 650 700 750 750 750 760 760 770 780 800 800 800 800 800 800 800 800Bandar Seri Alam (Type Sapphire) 531 531 531 531 531 531 531 531 540 540 540 540 550 550 550 550 550 550 550 550Taman Ponderosa 400 400 410 420 430 450 450 470 470 500 500 520 520 530 540 540 540 540 540 540 540

Standard two-storey semi-detached houses in selected schemesTaman Bukit Indah 550 600 620 650 680 700 750 780 800 800 820 850 850 880 900 900 900 900 900 900 850East Ledang 1,290 1,290 1,350 1,350 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,200 2,300 2,400 2,400 2,400 2,400 2,400 2,100 2,100 2,000Horizon Hills 1,300 1,350 1,380 1,400 1,460 1,480 1,500 1,500 1,550 1,580 1,580 1,600 1,600 1,650 1,650 1,650 1,650 1,500 1,500 1,400 1,400Austin Heights 750 800 850 900 900 1,000 1,100 1,100 1,200 1,200 1,200 1,250 1,300 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400Taman Molek 550 550 600 700 750 750 800 800 820 830 850 900 950 950 1,000 1,000 1,000 1,000 950 950 950Bandar Seri Alam (Type Sapphire) 842 842 842 842 842 842 842 842 900 900 900 900 950 1,000 1,000 1,000 1,000 1,000 1,000 950Taman Ponderosa 700 750 750 800 800 820 850 900 1,000 1,000 1,200 1,300 1,300 1,400 1,500 1,500 1,500 1,500 1,400 1,500 1,500Senibong Cove 1,100 1,100 1,200 1,200 1,300 1,400 1,500 1,500 1,500 1,500 1,600 1,600 1,600 1,600 1,600 1,600

Two-storey cluster houses in selected schemesTaman Bukit Indah 1,000 1,100 1,200 1,250 1,280 1,280 1,300 1,300 1,200 1,200 1,200 1,100 1,100 1,100 1,100 1,000Horizon Hills 700 720 750 800 820 850 950 1,000 1,100 1,200 1,250 1,280 1,300 1,300 1,300 1,300 1,200 1,200 1,200 1,200 1,100Austin Heights 380 380 380 400 450 470 480 500 550 600 750 750 800 800 800 800 800 800 800 800 800Senibong Cove 548 600 650 800 820 830 860 900 950 950 950 950 950 950 950 950

Selected apartments/condominiumsSky Executive Suites 250 280 280 300 320 350 380 400 400 430 430 450 450 460 480 480 480 480 400 400 400Ujana Executive Apartment 535 585 585 685 685 685 735 735 735 735 735 735 735 735 735 735 735 735 735 700 700Straits View Condominium 500 600 650 700 700 700 700 700 700 700 750 750 750 750 750 750 720 720 720 650 650Tropez Residences 600 620 640 650 660 660 670 670 670 660 650 650 640 630 620 620 580 580 580 580 580Danga View 370 380 380 390 390 390 400 410 420 430 440 440 450 450 450 450 430 430 430 420 420Molek Pine (Tower 2) 550 580 650 680 680 700 700 750 800 800 800 800 800 800 800 800 720 670 670 650 620

THEEDGE SINGAPORE | MARCH 6, 2017 • EP11

EP12 • THEEDGE SINGAPORE | MARCH 6, 2017

OFFSHORE

Chinese developers are continuing to increase their presence in Johor

Tan: I am cautiously optimistic about landed residential properties, niche products in preferred locations and stratified properties priced below RM550 psf with absolute pricing at RM500,000

BLO

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FROM PAGE EP10

Chinese developers are continuing

to increase their presence in Johor.

Tan notes that Hong Kong-listed

Country Garden Holdings Co Ltd is

changing its business focus — it is

venturing into the domestic prop-

erty segment.

Damansara Realty Bhd and Coun-

try Garden signed an agreement last

October to set up a joint-venture com-

pany — DAC Properties Sdn Bhd —

to develop an integrated township

called Central Park on 53 acres of

freehold land in Johor Baru.

The joint venture is 30%-owned

by Damansara Realty’s indirect whol-

ly-owned subsidiary Damansara Realty

(Johor) Sdn Bhd with the remaining

70% held by Country Garden Man-

agement Sdn Bhd, which is wholly

owned by Country Garden.

DAC Properties will develop Central

Park over six to eight years with the

first phase to be launched in 1Q2017.

The project, located in the Tebrau dis-

trict and just 5km from the city cen-

tre, is targeted at young homebuyers.

Tan says any new development of

stratified units will certainly wors-

en the oversupply situation, but he

would not dismiss the possibility of

more such developments.

“It all depends on whether the

products are designed and priced

to meet market demand. If they are,

then the units will sell well,” he says.

“Central Park is strategically lo-

cated in Tampoi, with easy access

via Jalan Tampoi and the Pasir Gu-

dang Highway. The surrounding ar-

eas are also mature. If the products

are priced around RM500,000 each, I

believe they will find ready buyers.”

Tan also believes that more such

joint ventures will be set up in the

coming years as foreign developers

begin to understand the needs of

the local market and design their

projects accordingly.

Country Garden is also the de-

veloper of Forest City, which has a

gross development value of more

than RM400 billion, and Danga Bay

in Johor as well as Country Garden

Diamond in Kuala Lumpur.

Racheal Lee is a senior writer with

the City & Country desk at The Edge

Malaysia

‘More JVs with foreign developers will be set up in coming years’

Note: Rents shown are based on both contracted and listed rents. Adjustments are made where necessary for variations in size, specific location, design, condition and improvements, if any.

Johor rents 4Q2011-4Q2016 (RM per month)

KGV

2011 2012 2013 2014 2015 2016 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Standard two-storey terraced houses in selected schemesTaman Bukit Indah 1,700 1,800 1,800 1,800 1,800 1,900 1,900 1,900 1,900 1,900 1,900 1,900 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000East Ledang 2,000 2,200 2,200 2,200 2,200 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600Horizon Hills 2,200 2,400 2,400 2,400 2,400 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800Taman Molek 1,500 1,500 1,500 1,500 1,500 1,800 1,800 1,800 1,800 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000Bandar Seri Alam (Type Sapphire) 1,600 1,600 1,600 1,600 1,800 1,800 1,800 1,800 1,800 1,800 1,800 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000Taman Ponderosa 2,800 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200

Standard two-storey semi-detached houses in selected schemesTaman Bukit Indah 2,800 3,000 3,000 3,000 3,000 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200East Ledang 3,200 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,400 3,400 3,400 3,400 3,400 3,400 3,400 3,400Horizon Hills 4,800 4,800 4,800 5,000 5,000 5,000 5,000 5,000 5,300 5,300 5,300 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500Austin Heights 3,800 3,800 3,800 3,800 3,800 3,900 3,900 3,900 3,900 3,900 3,900 3,900 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000Taman Molek 2,800 2,800 2,800 2,800 2,800 3,000 3,000 3,000 3,000 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200Bandar Seri Alam (Type Sapphire) 2,800 2,800 2,800 2,800 3,000 3,000 3,000 3,000 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200Taman Ponderosa 4,300 4,600 4,600 4,700 4,700 4,800 4,800 4,800 4,800 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000Senibong Cove 4,500 4,500 4,500 4,500 4,800 4,800 4,800 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000

Two-storey cluster houses in selected schemesTaman Bukit Indah 2,100 2,100 2,100 2,100 2,100 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200Horizon Hills 2,800 2,800 2,800 2,800 2,800 3,000 3,000 3,000 3,000 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200Austin Heights 2,600 2,700 2,700 2,700 2,700 2,600 2,600 2,600 2,600 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800 2,800Senibong Cove 3,200 3,200 3,200 3,300 3,300 3,300 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500

Selected apartments/condominiumsSky Executive Suites 2,200 2,200 2,200 2,300 2,300 2,400 2,400 2,400 2,400 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500Ujana Executive Apartment 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200Straits View Condominium 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500Tropez Residences 1,800 1,800 1,900 1,900 1,900 2,000 2,000 2,000 2,000 2,100 2,100 2,100 2,100 2,100 2,200 2,200 2,200 2,100 2,100 2,100 2,100Danga View 1,900 1,900 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100Molek Pine (Tower 2) 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500

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Gross yield of residential properties in selected schemes in Johor Baru (4Q2011-4Q2016)

Gross yield (%)Apartments/condominiums (unfurnished)Standard 2-storey terraced & semi-detached houses

Gross yield (%)

Taman Bukit Indah*

Horizon Hills

Taman Molek

Bandar Seri Alam Taman Molek*

0

2

4

6

8

10

12

Sky Executive Suites

Straits View Condo

Ujana

Tropez Danga Bay

Danga View

Molek Pine (Tower 2)

2.0

4.5

7.0

9.5

12.0

Taman Ponderosa

Taman Ponderosa*

East Ledang*

Taman Bukit Indah Horizon Hills*

Austin Heights* Senibong Cove*

East Ledang

Bandar Seri Alam*

1Q‘12

2Q3Q4Q1Q‘13

2Q3Q4Q1Q‘14

2Q3Q4Q1Q‘15

2Q3Q4Q1Q‘16

2Q3Q4Q4Q‘11

1Q‘12

2Q3Q4Q1Q‘13

2Q3Q4Q1Q‘14

2Q3Q4Q1Q‘15

2Q3Q4Q1Q‘16

2Q3Q4Q4Q‘11

Note: Prices shown are based on both transacted and listed prices. Adjustments are made where necessary for variations in size, specific location, design, condition and improvements, if any.* Semi-detached houses

THEEDGE SINGAPORE | MARCH 6, 2017 • EP13

GAINS AND LOSSES

Non-landed residential transactions with contracts dated Feb 14 to 21

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Most profi table deals

Non-profi table deals

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

NON-LANDED

1 The Anchorage 3 1,765 Feb 21 1,133 June 3, 2002 592 955,000 91 5 14.7

2 Birmingham Mansions 11 1,066 Feb 14 1,417 Jan 20, 1999 620 849,080 128 5 18.1

3 Central Green Condominium 3 1,345 Feb 16 1,115 Nov 5, 2002 525 793,000 112 5 14.3

4 Amaranda Gardens 19 1,464 Feb 20 1,264 June 25, 2007 861 590,000 47 4 9.7

5 Papillon 12 1,227 Feb 14 1,019 Aug 27, 2003 579 540,000 76 4 13.5

6 Thomson 800 11 1,625 Feb 16 1,101 Aug 8, 2000 775 530,000 42 2 16.5

7 Clover By The Park 20 1,292 Feb 15 1,239 March 2, 2010 838 518,000 48 6 7.0

8 Hillview Residence 23 1,249 Feb 14 921 Sept 4, 2002 533 485,000 73 4 14.5

9 Caspian 22 1,206 Feb 14 970 March 4, 2009 574 477,900 69 7 8.0

10 Ferraria Park Condominium 17 1,249 Feb 17 865 Nov 7, 2006 503 452,100 72 5 10.3

Note: The profit and loss computation excludes transaction costs such as stamp dutiesURA caveat record downloaded on Feb 24 and Feb 28

$4.92 mil loss at Orchard Scotts| BY LIN ZHIQIN |

The top two losses for private

non-landed homes sold in the

week of Feb 14 to 21 were for

units in Orchard Scotts, a 99-

year leasehold condominium

in prime District 9 completed in 2008.

It comprises 387 units and is located

within walking distance of the New-

ton MRT station.

On Feb 15, a 2,336 sq ft unit at

Orchard Scotts was sold at a $4.92 mil-

lion, or 58% loss, inclusive of Seller’s

Stamp Duty. The seller bought it for

$8.46 million, or $3,620 psf, in Octo-

ber 2013 and sold it for $3.68 million,

or $1,575 psf. He was also liable for a

$147,200, or 4%, SSD. The $4.78 mil-

lion loss, excluding SSD, works out to

56%, or 22% a year over 3.3 years.

A day earlier, a 2,282 sq ft unit at

Orchard Scotts was sold at a $675,000

loss. The loss works out to 17% or

2% a year over 10 years. The seller

bought the unit from the developer

for $4 million, or $1,753 psf, in Jan-

uary 2007 and sold it for $3.33 mil-

lion, or $1,457 psf.

There were six rental contracts for

units of 2,200 to 2,300 sq ft at Orchard

Scotts in 2H2016, with monthly rents

averaging $9,458. This implies a

3% gross rental yield for the 2,282

sq ft unit.

The Feb 15 transaction marked the

biggest loss at Orchard Scotts so far.

Prices for the project peaked in 2008,

when nine units were transacted at

an average of $2,503 psf. The four

transactions at Orchard Scotts so far

this year averaged $1,447 psf. Based

on the matching of URA caveat data,

all 10 units transacted at Orchard

Scotts since 2015 have suffered loss-

es, ranging from $150,000 to $4.78

million. The average loss was $1.68

million, or 32%.

Rents at Orchard Scotts have also

fallen sharply. From the recent peak

of $12,349 in 2014, average monthly

rent for units of 2,200 to 2,500 sq ft

declined by 11% y-o-y to $11,025 in

2015. In 2016, the average monthly

rent for units of this size range fell

another 9% y-o-y to $10,035.

For private non-landed homes sold

in the week of Feb 14 to 21, the big-

gest profit of $955,000 was made by

the seller of a 1,765 sq ft unit at The

Anchorage. The seller bought the unit

for $1.05 million, or $592 psf, in June

2002 and sold it for $2 million, or

$1,133 psf. The gain works out to 91%,

or 5% a year over almost 15 years.

This unit fetched a $17,000 or 2%

profit the last time it changed hands

in 2002. The previous seller bought

it for $1.03 million, or $582 psf, in a

sub-sale in March 1995.

There were seven rental contracts

for units of 1,700 to 1,800 sq ft at The

Anchorage in 2H2016, with monthly

rents averaging $4,186. This implies

a 3% gross rental yield for the recent-

ly transacted 1,765 sq ft unit. Based

on the matching of URA caveat data,

there have been 112 profitable trans-

actions and no unprofitable transac-

tion at The Anchorage since 2010.

All four units sold so far this year

have netted profits for their sellers,

with transacted prices ranging from

$1,133 to $1,194 psf.

The Anchorage is a freehold condo

completed in 1997. It comprises

775 units and is located adjacent to

Anchorpoint Shopping Centre, and

across the road from Queensway

Shopping Centre.

Four units at Orchard Scotts have been sold at an average of $1,447 psf so far this year. Find the most affordable unit at the project at bit.ly/OrchardScottsEdge.

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There have been 112 profitable transactions and no unprofitable ones at The Anchorage since 2010. Find the most affordable unit at the project at bit.ly/AnchorageEdge.

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

1 Orchard Scotts 9 2,336 Feb 15 1,575 Oct 21, 2013 3,620 4,776,653 56 22 3.3

2 Orchard Scotts 9 2,282 Feb 14 1,457 Jan 23, 2007 1,753 675,000 17 2 10.1

3 Shelford Suites 11 1,292 Feb 16 1,432 June 7, 2012 1,765 430,000 19 4 4.7

4 Volari 10 2,174 Feb 15 1,950 Aug 7, 2009 2,082 286,620 6 1 7.5

5 One Devonshire 9 915 Feb 17 2,022 Apr 27, 2010 2,295 250,000 12 2 6.8

6 Edelweiss Park Condominium 17 2,691 Feb 20 531 Dec 8, 2011 595 170,000 11 2 5.2

7 One Leicester 13 1,206 Feb 20 1,161 Sept 20, 2012 1,232 85,000 6 1 4.4

8 Casa Merah 16 1,227 Feb 15 1,050 Dec 16, 2011 1,109 72,112 5 1 5.2

9 The Loft 10 2,013 Feb 17 1,421 June 4, 2007 1,441 40,000 1 0.1 9.7

10 Pinehurst Condominium 15 1,066 Feb 15 915 Apr 23, 2012 938 25,000 3 1 4.8

EP14 • THEEDGE SINGAPORE | MARCH 6, 2017

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

Residential transactions with contracts dated Feb 14 to 21

District 2 ALTEZ Apartment 99 years Feb 20 1,012 $2,080,000 - $2,056 2014 ResaleTHE ARRIS Apartment Freehold Feb 16 667 $1,230,000 - $1,843 2002 ResaleDistrict 3 CENTRAL GREEN Condominium 99 years Feb 16 1,346 $1,500,000 - $1,115 1995 ResaleCONDOMINIUM COMMONWEALTH TOWERS Condominium 99 years Feb 19 1,076 $1,616,600 - $1,502 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 19 904 $1,491,900 - $1,650 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 19 441 $788,000 - $1,786 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 19 441 $788,000 - $1,786 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 18 904 $1,419,600 - $1,570 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 18 463 $808,000 - $1,746 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Feb 17 506 $1,092,700 - $2,160 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Feb 17 915 $1,557,100 - $1,702 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Feb 17 700 $1,321,600 - $1,889 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Feb 15 667 $1,397,700 - $2,094 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 19 1,076 $1,857,000 - $1,725 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 18 807 $1,358,000 - $1,682 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 17 764 $1,172,000 - $1,534 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 15 1,195 $1,774,000 - $1,485 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 18 624 $1,038,000 - $1,663 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 17 624 $1,102,000 - $1,765 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 17 775 $1,172,000 - $1,512 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 16 441 $729,000 - $1,652 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 14 484 $776,000 - $1,602 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 14 441 $775,000 - $1,756 Uncompleted New SaleRIVER PLACE Condominium 99 years Feb 14 2,110 $2,500,000 - $1,185 1999 ResaleTHE ANCHORAGE Condominium Freehold Feb 21 1,765 $2,000,000 - $1,133 1997 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Feb 16 1,356 $2,085,000 - $1,537 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years Feb 19 893 $1,590,000 - $1,780 2016 New SaleCORALS AT KEPPEL BAY Condominium 99 years Feb 19 893 $1,470,000 - $1,645 2016 New SaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Feb 17 2,110 $3,600,000 - $1,706 2011 ResaleTHE BERTH BY THE COVE Condominium 99 years Feb 16 1,905 $2,438,888 - $1,280 2006 ResaleDistrict 5 DOVER PARKVIEW Condominium 99 years Feb 20 969 $1,050,000 - $1,084 1997 ResaleHERITAGE VIEW Condominium 99 years Feb 16 1,195 $1,330,000 - $1,113 2000 ResalePARC RIVIERA Condominium 99 years Feb 19 646 $825,000 - $1,277 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 646 $836,000 - $1,294 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 463 $617,000 - $1,333 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 1,421 $1,367,200 - $962 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 990 $1,100,000 - $1,111 Uncompleted New Sale

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

PARC RIVIERA Condominium 99 years Feb 19 463 $625,000 - $1,350 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 463 $596,000 - $1,288 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 463 $611,000 - $1,320 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 463 $615,000 - $1,329 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 990 $1,169,000 - $1,180 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 990 $1,155,420 - $1,167 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 603 $740,000 - $1,228 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 646 $827,000 - $1,281 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 463 $603,000 - $1,303 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 463 $619,000 - $1,337 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 19 463 $608,000 - $1,314 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 463 $605,000 - $1,307 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 463 $602,000 - $1,301 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 710 $919,000 - $1,294 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 603 $744,000 - $1,234 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 603 $793,800 - $1,317 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 990 $1,150,000 - $1,161 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 990 $1,132,000 - $1,143 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 603 $753,000 - $1,249 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 603 $742,000 - $1,231 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 926 $911,000 - $984 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 710 $894,000 - $1,258 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 463 $613,000 - $1,324 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 18 463 $607,000 - $1,311 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 17 603 $741,000 - $1,229 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 17 710 $850,000 - $1,196 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 17 463 $610,000 - $1,318 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 16 646 $824,000 - $1,276 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 16 603 $779,000 - $1,292 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 16 463 $619,000 - $1,337 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 16 463 $595,000 - $1,286 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 16 463 $598,000 - $1,292 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 15 603 $746,000 - $1,238 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 15 463 $625,000 - $1,350 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 15 463 $615,000 - $1,329 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 14 732 $931,000 - $1,272 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 14 603 $825,000 - $1,369 Uncompleted New SalePARC RIVIERA Condominium 99 years Feb 14 463 $617,000 - $1,333 Uncompleted New SaleTHE ORIENT Apartment Freehold Feb 15 581 $950,000 - $1,634 Uncompleted New SaleTHE PEAK@BALMEG Condominium Freehold Feb 17 1,507 $1,850,000 - $1,228 2011 ResaleTHE TRILINQ Condominium 99 years Feb 16 1,518 $1,781,000 - $1,173 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 16 1,109 $1,326,000 - $1,196 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 16 1,356 $1,654,000 - $1,220 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 14 1,356 $1,645,000 - $1,213 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 14 1,518 $1,725,000 - $1,137 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 14 1,518 $1,671,000 - $1,101 Uncompleted New SaleDistrict 8 STURDEE RESIDENCES Condominium 99 years Feb 19 657 $1,130,300 - $1,721 Uncompleted New SaleDistrict 9 ASPEN HEIGHTS Condominium 999 years Feb 20 1,324 $1,870,000 - $1,412 1998 ResaleCAVENAGH COURT Apartment Freehold Feb 16 1,841 $2,490,000 - $1,353 Unknown ResaleMACKENZIE 88 Apartment Freehold Feb 17 474 $685,000 - $1,446 2009 ResaleONE DEVONSHIRE Condominium Freehold Feb 20 1,292 $2,700,000 - $2,090 2011 ResaleONE DEVONSHIRE Condominium Freehold Feb 17 915 $1,850,000 - $2,022 2011 ResaleORCHARD SCOTTS Condominium 99 years Feb 15 2,336 $3,680,000 - $1,575 2008 ResaleORCHARD SCOTTS Condominium 99 years Feb 14 2,282 $3,325,000 - $1,457 2007 ResaleOUE TWIN PEAKS Condominium 99 years Feb 21 549 $1,673,600 - $3,049 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 20 549 $1,463,800 - $2,666 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 20 549 $1,673,900 - $3,049 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 20 549 $1,760,100 - $3,206 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 17 570 $1,791,600 - $3,140 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 14 1,055 $3,121,400 - $2,959 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 14 549 $1,618,300 - $2,948 2015 ResalePACIFIC MANSION Apartment Freehold Feb 20 1,528 $1,618,000 - $1,059 Unknown ResaleSOPHIA HILLS Condominium 99 years Feb 19 700 $1,468,000 - $2,098 Uncompleted New SaleTHE PEAK @ CAIRNHILL II Apartment Freehold Feb 20 829 $2,160,000 - $2,606 2015 ResaleTHE REGALIA Apartment Freehold Feb 15 1,270 $1,758,000 - $1,384 1993 ResaleTHE RISE @ OXLEY-RESIDENCES Apartment Freehold Feb 19 818 $2,037,300 - $2,490 Uncompleted New SaleTHE RISE @ OXLEY-RESIDENCES Apartment Freehold Feb 15 646 $1,546,700 - $2,395 Uncompleted New SaleDistrict 10 CLUNY PARK RESIDENCE Condominium Freehold Feb 17 1,507 $3,450,000 - $2,289 2016 ResaleLEEDON RESIDENCE Condominium Freehold Feb 20 2,669 $5,950,000 - $2,229 2015 ResaleMONTVIEW Condominium Freehold Feb 16 1,744 $2,480,000 - $1,422 2008 ResaleROBIN SUITES Apartment Freehold Feb 16 861 $1,180,000 - $1,370 2016 New SaleTHE ASANA Apartment Freehold Feb 14 570 $1,480,000 - $2,594 Uncompleted New SaleTHE LOFT Condominium 99 years Feb 17 2,013 $2,860,000 - $1,421 2002 ResaleVIZ AT HOLLAND Condominium Freehold Feb 14 818 $1,276,800 - $1,561 2008 ResaleVOLARI Condominium Freehold Feb 15 2,174 $4,240,000 - $1,950 2012 ResaleDistrict 11 26 NEWTON Apartment Freehold Feb 19 474 $1,090,200 - $2,302 2016 New Sale26 NEWTON Apartment Freehold Feb 18 484 $1,111,000 - $2,294 2016 New Sale26 NEWTON Apartment Freehold Feb 15 474 $1,065,000 - $2,249 2016 New Sale26 NEWTON Apartment Freehold Feb 14 775 $1,818,000 - $2,346 2016 New Sale368 THOMSON Condominium Freehold Feb 20 1,302 $1,950,000 - $1,497 2014 Resale

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

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DONE DEALS

EL Development sells 43 Parc Riviera units in one week| BY TAN CHEE YUEN |

EL Development sold 43 units at Parc Riviera between Feb 14 and 21, making

the 752-unit development on West

Coast Vale the top-selling condomin-

ium in the week. The sale of an adja-

cent site on Feb 15 to China Construction

(South Pacific) Development could have

spurred sales in the project. The site fetched

$592 psf per plot ratio, 7% higher than the

$551 psf ppr that EL Development paid for

its Parc Riviera site in August 2015. As a re-

sult, buyers could be betting on the poten-

tial upside of the project.

The launch of The Clement Canopy,

some 2km from Parc Riviera, could also

have sparked interest in the project. A total

of 200 of the 250 units released were sold

over the launch weekend. The project is a

50:50 joint venture between UOL Group and

Singapore Land.

Most of the units sold in Parc Riviera in the

week of Feb 14 to 21 were one- and two-bed-

room condos. Prices ranged from $595,000

($1,286 psf) for a 463 sq ft unit on the 25th

floor to $1.37 million ($962 psf) for a 1,421 sq

ft penthouse on the 36th floor.

PropNex executive director Kelvin Fong

attributes the brisk sales at Parc Riviera to its

pricing. “Two-bedroom units at Parc Riviera

are generally priced between $700,000 and

$800,000, which is quite affordable for buy-

ers,” he notes.

Parc Riviera is a 99-year leasehold condo

facing the Pandan Reservoir. Unit sizes range

from 463 sq ft for a one-bedder to 1,711 sq ft

for the largest four-bedroom apartment. About

65% of the units in the project are one- and

two-bedders. Based on caveats lodged, 218

units have so far been sold.

Sales also picked up at The Glades, a newly

completed project adjacent to the Tanah Merah

MRT station. A total of 12 units found buyers

in the week of Feb 14 to 21, up from two to

four units each week earlier this year. Prices

for the units ranged from $723,800 ($1,528

psf) for a 474 sq ft, one-bedder to $1.90 mil-

lion ($1,261 psf) for a 1,507 sq ft, four-bed-

room unit.

The Glades received its Temporary Occu-

pation Permit in January. “Buyers are attract-

ed to the project, as owner-occupiers can

move in immediately and investors can rent

their units out for income,” says Fong. So

far, more than 600 units have been sold at

The Glades. The 726-unit, 99-year leasehold

project is jointly developed by Keppel Land

and China Vanke.

The upcoming launch of Grandeur Park Residences, a stone’s throw from The Glades,

could also have enhanced interest in the latter.

The 720-unit Grandeur Park Residences by

CEL Development will be launched for sale

on March 4. About 10,000 people were said

to throng the showflat in the preview week-

end. The units will be priced at an average of

$1,350 psf.

Also in the East, MCC Land’s The Santo-rini was the second-best-selling project in the

week, with 18 units sold. Prices ranged from

$626,000 ($1,187 psf) for a 527 sq ft, one-bed-

room unit to $1.48 million ($1,040 psf) for a

1,421 sq ft, four-bedroom dual-key unit. So far,

337 units, or 56% of the apartments, at The

Santorini have been sold, based on caveats

lodged. The 597-unit condo is located on

Tampines Street 86.

Most of the units sold in Parc Riviera in the week ofFeb 14 to 21 were one- and two-bedroom apartments

SAM

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THEEDGE SINGAPORE | MARCH 6, 2017 • EP15

DISCLAIMER:Source: URA Realis. Updated Feb 28, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

Residential transactions with contracts dated Feb 14 to 21

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

BIRMINGHAM MANSIONS Apartment Freehold Feb 14 1,066 $1,510,000 - $1,417 1998 ResaleGENTLE REFLECTIONS Terrace House Freehold Feb 17 3,272 $3,200,000 - $978 2009 ResaleHILLCREST VILLA Terrace House 99 years Feb 16 3,165 $3,080,000 - $973 2009 ResaleHILLCREST VILLA Terrace House 99 years Feb 14 3,154 $2,830,000 - $897 2009 ResaleN.A. Detached House Freehold Feb 20 13,186 $14,380,000 - $1,091 1984 ResaleNINETEEN SHELFORD ROAD Condominium Freehold Feb 15 947 $1,230,000 - $1,299 1997 ResaleSHELFORD SUITES Condominium Freehold Feb 16 1,292 $1,850,000 - $1,432 2011 ResaleTHOMSON 800 Condominium Freehold Feb 16 1,625 $1,790,000 - $1,101 1999 ResaleDistrict 12 EIGHT RIVERSUITES Condominium 99 years Feb 20 1,195 $1,480,000 - $1,239 2016 Sub SalePAPILLON Apartment Freehold Feb 14 1,227 $1,250,000 - $1,019 2003 ResaleDistrict 13 8@WOODLEIGH Condominium 99 years Feb 15 1,012 $1,275,000 - $1,260 2012 ResaleNIN RESIDENCE Apartment 99 years Feb 15 452 $680,000 - $1,504 2014 ResaleONE LEICESTER Condominium Freehold Feb 20 1,206 $1,400,000 - $1,161 2008 ResalePARC ASTON Apartment Freehold Feb 15 1,862 $1,800,000 - $967 2011 ResaleSANT RITZ Condominium 99 years Feb 17 1,787 $1,952,000 - $1,092 2016 New SaleTHE ACACIAS Apartment Freehold Feb 15 818 $815,000 - $996 2009 ResaleTHE POIZ RESIDENCES Apartment 99 years Feb 17 969 $1,366,000 - $1,410 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Feb 16 420 $649,000 - $1,546 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Feb 16 1,152 $1,576,000 - $1,368 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Feb 14 420 $640,000 - $1,525 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 19 1,378 $1,800,000 - $1,306 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 19 850 $1,164,240 - $1,369 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 17 840 $1,164,240 - $1,387 Uncompleted New SaleDistrict 14 BLISS RESIDENCES Apartment Freehold Feb 15 840 $915,000 - $1,090 2008 ResaleSILVERSCAPE Apartment Freehold Feb 15 409 $530,000 - $1,296 2015 ResaleSIMS URBAN OASIS Condominium 99 years Feb 19 667 $933,000 - $1,398 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Feb 19 1,033 $1,474,200 - $1,427 Uncompleted New SaleSINGA HILLS Apartment Freehold Feb 14 667 $907,488 - $1,360 2016 ResaleTHE ALCOVE Apartment 99 years Feb 16 1,087 $800,000 - $736 2004 ResaleTHE CENTREN Apartment Freehold Feb 15 980 $1,180,000 - $1,205 2016 New SaleTREASURES@G6 Apartment Freehold Feb 15 452 $612,939 - $1,356 2017 New SaleWATERBANK AT DAKOTA Condominium 99 years Feb 15 1,184 $1,678,000 - $1,417 2013 ResaleDistrict 15 ALPHA APARTMENTS Apartment Freehold Feb 14 1,152 $1,030,000 - $894 2005 ResaleCOSTA RHU Condominium 99 years Feb 14 1,765 $2,023,000 - $1,146 1997 ResaleMANDARIN GARDENS Condominium 99 years Feb 20 1,001 $870,000 - $869 1986 ResaleN.A. Semi-Detached House Freehold Feb 14 2,228 $1,930,000 - $866 Unknown ResalePINEHURST CONDOMINIUM Condominium Freehold Feb 15 1,066 $975,000 - $915 1993 ResaleTANJONG RIA CONDOMINIUM Condominium 99 years Feb 20 635 $752,000 - $1,184 1997 ResaleTHE LUCENT Apartment Freehold Feb 14 1,324 $1,475,000 - $1,114 2011 ResaleTHE MAKENA Condominium Freehold Feb 15 1,152 $1,480,000 - $1,285 1998 ResaleTHE MEYERISE Condominium Freehold Feb 17 1,302 $2,650,000 - $2,035 2014 ResaleTHE SEA VIEW Condominium Freehold Feb 17 1,518 $2,200,000 - $1,450 2008 ResaleTHE SEAWIND Condominium Freehold Feb 15 657 $1,050,000 - $1,599 2015 ResaleTHE SEAWIND Condominium Freehold Feb 14 646 $988,380 - $1,530 2015 ResaleWHITESCAPE Apartment Freehold Feb 14 667 $818,000 - $1,226 2012 ResaleDistrict 16 ARCHIPELAGO Condominium 99 years Feb 16 1,184 $1,380,000 - $1,166 2015 Sub SaleBAYSHORE PARK Condominium 99 years Feb 20 947 $760,000 - $802 1986 ResaleBEDOK GROVE Terrace House Freehold Feb 17 3,821 $3,600,000 - $943 2003 ResaleCASA MERAH Apartment 99 years Feb 15 1,227 $1,288,888 - $1,050 2009 ResaleEAST COAST HILL Semi-Detached House Freehold Feb 17 4,736 $5,000,000 - $1,057 1983 ResaleSUNBIRD PARK Terrace House Freehold Feb 17 1,615 $2,168,000 - $1,343 1992 ResaleTHE GLADES Condominium 99 years Feb 19 624 $1,013,200 - $1,623 2016 New SaleTHE GLADES Condominium 99 years Feb 19 495 $738,800 - $1,492 2016 New SaleTHE GLADES Condominium 99 years Feb 19 484 $738,800 - $1,525 2016 New SaleTHE GLADES Condominium 99 years Feb 19 1,507 $1,900,000 - $1,261 2016 New SaleTHE GLADES Condominium 99 years Feb 18 624 $947,200 - $1,517 2016 New SaleTHE GLADES Condominium 99 years Feb 18 1,066 $1,482,000 - $1,391 2016 New SaleTHE GLADES Condominium 99 years Feb 18 1,507 $1,870,000 - $1,241 2016 New SaleTHE GLADES Condominium 99 years Feb 17 1,023 $1,450,200 - $1,418 2016 New SaleTHE GLADES Condominium 99 years Feb 17 732 $928,800 - $1,269 2016 New SaleTHE GLADES Condominium 99 years Feb 15 624 $970,200 - $1,554 2016 New SaleTHE GLADES Condominium 99 years Feb 15 474 $723,800 - $1,528 2016 New SaleTHE GLADES Condominium 99 years Feb 15 538 $770,000 - $1,431 2016 New SaleWATERFRONT ISLE Condominium 99 years Feb 21 904 $1,015,000 - $1,123 2015 Sub SaleDistrict 17 AZALEA PARK Condominium 999 years Feb 21 1,679 $1,200,000 - $715 1996 ResaleCONDOMINIUM EDELWEISS PARK Condominium Freehold Feb 20 2,691 $1,430,000 - $531 2006 ResaleCONDOMINIUM EDELWEISS PARK Condominium Freehold Feb 16 947 $760,000 - $802 2006 ResaleCONDOMINIUM FERRARIA PARK Condominium Freehold Feb 17 1,249 $1,080,000 - $865 2009 ResaleCONDOMINIUM PALM ISLES Condominium 99 years Feb 16 1,324 $1,135,000 - $857 2015 ResaleDistrict 18 CHANGI RISE Condominium 99 years Feb 16 1,130 $842,000 - $745 2004 ResaleCONDOMINIUM COCO PALMS Condominium 99 years Feb 19 1,098 $1,154,400 - $1,051 Uncompleted New SaleD’NEST Condominium 99 years Feb 17 1,410 $1,322,880 - $938 Uncompleted New SaleD’NEST Condominium 99 years Feb 17 1,410 $1,330,000 - $943 Uncompleted New SaleD’NEST Condominium 99 years Feb 17 1,270 $1,333,888 - $1,050 Uncompleted New SaleMELVILLE PARK Condominium 99 years Feb 20 1,346 $868,000 - $645 1996 ResaleRIPPLE BAY Condominium 99 years Feb 17 484 $585,000 - $1,208 2015 ResaleSTRATUM Condominium 99 years Feb 17 560 $680,000 - $1,215 2016 New SaleTHE ALPS RESIDENCES Condominium 99 years Feb 15 1,066 $1,079,000 - $1,013 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Feb 14 1,066 $1,116,112 - $1,047 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 19 1,249 $1,279,000 - $1,024 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 19 753 $816,700 - $1,084 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 18 915 $965,000 - $1,055 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 17 1,119 $1,159,345 - $1,036 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 17 1,249 $1,285,020 - $1,029 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 17 753 $797,900 - $1,059 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 17 753 $766,260 - $1,017 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 16 753 $807,800 - $1,072 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 16 753 $809,000 - $1,074 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 16 753 $818,700 - $1,087 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 15 527 $626,000 - $1,187 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 15 1,259 $1,281,840 - $1,018 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 15 1,421 $1,477,000 - $1,040 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 15 753 $772,000 - $1,025 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 15 1,044 $1,136,000 - $1,088 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 14 915 $923,670 - $1,010 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 14 915 $909,000 - $994 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 14 753 $785,000 - $1,042 Uncompleted New SaleTROPICAL SPRING Condominium 99 years Feb 21 1,378 $1,138,000 - $826 2002 ResaleVUE 8 RESIDENCE Condominium 99 years Feb 18 2,691 $2,380,000 - $884 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 17 1,346 $1,370,000 - $1,018 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 16 1,076 $910,700 - $846 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 16 1,346 $1,375,000 - $1,022 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 14 1,346 $1,370,000 - $1,018 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 14 1,313 $1,215,200 - $925 Uncompleted New SaleWATERVIEW Condominium 99 years Feb 20 1,141 $1,200,000 - $1,052 2014 ResaleDistrict 19 AMARANDA GARDENS Condominium Freehold Feb 20 1,464 $1,850,000 - $1,264 2004 ResaleBOTANIQUE AT BARTLEY Condominium 99 years Feb 15 1,130 $1,469,020 - $1,300 Uncompleted New SaleBOTANIQUE AT BARTLEY Condominium 99 years Feb 15 1,130 $1,468,000 - $1,299 Uncompleted New SaleCHUAN PARK Condominium 99 years Feb 21 1,173 $960,000 - $818 1985 ResaleCHUAN PARK Condominium 99 years Feb 14 1,528 $1,300,000 - $851 1985 ResaleFOREST WOODS Condominium 99 years Feb 17 850 $1,084,000 - $1,275 Uncompleted New SaleFOREST WOODS Condominium 99 years Feb 16 732 $1,060,000 - $1,448 Uncompleted New SaleHILBRE28 Apartment 999 years Feb 16 861 $1,248,450 - $1,450 Uncompleted New SaleKOVAN MELODY Condominium 99 years Feb 17 872 $958,000 - $1,099 2006 ResaleLA FIESTA Condominium 99 years Feb 21 452 $620,000 - $1,371 2016 Sub SalePARC CENTROS Condominium 99 years Feb 16 990 $980,000 - $990 2016 Sub SalePARK RESIDENCES KOVAN Apartment Freehold Feb 14 355 $583,000 - $1,641 2014 ResaleSERANGOON GARDEN ESTATE Terrace House 999 years Feb 17 2,454 $1,408,000 - $574 Unknown ResaleSERANGOON GARDEN ESTATE Terrace House 999 years Feb 17 2,648 $3,200,000 - $1,210 Unknown ResaleSERANGOON GARDEN ESTATE Semi-Detached House 999 years Feb 15 2,164 $3,250,000 - $1,501 2015 ResaleSTARS OF KOVAN Apartment 99 years Feb 18 506 $756,800 - $1,496 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Feb 18 517 $767,980 - $1,486 Uncompleted New SaleTAI YUAN GARDEN Semi-Detached House Freehold Feb 16 3,455 $3,350,000 - $970 1979 ResaleTHE BENTLY Apartment Freehold Feb 19 1,130 $1,580,000 - $1,398 2016 New SaleRESIDENCES@KOVAN THE BENTLY Apartment Freehold Feb 19 1,130 $1,530,000 - $1,354 2016 New SaleRESIDENCES@KOVAN THE BENTLY Apartment Freehold Feb 18 1,130 $1,558,000 - $1,378 2016 New SaleRESIDENCES@KOVAN THE QUARTZ Condominium 99 years Feb 15 1,356 $1,160,000 - $855 2009 ResaleTHE QUINN Apartment Freehold Feb 14 667 $1,068,000 - $1,600 2016 New SaleTHE TEMBUSU Condominium Freehold Feb 14 624 $922,500 - $1,478 2016 New SaleTHE TERRACE EC 99 years Feb 19 1,001 $758,600 - $758 Uncompleted New SaleTHE TERRACE EC 99 years Feb 19 1,001 $746,600 - $746 Uncompleted New Sale

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

THE TERRACE EC 99 years Feb 18 1,001 $754,600 - $754 Uncompleted New SaleTHE TERRACE EC 99 years Feb 18 1,001 $750,600 - $750 Uncompleted New SaleTHE TERRACE EC 99 years Feb 18 1,076 $791,200 - $735 Uncompleted New SaleTHE TERRACE EC 99 years Feb 18 1,001 $774,600 - $774 Uncompleted New SaleTHE TERRACE EC 99 years Feb 18 1,001 $806,600 - $806 Uncompleted New SaleTHE TERRACE EC 99 years Feb 18 1,001 $794,600 - $794 Uncompleted New SaleTHE TERRACE EC 99 years Feb 18 1,001 $790,600 - $790 Uncompleted New SaleTHE TERRACE EC 99 years Feb 17 1,001 $802,600 - $802 Uncompleted New SaleTHE TERRACE EC 99 years Feb 15 1,001 $798,600 - $798 Uncompleted New SaleTHE TERRACE EC 99 years Feb 15 1,001 $770,600 - $770 Uncompleted New SaleTHE TERRACE EC 99 years Feb 14 1,001 $762,600 - $762 Uncompleted New SaleTHE TERRACE EC 99 years Feb 14 1,001 $802,600 - $802 Uncompleted New SaleTHE TERRACE EC 99 years Feb 14 1,001 $806,600 - $806 Uncompleted New SaleTHE VALES EC 99 years Feb 19 764 $645,000 - $844 Uncompleted New SaleTHE VALES EC 99 years Feb 19 753 $665,000 - $883 Uncompleted New SaleTHE VALES EC 99 years Feb 19 753 $658,000 - $873 Uncompleted New SaleTHE VALES EC 99 years Feb 19 904 $718,888 - $795 Uncompleted New SaleTHE VALES EC 99 years Feb 19 904 $735,000 - $813 Uncompleted New SaleTHE VALES EC 99 years Feb 19 904 $718,888 - $795 Uncompleted New SaleTHE VALES EC 99 years Feb 17 764 $648,000 - $848 Uncompleted New SaleTHE VALES EC 99 years Feb 17 915 $713,888 - $780 Uncompleted New SaleTHE VALES EC 99 years Feb 17 904 $737,800 - $816 Uncompleted New SaleTHE VALES EC 99 years Feb 16 764 $653,000 - $854 Uncompleted New SaleTHE VALES EC 99 years Feb 15 1,711 $1,290,000 - $754 Uncompleted New SaleTHE VALES EC 99 years Feb 15 904 $739,000 - $817 Uncompleted New SaleTHE VALES EC 99 years Feb 14 904 $733,000 - $811 Uncompleted New SaleTRILIVE Condominium Freehold Feb 19 904 $1,436,000 - $1,588 Uncompleted New SaleTRILIVE Condominium Freehold Feb 18 904 $1,415,000 - $1,565 Uncompleted New SaleTRILIVE Condominium Freehold Feb 18 904 $1,404,000 - $1,553 Uncompleted New SaleTRILIVE Condominium Freehold Feb 16 646 $1,105,000 - $1,711 Uncompleted New SaleTRILIVE Condominium Freehold Feb 16 549 $960,000 - $1,749 Uncompleted New SaleTRILIVE Condominium Freehold Feb 15 549 $896,000 - $1,632 Uncompleted New SaleWATER TERRACE Terrace House Freehold Feb 17 2,723 $1,750,000 - $643 2008 ResaleDistrict 20 ADANA @ THOMSON Apartment Freehold Feb 15 721 $1,144,300 - $1,587 Uncompleted New SaleCLOVER BY THE PARK Condominium 99 years Feb 15 1,292 $1,600,000 - $1,239 2011 ResaleSEASONS VIEW Condominium 99 years Feb 16 1,582 $1,220,000 - $771 2000 ResaleSEMBAWANG HILLS ESTATE Terrace House Freehold Feb 16 2,034 $1,850,000 - $909 Unknown ResaleTHE GARDENS AT BISHAN Condominium 99 years Feb 17 1,227 $1,200,000 - $978 2004 ResaleTHOMSON IMPRESSIONS Apartment 99 years Feb 19 1,055 $1,477,400 - $1,401 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Feb 19 1,055 $1,465,000 - $1,389 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Feb 18 463 $758,300 - $1,638 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Feb 17 1,055 $1,407,700 - $1,334 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Feb 17 1,055 $1,435,203 - $1,361 Uncompleted New SaleDistrict 21 1 KING ALBERT PARK Condominium Freehold Feb 14 1,421 $1,742,888 - $1,227 1997 ResaleMANDARIN PARK Semi-Detached House Freehold Feb 20 3,714 $3,660,000 - $985 Unknown ResaleMAPLEWOODS Condominium Freehold Feb 20 1,787 $2,418,000 - $1,353 1997 ResaleSUMMERLEA GREEN Terrace House 99 years Feb 20 2,454 $1,995,000 - $813 1998 ResaleTHE CREEK @ BUKIT Condominium Freehold Feb 19 753 $1,214,588 - $1,612 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold Feb 18 700 $1,190,000 - $1,701 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold Feb 16 936 $1,556,000 - $1,662 Uncompleted New SaleDistrict 22 CASPIAN Condominium 99 years Feb 14 1,206 $1,170,000 - $970 2012 ResaleIVORY HEIGHTS Condominium 100 years Feb 14 1,701 $1,248,000 - $734 Unknown ResaleLAKE GRANDE Condominium 99 years Feb 19 1,109 $1,361,000 - $1,228 Uncompleted New SaleLAKE GRANDE Condominium 99 years Feb 16 721 $992,000 - $1,376 Uncompleted New SaleLAKE GRANDE Condominium 99 years Feb 15 818 $1,076,000 - $1,315 Uncompleted New SaleLAKE GRANDE Condominium 99 years Feb 15 980 $1,244,000 - $1,270 Uncompleted New SaleLAKE GRANDE Condominium 99 years Feb 14 818 $1,089,000 - $1,331 Uncompleted New SaleSUMMERDALE EC 99 years Feb 17 1,270 $870,000 - $685 2000 ResaleSUMMERDALE EC 99 years Feb 14 1,302 $905,000 - $695 2000 ResaleWESTWOOD RESIDENCES EC 99 years Feb 19 947 $701,300 - $740 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 18 1,152 $964,000 - $837 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 15 947 $731,500 - $772 Uncompleted New SaleDistrict 23 ECO SANCTUARY Condominium 99 years Feb 14 958 $980,000 - $1,023 2016 Sub SaleECO SANCTUARY Condominium 99 years Feb 14 1,787 $1,716,210 - $960 2016 New SaleHILLION RESIDENCES Apartment 99 years Feb 16 463 $659,640 - $1,425 Uncompleted New SaleHILLVIEW REGENCY Condominium 99 years Feb 14 1,109 $932,000 - $841 2005 ResaleHILLVIEW RESIDENCE Condominium 999 years Feb 14 1,249 $1,150,000 - $921 2002 ResaleMERA WOODS Condominium 999 years Feb 20 1,001 $970,000 - $969 1999 ResaleSOL ACRES EC 99 years Feb 19 1,044 $793,000 - $759 Uncompleted New SaleSOL ACRES EC 99 years Feb 19 850 $665,000 - $782 Uncompleted New SaleSOL ACRES EC 99 years Feb 19 1,066 $878,000 - $824 Uncompleted New SaleSOL ACRES EC 99 years Feb 19 1,066 $877,000 - $823 Uncompleted New SaleSOL ACRES EC 99 years Feb 19 635 $487,000 - $767 Uncompleted New SaleSOL ACRES EC 99 years Feb 19 926 $684,000 - $739 Uncompleted New SaleSOL ACRES EC 99 years Feb 19 570 $437,000 - $766 Uncompleted New SaleSOL ACRES EC 99 years Feb 19 732 $593,000 - $810 Uncompleted New SaleSOL ACRES EC 99 years Feb 18 1,044 $809,000 - $775 Uncompleted New SaleSOL ACRES EC 99 years Feb 18 1,066 $874,000 - $820 Uncompleted New SaleSOL ACRES EC 99 years Feb 18 732 $575,000 - $786 Uncompleted New SaleSOL ACRES EC 99 years Feb 17 926 $696,000 - $752 Uncompleted New SaleSOL ACRES EC 99 years Feb 15 1,066 $817,000 - $767 Uncompleted New SaleSOL ACRES EC 99 years Feb 14 872 $697,000 - $799 Uncompleted New SaleSOL ACRES EC 99 years Feb 14 850 $673,000 - $791 Uncompleted New SaleTHE DEW EC 99 years Feb 17 1,313 $1,050,000 - $800 2003 ResaleTHE JADE Condominium 99 years Feb 15 1,335 $1,250,000 - $937 2004 ResaleWANDERVALE EC 99 years Feb 15 1,098 $830,000 - $756 Uncompleted New SaleWANDERVALE EC 99 years Feb 15 1,098 $859,000 - $782 Uncompleted New SaleDistrict 25 BELLEWOODS EC 99 years Feb 18 1,227 $955,350 - $779 Uncompleted New SaleBELLEWOODS EC 99 years Feb 18 1,528 $1,151,370 - $753 Uncompleted New SaleBELLEWOODS EC 99 years Feb 16 1,249 $980,980 - $786 Uncompleted New SaleBELLEWOODS EC 99 years Feb 16 1,227 $936,050 - $763 Uncompleted New SaleBELLEWOODS EC 99 years Feb 16 1,281 $1,016,500 - $794 Uncompleted New SaleBELLEWOODS EC 99 years Feb 14 1,528 $1,156,320 - $757 Uncompleted New SaleNORTHWAVE EC 99 years Feb 15 678 $548,245 - $808 Uncompleted New SaleDistrict 26 MEADOWS @ PEIRCE Condominium Freehold Feb 14 1,195 $1,450,000 - $1,214 2012 ResaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years Feb 19 700 $968,000 - $1,384 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Feb 18 926 $1,152,000 - $1,244 Uncompleted New SalePARC LIFE EC 99 years Feb 19 1,270 $1,001,300 $999,000 $787 Uncompleted New SalePARC LIFE EC 99 years Feb 19 1,001 $789,450 $787,150 $786 Uncompleted New SalePARC LIFE EC 99 years Feb 19 1,270 $972,800 $970,500 $764 Uncompleted New SalePARC LIFE EC 99 years Feb 18 1,001 $725,800 $723,500 $723 Uncompleted New SalePARC LIFE EC 99 years Feb 17 1,066 $837,900 $835,600 $784 Uncompleted New SalePARC LIFE EC 99 years Feb 17 1,109 $873,050 $870,750 $785 Uncompleted New SalePARC LIFE EC 99 years Feb 16 936 $697,300 $695,000 $742 Uncompleted New SalePARC LIFE EC 99 years Feb 14 1,066 $829,350 $827,050 $776 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Feb 19 1,098 $776,618 - $707 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Feb 19 947 $711,262 - $751 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Feb 15 1,098 $908,000 - $827 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Feb 14 1,184 $871,000 - $736 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Feb 18 786 $844,000 - $1,074 Uncompleted New SaleTHE BROWNSTONE EC 99 years Feb 19 883 $712,000 - $807 Uncompleted New SaleTHE BROWNSTONE EC 99 years Feb 18 936 $717,600 - $766 Uncompleted New SaleTHE BROWNSTONE EC 99 years Feb 18 1,141 $944,000 - $827 Uncompleted New SaleTHE BROWNSTONE EC 99 years Feb 17 1,141 $932,000 - $817 Uncompleted New SaleTHE BROWNSTONE EC 99 years Feb 15 883 $809,600 - $917 Uncompleted New SaleTHE CRITERION EC 99 years Feb 18 721 $577,600 - $801 Uncompleted New SaleTHE CRITERION EC 99 years Feb 18 721 $579,200 - $803 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 19 1,023 $829,550 - $811 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 19 1,023 $856,000 - $837 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 19 980 $771,320 - $787 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 19 1,023 $847,000 - $828 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 18 980 $794,000 - $811 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 15 1,313 $1,078,000 - $821 Uncompleted New SaleDistrict 28 D’ KENARIS Semi-Detached House 999 years Feb 15 3,100 $1,765,000 - $569 2009 ResaleHIGH PARK RESIDENCES Apartment 99 years Feb 18 990 $1,005,112 - $1,015 Uncompleted New SaleHIGH PARK RESIDENCES Apartment 99 years Feb 16 980 $925,112 - $944 Uncompleted New SaleLILAC PARK Terrace House Freehold Feb 17 2,153 $2,230,000 - $1,036 1990 ResaleN.A. Semi-Detached House 999 years Feb 14 2,400 $2,880,000 - $1,200 2012 ResaleRIVERBANK @ FERNVALE Condominium 99 years Feb 16 1,044 $1,054,000 - $1,009 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 15 1,044 $1,144,000 - $1,096 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 15 1,044 $1,137,000 - $1,089 Uncompleted New SaleRIVERTREES RESIDENCES Apartment 99 years Feb 14 947 $1,013,480 - $1,070 Uncompleted New Sale

DONE DEALS

EP16 • THEEDGE SINGAPORE | MARCH 6, 2017

DEAL WATCH

Recent transactions at Zenith

CONTRACT DATE (2016) AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF)

Dec 21 1,130 1.520 1,345Oct 5 743 1.300 1,750Aug 30 743 1.290 1,737Aug 3 1,130 1.408 1,246

| BY TAN CHEE YUEN |

Zenith is a 999-year leasehold

apartment block on Zion Road

developed by niche developer

Galaxy Capital. The 13-storey

building with 85 units, complet-

ed in 2011, is located next to the Alexan-

dra Canal and within walking distance

of a bridge leading to the Alexandra

Park Connector.

In terms of location, it is ideal as

it is across the road from Great World

City shopping mall and the upcoming

Great World MRT station of the Thom-

son-East Coast Line, which is expect-

ed to commence operations by 2021.

On the market is a 592 sq ft one-

bedroom unit at Zenith, listed for sale

at $1 million ($1,689 psf) on TheEdge-

Property.com. The apartment is cur-

rently leased at $2,500 per month until

October, says Anthea Yeo of PropNex

Realty, who is marketing the unit.

As the majority of buyers today are

owner-occupiers, the preference is for

two-bedroom units. This is also evident

at Zenith, where the most recent trans-

action was for a two-bedroom-plus-study

unit of 1,130 sq ft on the sixth floor. It

changed hands for $1.52 million ($1,345

psf) in December. Two months before

that, a two-bedroom unit of 743 sq ft

and located on the 12th floor was sold

for $1.3 million ($1,750 psf).  

The last transaction of a one-bed-

room unit was the resale of a 560 sq ft

unit on the fourth floor that changed

hands for $990,000 ($1,769 psf) in

April 2015.

Next door to Zenith is a 20- storey

apartment block with 108 units

called Mill Point, developed by Soil-

build Group and completed in 2004.

The 999-year leasehold project con-

tains studio units from 524 sq ft,

two-bedroom units from 915 sq ft, pent-

houses from 1,324 sq ft and maison-

ettes from 3,326 sq ft.

The last recorded transaction at Mill

Point was in February 2015, when a

915 sq ft, two-bedroom unit was sold

for $1.425 million ($1,557 psf), ac-

cording to URA Realis.

However, since 2H2016, investors

have also returned to the property mar-

ket, especially the prime districts. The

one-bedroom unit at Zenith currently on

the market is therefore ideal for those

who want to buy into a prime location

with long-term capital appre ciation,

especially when the Great World MRT

station is completed four to five years

from now.

Visit tinyurl.com/DealWatch-S769

for more information.

Unit at Zenith for sale at $1,689 psfTA

BLES

: URA

, THE

EDG

E PR

OPE

RTY

Recent rental contracts for 500 to 600 sq ft units at Zenith

LEASE DATE MONTHLY RENT $ $ PSF

January 2017 2,700 4.90January 2017 2,800 5.10December 2016 2,700 4.90November 2016 2,500 4.50

E

A 592 sq ft, one-bedroom unit at Zenith is being listed for sale at $1 million on TheEdgeProperty.com

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

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