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EP2 • THEEDGE SINGAPORE | OCTOBER 31, 2016

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

SECTION EDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY SECTION EDITOR |Michael LimSENIOR ANALYST | Esther Hoon, Lin ZhiqinANALYST | Tan Chee Yuen

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PROPERTY BRIEFS

Five adjoining shophouses put up for sale at $20 milFive adjoining shophouses along Up-per Bukit Timah Road (above) have been put up for sale through a public tender exercise. The guide price for the row of shophouses is $20 million, which translates into $1,176 psf on ex-isting floor area.

The shophouses are located on a freehold site with a combined land area of about 10,259 sq ft. The shophouses have an existing total floor area of about 17,000 sq ft. Under the 2014 Master Plan, the property is zoned for residential use with a gross plot ratio of 2.5.

According to CBRE, the property offers potential buyers three develop-ment options. First, the property can be redeveloped into a new six-storey residential development with a total gross floor area of 27,848 sq ft. The second option will be to retain the ground floor shop units and increase the GFA of the upper floor residential units to a maximum of about 24,566 sq ft. Finally, the buyer could redevel-op it into a six-storey serviced apart-ment block, subject to approval from relevant authorities.

CBRE is the appointed sole marketing agent and the tender closes on Nov 18.

Commercial building in Joo Chiat up for saleA four-storey freehold commercial building with attic located in the Joo Chiat area (below, left) has been put up for sale by expression of interest (EOI). The building has an indicative guide price of between $12.5 milliion

and $14 million, which works out to be $673 psf ppr to $754 psf ppr, accord-ing to marketing agent Knight Frank.

The property, located along Joo Chiat Road, has a site area of 4,686 sq ft and GFA of 18,571 sq ft. It has a lift and a fully automated mechanical car park for nine cars. Under the 2014 Master Plan, the property is zoned for com-mercial use with a permissible gross plot ratio of 3.0. The property is cur-rently about 90% leased.

The EOI closes on Nov 22.

GuocoLand’s Tanjong Pagar Centre obtains TOPGuocoLand has secured temporary occupation permit (TOP) for its office tower, Guoco Tower, and the basement retail component of Tanjong Pagar Cen-tre (below, right).

According to GuocoLand, they have managed to secure 80% commitment for the 890,000 sq ft Grade A office tow-er, compared with 10% at the begin-ning of the year. These include signed leases and those under advanced ne-gotiations. The list of committed ten-ants includes Agoda, Amadeus, ASICS, Danone, Straits Trading and Teva Phar-maceutical Industries.

The integrated commercial, retail and lifestyle complex also includes 181 luxu-ry apartments in Wallich Residence, the 222-room Sofitel Singapore City Centre hotel and the 150,000 sq ft Urban Park. The complex will commence operations in phases from November this year.

Among the first to open its doors will be Virgin Active’s second gym in Singapore, which will occupy 31,000

sq ft of space. On the retail side, Guo-coLand has managed to secure sev-eral new to market F&B brands such as Japan Rail Café, SBCD Tofu House and The Little Island.

JTC offers one B2 site for tender, another for application at Tuas SouthJTC Corp has launched a site from its confirmed-list at Tuas South Link 3 (plot 22) for tender under the 2H2016 Indus-trial Government Land Sales (IGLS) programme on Oct 25. The 62,381 sq ft parcel could yield a maximum GFA of 87,334 sq ft.

Nicholas Mak, head of research and consultancy at SLP International Property Consultants, expects the con-firmed-list site to attract three to five bids, with the estimated bids ranging from $2.88 million to $3.5 million ($33 psf ppr to $40 psf ppr).

Meanwhile, JTC has also made available a site at Tuas South Link 3 (plot 15) for application from Oct 25 through the reserve list system un-der the 2H2016 IGLS programme. The 53,761 sq ft parcel could yield a max-imum GFA of 75,266 sq ft.

SLP’s Mak notes that the reserved-list site is unlikely to be triggered for ten-der in the next six to 12 months due to the large supply of industrial space in Tuas South. If this site is sold on the open market by tender today, the land price could range from $2.26 million to $2.64 million ($30 to $35 psf ppr), he estimates.

Both sites have 20-year tenures and are zoned for B2 development.

High-tech industrial space and busi-ness park rents fall 3.3% and 2.1% respectively, says ET&CoAverage monthly gross rents of high-tech industrial space and business parks fell for the fourth consecutive quarter by 3.3% and 2.1% to $2.95 psf and $4.60 psf respectively, according to Edmund Tie & Co (ET&Co). Occupancy rates of business parks have been declining for the past four quarters and stood at 78.5% in 2Q2016. Rents in the older business parks faced greater pressure with 1.6 million sq ft of business parks expect-ed to be completed in 2016.

ET&Co reckons that the softening of rents is expected, given Singapore’s weaker manufacturing performance. Singapore’s Purchasing Manager’s Index remained below the expansion thresh-old of 50 for the 14th straight month in August 2016.

Meanwhile, the growth in demand for conventional industrial space has contracted further as global demand for exports remains weak. Thus, con-ventional industrial space saw a larg-er fall in rents. Monthly gross rents of first-storey factory space dipped by 3.9% q-o-q to $1.85 psf, while that of upper-storey factory space declined by 3.3% q-o-q to $1.45 psf. As such, rents for conventional factory space are ex-pected to fall by 14% to 16% in 2016.

ET&Co remains optimistic of the out-look for the industrial sector in the next 10 years following the government’s push for the industry transformation map in precision engineering, and plans to grow the remanufacturing sector in the Tengah area. — Compiled by Tan Chee Yuen

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THEEDGE SINGAPORE | OCTOBER 31, 2016 • EP3


THE EDGE PROPERTY 360

The audience listening to a presentation by Knight Frank’s Tan

From left: Bernard Tong (moderator) and panellists Feily Sofian, Alan Cheong and Song Seng Wun

CONTINUES ON PAGE EP6

Real-estate opportunities in a challenging environment| BY MICHAEL LIM |

Rocked by global market uncertainties, Singapore’s economy is expected to remain subdued for the rest of 2016, with the possibility of it going into a recession within the next 12 months,

according to Song Seng Wun, director and economist at CIMB Private Banking. Song was speaking at The Edge Property 360 seminar on “Pockets of Opportunity in 2017” on Oct 22 at the HDB Hub Auditorium.

The Monetary Authority of Singapore has said that the government’s forecast is for growth to come in at the lower end of the 1%-to-2% range for 2016, and “only slightly higher” for 2017. However, inflation is expected to stay low.

Around the world, this has been the long-est period of subdued growth and low infla-tion, according to Song. “That is why central banks are having a challenging time deciding when to raise interest rates,” he says.

To him, what is also worrying about the Sin-gapore economy is the 10 consecutive months of year-on-year credit contraction, as this will have an impact on economic growth.

Despite a slower pace of growth and a tough-er job environment, some people still think it is a good time to enter the Singapore proper-ty market. “It’s really about whether you have confidence in your income and your capacity to generate returns,” says Song.

While the residential market is still wres-tling with a supply overhang of 21,500 units as at 3Q2016, there are still purchasers. Song attrib-utes it to selective buying. “If they see a product that they like, and they are comfortable with the price, they will buy,” he says. “People are still upgrading selectively, and so there are still trans-actions, reflecting slower but stable growth.”

It is precisely because there is still buying activity in the market that the government is not in a hurry to tweak or roll back the prop-erty cooling measures, says Song. “It’s only if we have a recession, then maybe the govern-ment will [reconsider] some of the measures. The level of household debt has not come off that much yet. They don’t want people to start leveraging again, especially when the economy

Tan: Prices of landed homes are the first to fall in a downturn

could slow further, and that could unravel all the good they have done with the measures.”

Based on the URA private property price in-dex, overall prices have corrected by almost 11% from the peak in 2Q2013. Alice Tan, Knight Frank head of research and consultancy, expects some of the measures to be tweaked if the price cor-rection hits the 15% threshold next year. “For now, it looks like a controlled landing,” she says.

The bright spot is landed homesActivity in the landed home segment has picked up in the past nine months, notes Knight Frank’s Tan. High-net-worth individuals are seeing the long-term value of landed homes, given their scarcity. There are only 70,000 landed homes in the whole of Singapore, compared with more than 200,000 private condominium units and apartments.

“Prices of landed homes are the first to fall in a downturn, and also the first to recov-er, compared with non-landed homes,” says Tan. Today, the average price of landed homes across Singapore is between $1,200 and $1,300 psf, which is comparable to the prices of some of the 99-year leasehold condos that were launched recently. At the peak of the market,

the average price of landed homes was in the range of $1,300 to $1,400 psf.

The neighbourhood with the highest level of transaction activity in landed homes is the Serangoon Gardens/Kovan area in District 19. This is partly because it has one of the high-est landed housing stocks — more than 10,000 units. The next most popular neighbourhood is the Katong/East Coast area.

Buyers zoom in on prime and city-fringe condosHigh-end condos in the prime districts in the Core Central Region (CCR) have also seen an increase in activity from both local and foreign investors. This is because many are drawn to projects in which developers offered creative deferred payment and stay-then-pay schemes recently. Many of the developers have to meet the conditions of the Qualifying Certificate, which requires them to sell all the units in a project within two years of completion. These projects include Ardmore Three, OUE Twin Peaks and Skyline Residences.

These transactions have contributed to a rebound in the average price of homes sold in the CCR, from $1,946 psf in 2H2015 to $2,281

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psf in 1H2016, says Knight Frank’s Tan. The launch of Cairnhill Nine also contributed to in-creased activity in the CCR in 2Q2016. She adds that buyers are also drawn to the city fringe, or Rest of Central Region (RCR).

Prices in the RCR are currently hovering in the $1,400-to-$1,500 psf range. The projects are generally located just a short MRT ride or short drive to the CBD. “City-fringe homes will continue to be a big draw because of two key attributes: proximity to the city centre and prices that are lower than those of prime con-dos,” says Tan.

Unsold stock puts pressure on rentsAnother key indicator that buyers should take note of is the unsold inventory, which, accord-ing to URA, was at a historic low of 21,500 units in 3Q2016. This is in part attributed to the drop in the number of residential devel-opment sites offered in the Government Land Sales programme since 2H2015. “This is a way for the government to control the supply of new homes in the event of a glut in unsold units,” says Tan.

Inventory in the CCR has fallen the most sig-

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THE EDGE PROPERTY 360

Landed residential properties saw better recovery post global fi nancial crisis

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nificantly, by about 55%, from 12,855 units in 2012 to 5,793 units in 2Q2016. In the RCR, the number of unsold units has fallen 15%, from 9,046 units to 7,603 units over the same period. Meanwhile, the Outside Central Region (OCR) saw the second-largest decline in unsold inven-tory — a 43% contraction, from 17,507 units to 9,886 units — over the same time frame.

However, the supply in the OCR and RCR could spike again with over 9,000 homes be-ing completed in 2H2016 and another 40,000 for the whole of 2017. This could put further downward pressure on rents as the economy continues to slow, even as the supply of new homes rises, warns Tan.

According to Feily Sofian, head of research at The Edge Property, the residential vacancy rate is over 10%, the highest since 2005. How-ever, leasing activity has picked up, partly due to lower rents, which have resulted in some lo-cals selling their homes to rent instead, while waiting before committing to a purchase. Some expatriates who have moved to the suburbs or city fringe have relocated to the CCR owing to the lower rents.

Besides location, timing is also very im-portant when it comes to buying a property. According to Sofian, out of 1,026 residential units that were purchased at the trough of the market in 2009 and resold at the peak in 2013, 99.6% registered gains of at least $500,000.

Auction market gains tractionThe best place to hunt for deals could well be the auction market. The number of private con-do units being put up for auction has risen from 45 in 1H2013 to 122 in 1H2016. Similarly, the number of landed homes put up for auction has risen from 40 in 1H2013 to over 60 in 1H2016, according to figures from Knight Frank Research.

Take, for example, a unit at Turquoise that was first put up for sale by the owner for $5.8

million ($2,778 psf) in 2011. Three years lat-er, the owner lowered his asking price to $4.8 million ($2,299 psf) and still there were no tak-ers. The property was eventually seized by the bank and sold in a mortgagee sale for $2.8 mil-lion ($1,397 psf), a 50% discount, says Sofian.

Another segment that has seen a rise in the number of units put up for auction and mort-gagee sales is strata industrial. This is partly be-cause many investors switched from residen-

tial to strata industrial during the 2011-to-2013 period, owing to the additional buyer’s stamp duty (ABSD) imposed on residential property purchases. This was prior to the introduction of the seller’s stamp duty (SSD) for strata in-dustrial property in January 2013. The absolute prices for these strata industrial units were also attractive to many investors, who were new to investing in such properties, observes Alan Cheong, head of research at Savills Singapore.

However, some of these investors could now be facing challenges in securing tenants or servicing their loans. For instance, a 1,894 sq ft unit on the ninth floor of Oxley BizHub was put up for mortgagee sale twice: the first time in August, when the opening price was $830,000, and the second in September, when it was sold for $792,000 ($418 psf), according to Knight Frank.

Similarly, a 7,858 sq ft unit on level 1 of Ubi Techpark was put up for mortgagee sale three times — initially for $3.3 million in No-vember 2015 — before it was sold for $2.59 million ($330 psf) in September, reflecting a 27% price drop in less than a year, says Knight Frank.

According to Savills’ Cheong, strata-titled Business 1 industrial space zoned for food pro-cessing is something that has been overlooked. “It’s a niche segment that investors can seri-ously consider.”

Strata commercial investors feel the pinchWhen the ABSD was first introduced, some investors had also switched to buying strata commercial units. The buying frenzy, howev-er, has cooled off since the imposition of the total debt servicing ratio (TDSR) framework, which put a cap on borrowing for all proper-ty segments.

The number of strata office transactions plummeted from 734 units worth $2 billion in 2013 to 227 units worth $758 million in 2015, according to Knight Frank. Strata retail transactions dropped from 1,186 units total-ling $2.3 billion to 221 units worth $393 mil-lion over the same period.

“Buyers who paid high psf prices for strata offices and strata retail units a few years ago are feeling the pinch, especially amid softening rents and a slower take-up rate among tenants,” says Knight Frank’s Tan. She expects more stra-ta commercial units — both office and retail — to be put up for auction over the next six to 12 months as the owners of these units face diffi-culty finding tenants and servicing their loans.

When it comes to buying opportunities, Savills’ Cheong says he will look at shoe-box apartments, particularly in the city-fringe neighbourhood of Geylang, which is close to both the Paya Lebar Central commercial hub and the CBD. “Capital values have fallen about 24%, while yields are still in the 3%-to-3.5% range,” he says. “Rents of shoebox units have fallen to a point where they are facing some resistance at $2,000 a month.”

From left: Sofian, Tong, chairman and MD of Hong How Group Daniel Teo, Cheong and The Edge Property deputy editor Michael Lim

Best place to hunt for deals could be auction market

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PROPERTY TAKE

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Major conservation shophouse transactions in 2016*

* Transactions above $20 million

ADDRESS SALE PRICE ($ MIL)

15-23 Tanjong Pagar Road 57.40

161 Lavender Street 55.56

11, 13 Bukit Pasoh Road 25.00

7, 7A, 8 Tan Quee Lan Street 23.60

205, 207 New Bridge Road 20.50

83 Amoy Street 20.25

| BY TAY HUEY YING |

This row of shophouses on Tanjong Pagar Road changed hands for $57.40 million

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Conservation shophouse market abuzz again

Over the past year, the con-servation shophouse seg-ment has seen a flurry of ac-tivity. The total sales value of conservation shophous-

es that changed hands tripled from $59.92 million in 1Q2016 to $182.54 million in 2Q2016, and rose a further 14.7% to $209.32 million in 3Q2016.

Driving this demand were bou-tique funds, family offices and for-eign high-net-worth individuals look-ing for alternative investment asset classes that are safe havens amid global economic uncertainty.

The biggest deal in 2016 so far was the $81.4 million purchase of a portfolio of seven shophouses by boutique property fund 8M Real Es-tate from veteran international prop-erty investor Stanley Quek. The deal was conducted in April and com-prised five shophouses at 15-23 Tan-jong Pagar Road for $57.40 million; the shophouse at 18 Genmill Lane for $11 million; and 71 Neil Road for $13 million.

Who are the buyers?8M Real Estate was founded in 2014 by former JLL head of investment sales Ashish Manchharam. The bou-tique fund is said to have acquired 15 shophouses worth $200 million over the past two years. These include 37 Craig Road, which it acquired in April for $6.5 million; 31 Hong Kong

Street, purchased in July for $14.45 million; and 22 Genmill Lane, which it picked up for $14.25 million in Oc-tober 2014. Its maiden acquisition was a row of five shophouses at 112 to 116 Amoy Street, for which it paid $50 million two years ago.

In addition to boutique proper-ty funds, shophouses have attract-ed even foreign billionaires such as Ricardo Portabella Peralta, CEO of Luxembourg-based Ventos, which invests in companies involved in the real estate, food processing, venture capital, financial holdings, energy and environment industries. Ventos has operations in Europe, North Ameri-ca and Asia. Peralta is said to have purchased five shophouses in a pe-riod of just 12 months. The spend-ing spree started with the acquisition of two adjoining shophouses at 120 and 122 Telok Ayer Street for $18.2 million in October 2015, followed by two more shophouses at 20 and 37 Duxton Road for $13.7 million a month later, and a shophouse at 7 Craig Road for $12.5 million last De-cember. In March this year, he paid $20.25 million for a three-storey shop-house at 83 Amoy Street.

The Leong family that started the Axe Brand medicated oil is said to have paid $25 million for two shophouses on Bukit Pasoh Road in Chinatown in September. And the family that owns Hong Kong-based developer Wincome

Group is said to have acquired three adjacent shophouses in Joo Chiat for $23 million last December.

Heritage valueConservation shophouses are attrac-tive investments, owing to their herit-age value. Built from the early 1800s to early 1900s, these shophouses are generally two to three storeys high and formed much of the pre-war urban fabric of Singapore’s old city centre and other parts of the island.

Rapid urbanisation has resulted in many of these shophouses being torn down to make way for skyscrapers. Today, only 6,500 have survived, and they have been gazetted for conser-vation by URA. Owing to the limited supply, conservation shophouss of-fer good capital appreciation poten-tial over the long term.

This has resulted in some extraordi-nary gains for investors. For instance,

the five conservation shophouses on Amoy Street that were purchased for $34.43 million in June 2011 changed hands for $50 million in 2014 when 8M purchased them. This means a capital appreciation of 45.2% over a three-year period. Likewise, 7 Craig Road was purchased for $12.5 mil-lion in December last year by Peral-ta. Prior to that, the unit traded for $7.88 million in May 2013.

Investors can further unlock the value of their shophouses by reposi-tioning the asset, changing the trade mix or refurbishing the interiors. Some shophouses also offer devel-opment opportunity via a multi-sto-rey extension in the rear.

Steady income streamConservation shophouses have the potential to generate a steady income stream for investors as they are sup-ported by healthy leasing demand.

Ground-floor shophouses that have prominent frontage are sought after by niche retailers and F&B operators. The upper floors of these shophous-es tend to attract people in the crea-tive industries, such as architectural firms and interior design and start-up companies.

In recent years, conservation shop-houses have also drawn buyers as they are not subject to additional buyer’s and seller’s stamp duties. This year saw more owners willing to put their properties on the market, which con-tributed to the flurry of activity.

However, before buying a conser-vation shophouse, investors should do their homework and study the conservation, planning and develop-ment guidelines of the area in which the property is located.

Tay Huey Ying is head of research at JLL Singapore


COVER STORY

| BY CECILIA CHOW |

At Hao Yuan Investment/MCC Land’s preview of the 736-unit Queens Peak on Oct 22 and 23, about 4,000 peo-ple thronged the sales gallery. EL Development’s preview of the 752-

unit Parc Riviera on West Coast Vale over the same weekend drew more than 1,000 visitors.

For the developers and their appointed mar-keting agents, it is now a matter of convert-ing those footfalls into expressions of interest and, ultimately, actual units sold on the first day of launch. The balloting of units is sched-uled for Nov 5, three days before the US pres-idential election.

The start of October saw the launches of Forest Woods in Upper Serangoon and Alps Residences on Tampines Avenue 10, which are expected to translate into healthy sales for the month. Expectations are high that the level of interest seen at the two recent previews — Queens Peak and Parc Riviera — will translate into equally ebullient sales response for November, say analysts at DBS Vickers in their flash report on Oct 26.

The advantage of Queens Peak is its city-fringe location and proximity to the Queen-stown MRT station. In fact, it is going to be linked to the MRT station via an extension of the existing covered overhead bridge, says Tan Zhiyong, managing director of MCC Land. Fu-ture residents of Queens Peak will be able to access the condo via the bridge to the second level of a six-storey carpark podium, and the lift lobbies leading to their apartments.

Above the car-park podium is a sky ter-race that houses residents’ communal facil-ities. Sitting on top of the sky terrace and carpark podium will be the twin residential towers, with apartments spanning the eighth to 44th floors. The one- and two-bedroom

units as well as the three-bedroom units are situated on the eighth to 26th floors. A sky terrace with more residents’ facilities will be located on the 27th floor of both tow-ers. The more upmarket three- to five-bed-room units and five-bedroom penthouseswill be housed on the 28th to 44th floors.

“The smaller units on the lower levels will appeal to investors as well as singles and young couples,” says MCC’s Tan. “The premi-um units on the higher floors will appeal to families and owner-occupiers who want more space and panoramic views.”

Calibrated prices and unit sizesAt Queens Peak, 62% of the units are one-bed-room, one-bedroom plus-study and two-bed-room units. The one-bedroom and one-bed-room-plus-study units are between 431 and 495 sq ft, the two-bedders are between 624 and 807 sq ft and the three-bedders are be-tween 807 and 1,055 sq ft. The four-bedroom units are 1,507 sq ft, five-bedroom units are

2,002 sq ft and penthouses are between 4,628 and 4,768 sq ft.

In terms of absolute price, the one-bedders start from $680,000, the one-bedroom-plus-study units from $768,000 and the two-bed-ders from $966,000. Three-bedders start from $1.31 million, with half of those units priced below $1.5 million. The indicative price range is between $1,430 and 1,830 psf, with the av-erage price at $1,630 psf.

Nevertheless, Queens Peak faces stiff com-petition from other 99-year leasehold condo-miniums located in the corridor between the Redhill and Queenstown MRT stations, notes Ong Teck Hui, national director of research at JLL Singapore. These condos include Com-monwealth Towers, Alex Residences, Principal Garden and The Crest, where unsold invento-ry amounts to more than 1,200 units, he says.

MCC Land’s Tan is unfazed by the compe-tition in the neighbourhood. “We learnt from the earlier launches of these neighbouring pro-jects, so we know how to calibrate our unit

mix and prices,” he says. Next door to Queens Peak is Commonwealth

Towers, an 845-unit condo developed by City Developments Ltd (CDL). Launched in May 2014, the units were priced between $1,635 and $1,690 psf. Two years ago, absolute pricesstarted from $721,000 for a one-bedder and $965,000 for a two-bedder.

As at end-September, Commonwealth Tow-ers achieved sales of 51%. Based on the latest caveats lodged in September and October, unit prices were from $1,621 to $1,800 psf. In terms of absolute prices, they ranged from $788,200 for a 441 sq ft one-bedder on the ninth floor to $1.3 million for a 753 sq ft two-bedder on the 31st floor.

The 429-unit Alex Residences, located with-in walking distance of the Redhill MRT station, is more than 65% sold. As at end-September, six units were sold, and these were all above the 20th floor of the single 40-storey tower. Unit prices ranged from $1,852 to $2,109 psf. In terms of absolute prices, they ranged from $1.23 million for a 657 sq ft two-bedder on the 23rd floor to $2.04 million for a 1,044 sq ft three-bedder on the 33rd floor.

Next door to Alex Residences and adja-cent to the Redhill MRT station is Tang Group of Companies’ upcoming mixed-use develop-ment with some 400 condominium units. The project along Alexandra View is likely to be launched next year, reckons property consult-ants (see table).

Meanwhile, at Prince Charles Crescent, off Alexandra Road, are the 663-unit Principal Gar-den and the 469-unit The Crest. Launched a year ago, Principal Garden was 47% sold as at end-September. Since July, the developer has been offering buyers a $5,000 discount. In September and October, units sold ranged from $800,000 for a 484 sq ft one-bedder on the seventh floor to $1.82 million for a 1,076 sq

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Cloudy economic outlook notwithstanding, the developers of Queens Peak and Parc Riviera are looking to jump-start sales to end the year on a more positive note

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About 4,000 people visited the Queens Peaksales gallery on the weekend of Oct 22 and 23

MCC Land’s Tan: We learnt from the earlier launches of these neighbouring projects, so we know how to calibrate our unit mix and prices

Lim: The main draw these days is the one- and two-bedroom units because the pricing is palata-ble to buyers

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The Clementi Canopy Clementi Avenue 1 460 99 years UOL Group/Singapore Land

NA Siglap Link 750 99 years Frasers Centrepoint/Sekisui House/ Keong Hong Holdings

NA Bedok South Avenue 3 570 99 years CEL

NA Alexandra View 400 99 years Tang Group of Companies

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ft three-bedder. Psf prices ranged from $1,558 to $1,701, based on caveats lodged over the last two months.

Forest Woods effectDespite Queens Peak being located in Queen-stown in the city fringe, and Forest Woods be-ing located in the Upper Serangoon neighbour-hood in the Outside Central Region (OCR), people will still compare the two projects “by virtue of the timing of their launches”, says Desmond Sim, head of CBRE Research for Sin-gapore and Southeast Asia.

At Forest Woods, 337 out of 519 units, or 65%, were sold on the first day of launch on Oct 8. Alps Residences, which held its launch one week earlier, on Oct 2, saw 280 units out of a total of 626 (45%) sold on the first day.

The Upper Serangoon stretch where Forest Woods is located has more affordable prices ($1,400 psf on average) compared with the Queenstown-Redhill corridor, where average prices are in the $1,600-to-$1,750 psf range, notes JLL’s Ong. Ultimately, sales will depend on pricing and market sentiment, he adds.

CBRE’s Sim reckons that buyers at Queens Peak are likely to zoom in on the one- and two-bedroom units. As these make up 62%

of the units in the project, he expects the re-sponse to be similar to that at Forest Woods.

Affordable pricing“Parc Riviera is also looking at a similar strate-gy,” says CBRE’s Sim. “Nowadays, the success rate of new launches is dependent on absolute prices.” The project contains 120 one-bedders of 463 sq ft, 136 two-bedders of 603 sq ft and 196 premium two-bedders of 646 to 710 sq ft. They make up 60% of the units in the pro-ject. One-bedders are likely to be priced from about $570,000.

Lim Yew Soon, managing director of niche developer EL Development, is of the same view. “The main draw these days is the one- and two-bedroom units because the pricing is palatable to most buyers,” he says. “We will definitely need to conduct sales by balloting for the one- and two-bedroom units.”

The last launch in the West Coast vicinity of Parc Riviera was the 210-unit Waterfront at Faber by World Class Land. Launched in May 2014, the project is fully sold at an average price of close to $1,200 psf, says JLL’s Ong. “Given the lack of new supply and limited competi-tion in the area, Parc Riviera should be able to attract buyers if it is realistically priced.”

EL Development paid $314.1 million ($551 psf per plot ratio) for the Parc Riviera site in August last year. A requirement for the devel-opment of the site is the use of prefabricated, prefinished volumetric construction method.

The main attraction of Parc Riviera will be its height, notes EL Development’s Lim. At 36 storeys, it will dwarf the existing private con-dos in the neighbouring West Coast Park, such as Botannia and The Infiniti, which are both 12 storeys high. “From the 10th floor of our project, you will have unobstructed views of the Bukit Timah Nature Reserve,” says Lim.

The site adjacent to Parc Riviera is also a government land parcel. It has not been launched for sale yet.

The existing developments on West Coast Park feature larger units, with two-bedroom units above 800 sq ft. One such condo is the 493-unit Botannia, developed by CDL and com-pleted in 2009. The most recent transactions at the 956-year leasehold project were at $1,099 to $1,202 psf, according to caveats lodged in August and September. In terms of absolute price, units sold ranged from $1.36 million for a 1,238 sq ft, three-bedroom unit to $1.82 million for a 1,572 sq ft, four-bedroom unit.

The 315-unit Infiniti, completed in 2008, is a freehold condo by Frasers Centrepoint. The most recent transaction there was for a 915 sq ft, two-bedroom unit that was sold for $950,000 ($1,038 psf) in May.

West Coast, Jurong appealAccording to EL Development’s Lim, units will be priced from below $1,000 psf to $1,400 psf, with an average price of $1,250 psf. “Many buyers comment that units in new projects today are small but we’re trying to keep them affordable,” he says. “However, we will try to make sure that the common bedrooms can fit a single bed and a small side table or a queen-sized bed.”

Another attraction of the site is that the Pan-dan River is located next to it, and it is just a five-minute drive to Jurong East Central or Ju-rong Gateway, the upcoming Second CBD, says Lim. Although there is no MRT station nearby at the moment, there are bus stops at Ayer Ra-jah Expressway, with both the Clementi and Jurong East MRT stations just a short bus ride away. In the future, there will be a new West Coast Extension to the Jurong Regional Line. This could see more MRT stations in the West Coast area, with a possible link to Haw Par VillaMRT station on the Circle Line.

This year saw the launch of MCL Land’s Lake Grande in Jurong West. The 710-unit project was launched for sale the weekend after the govern-ments of Singapore and Malaysia signed a mem-orandum of understanding on the Kuala Lum-

pur-Singapore High Speed Rail in July. A total of 436 of the 500 units released were sold in the first weekend at an average price of $1,368 psf. At Lake Grande, it was also the smaller units — the one- and two-bedders — that found favour with buyers. As at end-September, the project was 73% sold, at a median price of $1,312 psf.

Recovery underway? With 2016 bookended by the launch of Queens Peak and Parc Riviera, Christine Li, head of re-search at Cushman & Wakefield, is projecting new home sales to ring in at 7,500 to 8,000 units, which is higher than the sales figures for 2015 (7,440 units) and 2014 (7,316 units).

“The recent spate of bond defaults has led investors to divert funds back into the real-es-tate market,” says Li. “Recent figures have indi-cated a stabilising residential market, and peo-ple waiting on the sidelines are coming back to take advantage of low borrowing rates due to the delayed Fed rate hike.”

As at end-3Q2016, URA data points to un-sold inventory of 21,000 units, which is a his-torical low. But that does not mean property prices are going to rebound, says CBRE’s Sim.

Based on the 3Q2016 advance estimates, the private property price index is down 10.8% from the peak of 2Q2013. The Core Central Re-gion (CCR) has seen prices fall 10% year to date, the Rest of Central Region (RCR) has seen a 10.8% drop and the Outside Central Region (OCR), a correction of 9.5%. “However, due to the weak leasing market and supply over-hang in the RCR and OCR, prices will contin-ue to moderate in the next few quarters, given the slowing of the economy,” says Cushman & Wakefield’s Li.

According to Nomura in its Oct 20 report on the Singapore property market, overall unsold in-ventory represents 35 months of demand. In the suburbs, it is 25 months. While that is low com-pared with the peak in 2014 (46 months and 35 months respectively), Nomura analysts Sai Min Chow and Royston Tan say the level is still high compared with the average of 30 months and 22 months respectively for the 2009-to-2015 period.

The vacancy rate in Singapore’s private housing market crossed 10% in 2Q2016, and hit 10.4% when 30,000 new homes were com-pleted in 2015 and 1H2016. Nomura analysts estimate another 30,000 units will be com-pleted from 2H2016 to 2017, with 50% in the prime and city-fringe locations.

While the residential market appears to be bottoming, CBRE’s Sim expects a “prolonged U-shaped recovery” rather than a V-shaped re-covery. “We are nearing the trough,” he says. “We are at the point during the flight when the air stewardess tells you to put your seats upright and prepare for landing.” E

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Showflat of the living/dining area of a 1,055 sq ft, three-bedroom unit at Queens Peak Showflat of a Parc Riviera penthouse with 4.4m ceiling height

A scale model of the 752-unit Parc Riviera, whose launch last weekend saw more than 1,000 visitors

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PROPERTY PICKS

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Rents for two-bedroom units have shown greater resilience than those for one-bedroom units

Note:Based on URA rental contract data as at Oct 24Average monthly rents computed based on developments with at least five rental contracts for the relevant unit types in each period

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Condos with the most resilient rents

the same period (see table).The average monthly rent for two-bedroom

units has shown greater resilience compared with that for one-bedroom units. Two-bed-room units in the CCR were the most resil-ient, with an 8%, or $414, decline in average monthly rent, from $4,914 in 2013 to $4,500 in 2016. The monthly rent for two-bedroom units in the RCR fell 9%, or $344, from $3,699 to $3,355, while the rent for two-bedroom units in the OCR fell 10%, or $323, from $3,195 to

$2,872, over the same period.The Edge Property has compiled a list of

the five most resilient condos in each market segment in terms of monthly rent. The list comprises developments where the average monthly rent for two-bedroom units declined by the smallest percentage between 2013 and 2016 to date.

The implied gross rental yield is comput-ed based on the average year-to-date resale price and monthly rent, as at Oct 24. Devel-

opments with fewer than five rental contracts for two-bedroom units in the reference period and fewer than three resale caveats in 2016 to date were excluded from comparison.

The list also excludes developments locat-ed in Pasir Ris, Sengkang, Bedok, Hougang and Clementi, which are suburban areas that are likely to see fierce competition for tenants owing to the large supply of newly complet-ed condos coming on stream over the next three years.

| BY LIN ZHIQIN |

Monthly rents for non-landed one- to three-bedroom private homes in Singapore have declined 18% from 2013 to 2016 to date. Amid the downtrend, monthly rents in

the Central Region have fared better compared with those in the suburban areas.

The resilience of rents in the Central Re-gion is likely owing to the convenient com-mute it offers to the large concentration of of-fice workers in the CBD. Rental homes in the city-fringe area, meanwhile, also offer a good mix of convenience and affordability to ten-ants with tighter budgets.

The average monthly rent for one-bedroom units in the Core Central Region (CCR) has declined 17%, or $631, from $3,738 in 2013 to $3,107 in 2016 to date. In the Rest of Cen-tral Region (RCR), the average monthly rent for similar units declined 17%, or $537, from $3,135 to $2,598, while the rent for one-bed-room units in the Outside Central Region (OCR) fell 19%, or $533, from $2,750 to $2,217 over

Core Central Region

At The Sail @ Marina Bay, 16 two-bed-room units have changed hands so far this year, at an average price of $1.8 million. The average monthly rent for two-bedroom units is $5,182, based on 164 rental contracts, which trans-lates into an implied gross rental yield of 3.5%. The Sail @ Marina Bay is a leasehold development with 1,111 units that was completed in 2008. There are currently four MRT stations within walking distance of the devel-opment: Downtown, Raffles Place, Telok Ayer and Marina Bay.

One Shenton is a 341-unit lease-hold development located diagonal-ly opposite Lau Pa Sat. Completed in 2011, it is within walking distance of the Downtown, Telok Ayer and Raf-fles Place MRT stations, as well as

the upcoming Shenton MRT station. So far this year, three two-bedroom units have changed hands at an av-erage price of $1.8 million, and there have been 47 rental contracts with an average monthly rent of $5,054. This implies a gross rental yield of 3.4%.

Marina Bay Residences, completed in 2010, is located a stone’s throw away from The Sail @ Marina Bay. The leasehold development has 428 units. So far this year, six two-bed-room units have been sold at an aver-age price of $2.3 million. There have been 74 rental contracts for two-bed-room units with monthly rent aver-aging $6,498, which implies a gross rental yield of 3.3%.

Soleil @ Sinaran is a 417-unit con-

do next to the Novena Square mall, which is above Novena MRT sta-tion. The leasehold development was completed in 2011. The implied gross rental yield is 3.0%, based on the six resale transactions so far this year that averaged $2.1 million, and 73 rental contracts with an average monthly rent of $5,377.

Hilltops is located on Cairnhill Circle, about 500m as the crow flies from the Orchard Road shopping belt. It is a freehold condo comprising 241 units that was completed in 2011. So far this year, seven two-bedroom units have changed hands at an av-erage price of $3.1 million, and there have been 22 rental contracts with monthly rents averaging $7,841. This implies a gross rental yield of 3.0%.

The average monthly rent for two-bedroom units at The Sail @ Marina Bay is $5,182

The implied gross rental yield for two-bedroom units at One Shenton is 3.4%

The average monthly rent for two-bedroom unitsat Marina Bay Residences is $6,498

The implied rental yield for two-bedroom units at Soleil @ Sinaran is 3.0%

Hilltops is located close to the Orchard Road shopping beltThe Casp

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ONE-BEDROOM TWO-BEDROOM MARKET AVERAGE 2013 AVERAGE 2016 DECLINE DECLINE AVERAGE 2013 AVERAGE 2016 DECLINE DECLINE SEGMENT MONTHLY RENT ($) MONTHLY RENT ($) IN RENT (%) IN RENT ($) MONTHLY RENT ($) MONTHLY RENT ($) IN RENT (%) IN RENT ($)

CCR 3,738 3,107 17 631 4,914 4,500 8 414

RCR 3,135 2,598 17 537 3,699 3,355 9 344

OCR 2,750 2,217 19 533 3,195 2,872 10 323


PROPERTY PICKS

Rest of Central Region

The Cascadia was completed in 2010 and comprises 536 units

So far this year, seven two-bedroom units at Vista Park have been sold at an average price of $800,000 and the average monthly rent is $2,671, based on 47 rental contracts. This gives an implied gross rental yield of 3.9%. Vista Park is a leasehold development that comprises 187 non-landed homes and 22 strata-landed units. Completed in 1985, it is located on South Buo-na Vista Road, adjacent to Kent Ridge Park.

At One-North Residences, a 405-unit lease-hold development completed in 2009, sev-en two-bedroom units have been sold so far this year, at an average price of $1.6 million. Based on the 52 rental contracts with an aver-age monthly rent of $4,467, the implied gross rental yield is 3.5%. One-North Residences is located within walking distance of the One-North and Buona Vista MRT stations.

The Esta is a freehold development locat-ed within walking distance of the upcom-ing Amber MRT station. Completed in 2008, it comprises 400 units. So far this year, three two-bedroom units have been sold at an aver-age price of $1.5 million and there have been 13 rental contracts with monthly rents aver-aging $3,954. Based on this, the implied gross rental yield is 3.1%.

Jardin is located opposite Bukit Timah Pla-za and within walking distance of the King Albert Park and Beauty World MRT stations. The freehold condo was completed in 2012 and comprises 140 units. Three two-bedroom units have changed hands at an average price of $1.6 million so far this year, and monthly rents average $3,628, based on 28 rental con-tracts. This implies a gross rental yield of 2.7%.

The Cascadia is a freehold condo located on Bukit Timah Road and within walking distance of the King Albert Park MRT station. Complet-ed in 2010, it comprises 536 units. There have been 38 rental contracts for two-bedroom units so far this year, with monthly rents averaging $3,525. Based on the average price of $1.9 mil-lion for the six two-bedroom units sold this year, the implied gross rental yield is 2.2%.

The implied gross rental yield for two-bedroom units at One-North Residences is 3.5%

Jardin was completed in 2012 and comprises 140 units

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The Woodgrove is located in Wood-lands and comprises 72 leasehold units that were completed in 1998. So far this year, four two-bedroom units have changed hands at an av-erage price south of $700,000. De-spite the modest average month-ly rent of $2,231, based on eight rental contracts, the implied gross rental yield is an attractive 4.0%.

Caspian is located on Boon Lay Way, close to the Lakeside MRT station. Completed in 2012, the leasehold development compris-es 712 units. Four two-bedroom units have been sold at an aver-age price of $1 million so far this year, while monthly rents average $3,227, based on 66 rental con-tracts. This implies a gross rental yield of 3.8%.

The Centris is a 610-unit leasehold development completed in 2009. It is located beside the Boon Lay Bus Interchange, Boon Lay MRT station and Jurong Point mall. So far this year, 11 two-bedroom units have changed hands at an average

price of $1.3 million. Based on 82 rental contracts, monthly rents average $3,591 for two-bedroom units, which implies a gross rent-al yield of 3.3%.

Lakeholmz is a 369-unit condo lo-cated beside Caspian and within walking distance of the Lakeside MRT station. The leasehold con-do was completed in 2005. Nine two-bedroom units have changed hands so far this year at an average price of $1.2 million, while there have been 15 rental contracts with monthly rents averaging $3,093. Based on this, the implied gross rental yield is 3.2%.

Located adjacent to the Hillview MRT station, Glendale Park is a freehold condo that was com-pleted in 2000 and comprises 448 units. The average resale price for two-bedroom units so far this year is $1.2 million, based on nine re-sale transactions. Monthly rents average $2,511, based on 15 rent-al contracts. This implies a gross rental yield of 2.5%.

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The implied gross rental yield for two-bedroom units at Caspian is 3.8%

The average transacted price for two-bedroom units at Lakeholmz is $1.2 millionE


OFFSHORE

| BY SARAH MULHOLLAND |

Landlords on Manhattan’s Fifth Avenue in New York City are sitting on a record amount of open space as retailers baulk at committing to expensive new

leases in one of the world’s most prestigious shopping districts.

The availability rate on the famed strip, home to Saks Fifth Avenue and Tiffany & Co’s flagship store, jumped to 15.9% in 3Q, up from about 10% a year earlier, according to Cushman & Wakefield. The rate has climbed steadily this year, surpassing the prior peak of 11.3%, set in 4Q2014.

The rise of empty storefronts is not limited to Fifth Avenue. It is part of a Manhattan-wide space glut as retailers — buffeted by e-commerce, tepid demand for luxury goods and a strong dollar that has eroded tourist spending — push back against rents that have soared to records. Leasing costs have increased in tandem with property values in the past five years, outpacing gains in merchandise sales and making it impossible for retailers to run profitable stores at many loca-tions, according to Richard Hodos, a vice-chairman at brokerage CBRE Group.

“Property trades are being based on achieving ever-higher rents, and nobody ever really looks at what re-tailers can afford to pay,” Hodos says. “In some cases, rents need to come down 30% or more for rents to be at levels where retailers are able to make sense of them again.”

Retailers are being squeezed across the US. In 2016, malls and other types of shopping venues have been hit by 280 major-brand store closures, to-talling 12.8 million sq ft, data from Reis show. Another real estate re-search firm, Green Street Advisors, estimates that several hundred malls around the country will cease oper-ations over the next decade.

Shoppers continue to shift their spending from stores to computers and smartphones. Online sales in the US are expected to reach US$398 bil-

lion ($553 billion) this year, up 16% from 2015, according to research firm eMarketer.

Highest rentsOn the stretch of Fifth Avenue from 49th to 60th streets, which commands the world’s highest rents, landlords are asking an average of US$3,213 psf, up from US$2,075 psf in 2011, Cushman data shows. In the tour-ist-heavy Times Square area, rents stand at US$2,104 psf after tripling over a four-year period.

The brokerage’s retail availability rate takes into account vacancies as well as stores occupied by merchants that plan to leave when their leases expire. Retailers that signed leases at high prices in the past several years and are seeking a tenant to sublease their space are also included, accord-ing to Steve Soutendijk, an executive director at Cushman.

“Tenants that signed at the ab-

solute top of the market are looking to mitigate their exposure,” he says.

At 667 Madison Avenue, a 24-sto-rey tower two blocks from Central Park, Michael Kors Holdings is look-ing to sublease about 5,000 sq ft of retail space at the base of the build-ing, according to a person familiar with the plans. The store, with 22ft ceilings, was the company’s largest when it opened in 2012, the New York Times reported at the time.

Four years later, the London-based fashion house is struggling to pay the rent, says the person, who asked not to be identified because negotiations are not public. Michael Kors is seek-ing a tenant to take over the space on a lease that runs through 2023, the person says.

A spokeswoman for Michael Kors declined to comment. Representatives for the company’s landlord, Hartz Group, did not respond to calls and emails seeking comment.

Lowering expectationsProperty owners with space to fill are starting to lower their expectations, according to Cushman’s Soutendijk. Asking rents in some of Manhattan’s prime shopping districts, including Soho and Times Square, have de-clined over the course of 2016, Cush-man data shows.

“I think a lot of landlords are ready to make deals,” Soutendijk says. “Everybody understands there is too much space in the market. We are not in a state of equilibrium.”

Buyers of real estate during the recent boom years may not have much room to manoeuvre. To jus-tify paying record prices for build-ings — and the debt that financed the acquisitions — owners are un-der pressure to get the highest rents possible, according to Patrick Smith, a vice-chairman of the retail broker-age at Jones Lang LaSalle.

“Typically, a building that has

been capitalised over the past three years is very rent-sensitive,” he says.

Landlords who hold out for the right tenant can be left hanging on to empty space for years. A part-nership of developer Thor Equi-ties and General Growth Proper-ties, the second-largest owner of US malls, bought 530 Fifth Ave-nue in 2014. During a conference call with analysts that year, Gen-eral Growth CEO Sandeep Mathra-ni highlighted the property’s large, vacant block as an opportunity to attract new retailers.

No new retail leases have been signed at the property since the ac-quisition, though three tenants are close to agreements, according to a person with knowledge of the plans. The prospective occupants are in the health-and-beauty and sport-ing-goods businesses, and will likely pay less in rent than what the build-ing owners had originally aimed for, says the person, who asked not to be identified because negotiations are ongoing.

Representatives for Thor and General Growth declined to com-ment on plans for the property. The building sits between 44th and 45th streets, several blocks south of Fifth Avenue’s most sought-af-ter addresses. The availability rate in the area has climbed to 29%, Cushman data shows.

Manhattan’s empty storefronts will eventually be absorbed, accord-ing to Smith of Jones Lang. The way space is used may change to focus more on the experience than just the merchandise — for example, Lulu-lemon Athletica offers yoga classes in its stores — but New York will al-ways be a magnet for retailers and shoppers, he says.

“Will Fifth Avenue, which has been a multigenerational place to shop and has evolved over many, many decades, continue to be a suc-cessful place? Absolutely,” Smith says. “Will it look the same? No.” — Bloomberg LP

Empty space haunts Fifth Avenue as retailers baulk at rent hikes

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| BY CHRISTOPHER LANGNER |

China is again fully focused on cooling its overheated property market and inves-tors are trying to decipher what impact

that will have on alternative asset classes. Some are betting money that flees real estate will find its way into the stock market. Statistics, history and other analysts suggest that a more likely target may be Hong Kong apartments.

JPMorgan Asset Management has been buy-ing mainland Chinese shares in anticipation that a crackdown on real estate lending, along with lower valuations, will draw investors to equi-ties, Bloomberg News reported on Oct 26. Cred-it Suisse Group analysts took the same tack in a research note prior to that report.

While the idea is logical and this outcome has happened on some occasions in the past, it does not fully pass the numbers test. A re-gression analysis of property prices in China and movements in the Shanghai Composite Index yields a low correlation that is statisti-cally insignificant.

This is one of the many ways in which Chi-na is different from the rest of the world. Peo-ple in Asia’s largest economy tend to look at property as their main investment and stocks as a side-gamble where you can lose big or strike it rich. That means that if a new apartment purchase is being deferred because prices are dropping, the money would not necessarily find its way into stocks (one of the few available avenues in a nation with

limited investment options).Analysts at Bank of America Corp are among

those suggesting that funds may instead flow into property in Hong Kong, a former British colony that retains its own currency and cus-toms controls.

That is a relationship that does stand the numbers test. A regression of 10 years of monthly property data from Hong Kong and China shows there is a 0.15 negative correla-tion between the two. In other words, if home prices in Shanghai and Shenzhen are falling, they are more likely to be rising in Hong Kong.That makes sense: Chinese investors will still want to buy property, just not in the main-land. There is plenty of anecdotal evidence that this is already happening. A surge in pur-

chases of Hong Kong homes by non-residents has helped drive an 11% rebound in the city’s real estate prices. Analysts and developers say mainland Chinese are the biggest foreign buy-ers, Bloomberg News reported in mid-October.

How far this trend will run may depend on the success of China’s efforts to clamp down on capital outflows. To buy an apartment in Hong Kong, a Chinese investor first needs to get the money offshore.

Hong Kong already ranks as the world’s most unaffordable property market and au-thorities have been trying to cool prices there too, so another wave of mainland buying may be the last thing the city needs. At least de-velopers and landlords can look forward to a windfall. — Bloomberg LP

The correlation that says Hong Kong property is going up

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The rise of empty storefronts is not limited to Fifth Avenue. It is part of a Manhattan-wide space glut as retailers push back against rents that have soared to records.


DONE DEALS

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

Residential transactions with contracts dated Oct 11 to 18

District 1 V ON SHENTON Apartment 99 years Oct 11, 2016 1,216 2,319,240 - 1,907 Uncompleted New SaleV ON SHENTON Apartment 99 years Oct 13, 2016 474 1,350,800 - 2,852 Uncompleted New SaleV ON SHENTON Apartment 99 years Oct 14, 2016 743 1,636,188 - 2,203 Uncompleted New SaleV ON SHENTON Apartment 99 years Oct 14, 2016 1,765 3,820,000 - 2,164 Uncompleted New SaleV ON SHENTON Apartment 99 years Oct 15, 2016 452 1,146,965 - 2,537 Uncompleted New SaleDistrict 3 ALESSANDREA Apartment Freehold Oct 11, 2016 1,001 1,410,000 - 1,409 2003 ResaleCENTRAL GREEN CONDOMINIUM Condominium 99 years Oct 13, 2016 2,110 2,350,000 - 1,114 1995 ResaleCOMMONWEALTH TOWERS Condominium 99 years Oct 15, 2016 904 1,465,700 - 1,621 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Oct 16, 2016 441 788,200 - 1,786 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Oct 13, 2016 915 1,611,600 - 1,761 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Oct 16, 2016 915 1,812,200 - 1,981 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Oct 15, 2016 484 805,000 800,000 1,652 Uncompleted New SaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 11, 2016 1,335 2,120,000 - 1,588 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 11, 2016 1,270 1,750,000 - 1,378 2004 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 17, 2016 1,044 1,500,000 - 1,437 2011 ResaleTHE INTERLACE Condominium 99 years Oct 11, 2016 1,044 1,330,000 - 1,274 2013 ResaleTHE INTERLACE Condominium 99 years Oct 14, 2016 2,056 2,250,000 - 1,094 2013 ResaleTHE INTERLACE Condominium 99 years Oct 14, 2016 3,089 2,704,000 - 875 2013 ResaleDistrict 5 CLEMENTIWOODS CONDOMINIUM Condominium 99 years Oct 13, 2016 1,076 1,165,000 - 1,082 2010 ResaleDOVER PARKVIEW Condominium 99 years Oct 12, 2016 936 970,000 - 1,036 1997 ResaleTHE PARC CONDOMINIUM Condominium Freehold Oct 18, 2016 1,302 1,585,000 - 1,217 2010 ResaleTHE TRILINQ Condominium 99 years Oct 11, 2016 538 796,000 - 1,479 Uncompleted New SaleTHE TRILINQ Condominium 99 years Oct 12, 2016 753 1,136,000 - 1,508 Uncompleted New SaleTHE TRILINQ Condominium 99 years Oct 13, 2016 538 794,000 - 1,475 Uncompleted New SaleTHE TRILINQ Condominium 99 years Oct 13, 2016 1,346 1,621,000 - 1,205 Uncompleted New SaleTHE TRILINQ Condominium 99 years Oct 14, 2016 753 1,150,000 - 1,526 Uncompleted New SaleTHE TRILINQ Condominium 99 years Oct 14, 2016 1,044 1,399,000 - 1,340 Uncompleted New SaleTHE TRILINQ Condominium 99 years Oct 14, 2016 1,055 1,400,000 - 1,327 Uncompleted New SaleWEST BAY CONDOMINIUM Condominium 99 years Oct 14, 2016 1,227 950,000 - 774 1994 ResaleDistrict 7 THE BENCOOLEN Apartment 99 years Oct 17, 2016 980 1,140,000 - 1,164 1999 ResaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold Oct 11, 2016 1,238 1,650,000 - 1,333 2008 ResaleFORTE SUITES Apartment Freehold Oct 14, 2016 603 1,019,700 - 1,692 2016 New SalePARC SOMME Apartment 99 years Oct 17, 2016 355 540,000 - 1,520 2012 ResalePRISTINE HEIGHTS Apartment Freehold Oct 11, 2016 850 1,100,000 - 1,294 2009 ResaleDistrict 9 CAIRNHILL NINE Apartment 99 years Oct 11, 2016 1,033 2,797,000 - 2,707 Uncompleted New SaleGRANGE HEIGHTS Apartment Freehold Oct 17, 2016 1,905 2,430,000 - 1,275 1975 Resale

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

V on Shenton sees prices hit $2,852 psf| BY TAN CHEE YUEN |

Transactions in the CBD area in District 1 have picked up in recent weeks. The development that has seen the most transactions in the week of Oct 11 to 18 was V on Shenton, where five units were sold over the seven-day period.

V on Shenton is a redevelopment of the former UIC Building by listed property group United Indus-trial Corp. The mixed-use development comprises a single 54-storey condominium tower with 510 units and a 23-storey Grade-A office tower. The two tow-ers are linked by a seven-storey podium. The first two storeys will house a mix of retail and F&B out-lets, and the five storeys above will be the car park.

The residential component at V on Shenton has a variety of unit sizes, ranging from studios that start from 441 sq ft, one-bedroom units from 484 sq ft, two-bedders from 883 sq ft, two-bedroom-plus-study units from 1,055 sq ft and three-bedders from 1,356 sq ft. Penthouses start from 3,315 sq ft.

The units sold in the week of Oct 11 to 18 ranged from $1.15 million ($2,537 psf) for a 452 sq ft studio on the 31st floor to $3.82 million ($2,164 psf) for a 1,765 sq ft, three-bedroom unit on the 50th floor. Unit prices ranged from $1,907 psf to $2,852 psf.

About 80% of the 510 units at V on Shenton have been sold so far. The project is expected to be completed next year. “V on Shenton is not the only condo that has seen a surge in interest,” says Bruce Lye, managing partner of realtor SRI.

One Shenton, located nearby, has also seen a re-newal of interest. Three units at One Shenton were sold in August and September. A 581 sq ft, one-bed-room unit on the 20th floor fetched $1.08 million ($1,858 psf), another similar-sized unit on the 41st floor was sold for close to $1.2 million ($2,058 psf) and a 1,130 sq ft, two-bedroom unit on the 22nd floor changed hands for $1.73 million ($1,531 psf).

Completed in 2011, One Shenton is a redevelop-ment of a former office block called Robina House by listed property group City Developments. The

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OUE TWIN PEAKS Condominium 99 years Oct 11, 2016 1,055 2,880,150 - 2,730 2015 ResaleOUE TWIN PEAKS Condominium 99 years Oct 14, 2016 570 1,564,900 - 2,743 2015 ResaleOUE TWIN PEAKS Condominium 99 years Oct 17, 2016 1,055 2,780,500 - 2,636 2015 ResaleSOPHIA HILLS Condominium 99 years Oct 11, 2016 700 1,298,000 - 1,855 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Oct 12, 2016 581 1,145,000 - 1,970 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Oct 13, 2016 581 1,209,900 - 2,082 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Oct 13, 2016 710 1,336,000 - 1,881 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Oct 14, 2016 700 1,442,000 - 2,061 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Oct 16, 2016 850 1,575,000 - 1,852 Uncompleted New SaleTHE LAURELS Condominium Freehold Oct 14, 2016 883 2,265,000 - 2,566 2013 ResaleTHE QUAYSIDE Apartment 99 years Oct 13, 2016 1,668 2,200,000 - 1,319 1998 ResaleTHE RISE @ OXLEY - RESIDENCES Apartment Freehold Oct 14, 2016 818 1,871,396 - 2,288 Uncompleted New SaleWATERFORD RESIDENCE Apartment 999 years Oct 14, 2016 1,023 1,550,000 - 1,516 2010 ResaleYONG AN PARK Condominium Freehold Oct 12, 2016 3,111 5,200,000 - 1,672 1986 ResaleDistrict 10 CYAN Condominium Freehold Oct 13, 2016 1,658 3,600,000 - 2,172 2014 ResaleD’LEEDON Condominium 99 years Oct 12, 2016 2,250 3,216,000 - 1,430 2014 ResaleD’LEEDON Condominium 99 years Oct 12, 2016 2,260 3,070,000 - 1,358 2014 ResaleFOUR SEASONS PARK Condominium Freehold Oct 12, 2016 2,260 5,400,000 - 2,389 1994 ResaleHOLLANDSWOOD COURT Apartment 99 years Oct 12, 2016 2,131 1,600,000 - 751 1980 ResaleLEEDON RESIDENCE Condominium Freehold Oct 14, 2016 1,044 2,300,000 - 2,203 2015 ResaleLEEDON RESIDENCE Condominium Freehold Oct 18, 2016 1,044 2,360,000 - 2,260 2015 ResaleMON JERVOIS Condominium 99 years Oct 11, 2016 1,518 2,600,000 - 1,713 2016 New SaleBISHOPSGATE Detached Freehold Oct 14, 2016 15,070 26,800,000 - 1,778 2008 ResaleRV RESIDENCES Condominium 999 years Oct 17, 2016 689 1,521,100 - 2,208 2015 ResaleRV SUITES Apartment Freehold Oct 12, 2016 495 895,000 - 1,808 2012 ResaleSPRING GROVE Condominium 99 years Oct 18, 2016 1,012 1,470,000 - 1,453 1996 ResaleTANGLIN RESIDENCES Condominium Freehold Oct 14, 2016 1,130 2,133,440 - 1,888 2005 ResaleTHE ASANA Apartment Freehold Oct 13, 2016 1,033 2,220,000 - 2,148 Uncompleted New SaleTHE SIXTH AVENUE RESIDENCES Condominium Freehold Oct 12, 2016 2,637 2,630,000 - 997 2009 ResaleVICTORIA PARK VILLAS Semi-Detached 99 years Oct 13, 2016 2,303 4,692,000 - 2,040 Uncompleted New SaleDistrict 11 PARK INFINIA AT WEE NAM Condominium Freehold Oct 18, 2016 1,130 1,968,000 - 1,741 2008 ResaleSOLEIL @ SINARAN Condominium 99 years Oct 17, 2016 936 1,730,000 - 1,847 2011 ResaleTREVOSE PARK Condominium Freehold Oct 13, 2016 1,647 2,300,000 - 1,397 1991 ResaleDistrict 12 EURO-ASIA APARTMENTS Apartment Freehold Oct 12, 2016 1,130 995,000 - 880 1990 ResaleKIM KEAT HOUSE Apartment Freehold Oct 11, 2016 1,098 853,000 - 777 1999 ResaleOLEANDER TOWERS Apartment 99 years Oct 14, 2016 1,141 1,270,000 - 1,113 1997 ResaleONE DUSUN RESIDENCES Apartment Freehold Oct 11, 2016 667 988,000 - 1,480 2016 Sub SaleDistrict 13 8@WOODLEIGH Condominium 99 years Oct 12, 2016 398 643,000 - 1,614 2012 ResaleTHE POIZ RESIDENCES Apartment 99 years Oct 11, 2016 420 652,000 - 1,553 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Oct 14, 2016 420 634,000 - 1,510 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Oct 15, 2016 538 804,000 - 1,494 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Oct 16, 2016 538 798,000 - 1,483 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Oct 14, 2016 850 1,248,765 - 1,469 Uncompleted New SaleDistrict 14 DAKOTA RESIDENCES Condominium 99 years Oct 14, 2016 1,292 1,710,000 - 1,324 2010 ResaleEUNOS MANSION Condominium Freehold Oct 17, 2016 1,292 880,000 - 681 1982 ResaleLORONG MARICAN Terrace Freehold Oct 13, 2016 2,002 2,750,000 - 1,375 1990 ResaleNESS Apartment Freehold Oct 17, 2016 452 530,000 - 1,172 2015 ResaleSIMS URBAN OASIS Condominium 99 years Oct 13, 2016 463 730,296 - 1,578 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Oct 15, 2016 484 705,024 - 1,456 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Oct 15, 2016 1,033 1,363,578 - 1,320 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Oct 11, 2016 570 866,800 - 1,519 Uncompleted New SaleTROPIKA EAST Condominium Freehold Oct 12, 2016 1,098 1,340,000 - 1,220 2016 ResaleWING FONG COURT Apartment Freehold Oct 12, 2016 947 723,000 - 763 1997 ResaleDistrict 15 BUTTERWORTH VIEW Apartment Freehold Oct 12, 2016 1,216 1,428,800 - 1,175 1999 ResaleCOSTA RHU Condominium 99 years Oct 11, 2016 2,056 2,248,000 - 1,093 1997 ResaleEASTERN LAGOON Condominium Freehold Oct 13, 2016 753 870,000 - 1,155 1985 ResaleGRAND DUCHESS AT ST PATRICK’S Condominium Freehold Oct 11, 2016 1,507 1,820,000 - 1,208 2010 ResaleGRAND DUCHESS AT ST PATRICK’S Condominium Freehold Oct 13, 2016 2,056 2,780,000 - 1,352 2010 ResaleLORONG K TELOK KURAU Detached Freehold Oct 12, 2016 11,937 10,000,000 - 838 Unknown ResalePALM AVENUE Semi-Detached Freehold Oct 18, 2016 3,305 3,338,000 - 1,010 Unknown ResaleONE AMBER Condominium Freehold Oct 11, 2016 1,281 1,760,000 - 1,374 2010 ResaleONE AMBER Condominium Freehold Oct 13, 2016 958 1,410,000 - 1,472 2010 ResalePARC SEABREEZE Apartment Freehold Oct 13, 2016 1,593 2,380,000 - 1,494 2012 ResaleSPRING @ KATONG Apartment Freehold Oct 11, 2016 1,119 1,370,000 - 1,224 2006 ResaleTHE SEA VIEW Condominium Freehold Oct 11, 2016 1,410 2,180,000 - 1,546 2008 ResaleTHE SHORE RESIDENCES Condominium 103 years Oct 18, 2016 1,141 1,725,000 - 1,512 2014 Resale

DONE DEALS


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99-year leasehold twin-tower One Shenton contains 341 units.

Since 3Q2016, interest in the CBD/Marina Bay area (District 1) has picked up, in line with the rest of the Core Central Region (CCR), namely districts 9, 10 and 11, says SRI’s Lye.

Interest in the CBD/Marina Bay area has also revived with the up-coming completion of four major mixed-use schemes: V on Shenton, OUE Downtown, Marina One and Tanjong Pagar Centre, says Lye.

Located directly across the road from V on Shenton is OUE Downtown, a refurbishment of the former DBS Towers into a mixed development with offices and a 268-unit serviced residence project called Oakwood Premier OUE Singapore, to be managed by Oakwood Asia Pacific. There will also be a 160,000 sq ft mall called Downtown Gallery, which will have a variety of retail, dining and entertainment outlets. Future residents at V on Shenton will benefit as well when OUE Down-town opens in the middle of next year.

Tanjong Pagar Centre, developed by Guoco Land,

is being completed progressively. About 80% of the office space (Guo-co Tower) is already pre-leased. The 181-unit Wallich Residence, which will sit on top of the office tower (Guoco Tower), is expected to be launched for sale after completion.

Marina One is developed by M+S, a joint-venture company set up by Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings. The residential component com-prises two residential towers (Ma-rina One Residences) with a total of 1,042 units. So far, only one tower of 521 units has been released. A handful of units were sold in Sep-tember at a median price of $2,195 psf. This brings the total units sold as at end-September to 380 out of 401 units launched to date.

Both local and foreign investors will continue to buy selectively. “For foreigners, Singapore — re-cently ranked the third-largest fi-nancial centre in the world after

London and New York — looks like the best place to park their wealth,” says SRI’s Lye. “The politi-cal stability is also a draw amid the global market uncertainty.”

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DONE DEALS

DISCLAIMER:Source: URA Realis. Updated on Oct 25, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium.

District 16 AQUARIUS BY THE PARK Condominium 99 years Oct 18, 2016 893 832,888 - 932 2000 ResaleBALCON EAST Apartment Freehold Oct 14, 2016 1,528 1,340,000 - 877 2011 ResaleECO Condominium 99 years Oct 13, 2016 861 1,010,000 - 1,173 Uncompleted Sub SaleECO Terrace 99 years Oct 15, 2016 3,391 2,880,000 - 849 Uncompleted New SaleTHE GLADES Condominium 99 years Oct 11, 2016 495 795,100 - 1,606 Uncompleted New SaleTHE GLADES Condominium 99 years Oct 14, 2016 474 748,000 - 1,579 Uncompleted New SaleTHE GLADES Condominium 99 years Oct 14, 2016 506 712,000 - 1,407 Uncompleted New SaleTHE GLADES Condominium 99 years Oct 14, 2016 506 707,000 - 1,397 Uncompleted New SaleTHE GLADES Condominium 99 years Oct 14, 2016 721 977,000 - 1,355 Uncompleted New SaleDistrict 17 FERRARIA PARK CONDOMINIUM Condominium Freehold Oct 11, 2016 1,249 950,000 - 761 2009 ResaleTOH CLOSE Detached Freehold Oct 11, 2016 4,263 3,600,000 - 844 1996 ResaleOCEAN FRONT SUITES Apartment 946 years Oct 13, 2016 1,259 1,170,870 - 930 2014 ResalePARC OLYMPIA Condominium 99 years Oct 11, 2016 1,873 1,500,000 - 801 2015 Sub SaleDistrict 18 COCO PALMS Condominium 99 years Oct 11, 2016 904 999,200 - 1,105 Uncompleted New SaleCOCO PALMS Condominium 99 years Oct 11, 2016 1,098 1,162,400 - 1,059 Uncompleted New SaleD’NEST Condominium 99 years Oct 14, 2016 1,270 1,299,480 - 1,023 Uncompleted New SaleD’NEST Condominium 99 years Oct 15, 2016 1,270 1,334,580 - 1,051 Uncompleted New SaleD’NEST Condominium 99 years Oct 15, 2016 1,432 1,421,000 - 993 Uncompleted New SaleD’NEST Condominium 99 years Oct 15, 2016 1,410 1,362,660 - 966 Uncompleted New SaleMELVILLE PARK Condominium 99 years Oct 13, 2016 958 669,000 - 698 1996 ResaleMODENA Condominium 99 years Oct 14, 2016 1,012 920,000 - 909 2001 ResaleTHE ALPS RESIDENCES Condominium 99 years Oct 11, 2016 1,066 1,104,000 - 1,036 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 11, 2016 936 956,000 - 1,021 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 11, 2016 700 710,000 - 1,015 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 12, 2016 700 709,000 - 1,013 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 12, 2016 1,668 1,670,000 - 1,001 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 12, 2016 2,486 2,446,000 - 984 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 13, 2016 441 511,000 - 1,158 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 14, 2016 1,066 1,099,000 - 1,031 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 15, 2016 441 532,000 - 1,205 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 15, 2016 463 518,000 - 1,119 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 15, 2016 936 993,000 - 1,060 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 15, 2016 700 733,000 - 1,048 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 15, 2016 700 728,000 - 1,041 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 15, 2016 700 701,000 - 1,002 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 16, 2016 700 737,000 - 1,053 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 16, 2016 506 531,000 - 1,050 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 16, 2016 700 706,000 - 1,009 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 16, 2016 700 697,000 - 996 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Oct 16, 2016 700 693,000 - 990 Uncompleted New SaleTHE PALETTE Condominium 99 years Oct 11, 2016 893 862,000 - 965 2015 Sub SaleTHE PALETTE Condominium 99 years Oct 17, 2016 1,690 1,450,000 - 858 2015 Sub SaleTHE SANTORINI Condominium 99 years Oct 13, 2016 463 555,000 - 1,199 Uncompleted New SaleTHE SANTORINI Condominium 99 years Oct 13, 2016 743 873,000 - 1,175 Uncompleted New SaleTHE SANTORINI Condominium 99 years Oct 13, 2016 753 805,000 - 1,068 Uncompleted New SaleTHE SANTORINI Condominium 99 years Oct 14, 2016 743 778,000 - 1,048 Uncompleted New SaleTHE SANTORINI Condominium 99 years Oct 16, 2016 764 822,000 - 1,076 Uncompleted New SaleTHE SANTORINI Condominium 99 years Oct 16, 2016 764 804,870 - 1,053 Uncompleted New SaleTHE SANTORINI Condominium 99 years Oct 16, 2016 764 790,000 - 1,034 Uncompleted New SaleDistrict 19 CHARLTON 27 Terrace Freehold Oct 11, 2016 4,219 2,920,000 - 692 2016 New SaleFOREST WOODS Condominium 99 years Oct 11, 2016 904 1,310,000 - 1,449 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 11, 2016 721 1,014,000 - 1,406 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 12, 2016 904 1,305,000 - 1,443 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 12, 2016 732 1,025,000 - 1,400 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 12, 2016 775 977,000 - 1,261 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 13, 2016 732 1,012,000 - 1,383 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 13, 2016 904 1,233,000 - 1,364 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 14, 2016 980 1,340,000 - 1,368 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 15, 2016 721 1,026,000 - 1,423 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 15, 2016 904 1,277,000 - 1,412 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 15, 2016 1,281 1,782,000 - 1,391 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 15, 2016 667 900,000 - 1,349 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 15, 2016 786 992,000 - 1,262 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 15, 2016 904 1,113,000 - 1,231 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 16, 2016 635 944,000 - 1,486 Uncompleted New SaleFOREST WOODS Condominium 99 years Oct 16, 2016 980 1,349,000 - 1,377 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 12, 2016 872 831,000 - 953 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 13, 2016 1,356 1,515,000 - 1,117 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 14, 2016 484 605,000 - 1,249 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 14, 2016 484 593,000 - 1,224 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 14, 2016 484 590,000 - 1,218 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 14, 2016 678 814,000 - 1,200 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 14, 2016 721 853,000 - 1,183 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 14, 2016 657 758,000 - 1,154 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Oct 14, 2016 840 886,000 - 1,055 Uncompleted New SaleLA FIESTA Condominium 99 years Oct 16, 2016 1,367 1,790,000 - 1,309 2016 New SaleCHARLTON LANE Terrace Freehold Oct 18, 2016 1,528 3,100,000 - 2,035 1985 ResaleONE SURIN Terrace Freehold Oct 12, 2016 4,090 2,788,888 - 682 Uncompleted New SaleRIO VISTA Condominium 99 years Oct 14, 2016 1,249 950,000 - 761 2004 ResaleRIO VISTA Condominium 99 years Oct 14, 2016 1,238 900,000 - 727 2004 ResaleRIVERSAILS Condominium 99 years Oct 13, 2016 883 863,000 - 978 2016 Sub SaleRIVERSAILS Condominium 99 years Oct 13, 2016 1,378 1,208,000 - 877 2016 Sub Sale

SERANGOON GARDEN ESTATE Terrace 999 years Oct 17, 2016 1,841 2,780,000 - 1,510 Unknown ResaleSTARS OF KOVAN Apartment 99 years Oct 13, 2016 517 743,780 - 1,440 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Oct 15, 2016 1,023 1,536,860 - 1,503 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Oct 15, 2016 506 742,920 - 1,468 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Oct 15, 2016 743 1,046,940 - 1,410 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years Oct 16, 2016 506 782,480 - 1,547 Uncompleted New Sale

THE BENTLY RESIDENCES@KOVAN Apartment Freehold Oct 13, 2016 1,066 1,513,203 - 1,420 Uncompleted New Sale

THE BENTLY RESIDENCES@KOVAN Apartment Freehold Oct 13, 2016 2,153 2,280,400 - 1,059 Uncompleted New SaleTHE TERRACE EC 99 years Oct 11, 2016 1,076 871,300 - 809 Uncompleted New SaleTHE TERRACE EC 99 years Oct 12, 2016 1,076 864,700 - 803 Uncompleted New SaleTHE TERRACE EC 99 years Oct 13, 2016 1,076 928,200 - 862 Uncompleted New SaleTHE TERRACE EC 99 years Oct 13, 2016 1,076 879,700 - 817 Uncompleted New SaleTHE TERRACE EC 99 years Oct 13, 2016 1,076 874,700 - 813 Uncompleted New SaleTHE TERRACE EC 99 years Oct 13, 2016 1,076 839,700 - 780 Uncompleted New SaleTHE TERRACE EC 99 years Oct 13, 2016 1,076 808,500 - 751 Uncompleted New SaleTHE TERRACE EC 99 years Oct 15, 2016 1,076 840,100 - 780 Uncompleted New SaleTHE TERRACE EC 99 years Oct 16, 2016 1,076 866,300 - 805 Uncompleted New SaleTHE VALES EC 99 years Oct 11, 2016 904 739,000 - 817 Uncompleted New SaleTREASURE CREST EC 99 years Oct 15, 2016 1,076 774,000 - 719 Uncompleted New SaleTREASURE CREST EC 99 years Oct 16, 2016 1,076 774,000 - 719 Uncompleted New SaleTREASURE GARDENS Apartment Freehold Oct 18, 2016 1,690 1,330,000 - 787 2005 ResaleTRILIVE Condominium Freehold Oct 11, 2016 904 1,405,000 - 1,554 Uncompleted New SaleTRILIVE Condominium Freehold Oct 14, 2016 624 1,088,000 - 1,743 Uncompleted New SaleTRILIVE Condominium Freehold Oct 16, 2016 549 910,000 - 1,658 Uncompleted New Sale

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District 20 CLOVER BY THE PARK Condominium 99 years Oct 11, 2016 1,604 1,730,000 - 1,079 2011 ResaleNUOVO EC 99 years Oct 18, 2016 1,389 1,090,000 - 785 2004 ResaleTHE GARDENS AT BISHAN Condominium 99 years Oct 13, 2016 883 885,000 - 1,003 2004 ResaleTHE GARDENS AT BISHAN Condominium 99 years Oct 14, 2016 1,206 1,320,000 - 1,095 2004 ResaleTHE PANORAMA Condominium 99 years Oct 13, 2016 1,130 1,418,450 - 1,255 Uncompleted New SaleTHE PANORAMA Condominium 99 years Oct 13, 2016 1,012 1,225,488 - 1,211 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Oct 11, 2016 732 1,063,500 - 1,453 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Oct 12, 2016 463 724,220 - 1,565 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Oct 16, 2016 463 716,700 - 1,548 Uncompleted New SaleDistrict 21 CHENG SOON GARDEN Semi-Detached Freehold Oct 11, 2016 4,004 5,000,000 - 1,250 1982 ResaleCLEMENTI PARK Condominium Freehold Oct 11, 2016 872 950,000 - 1,090 1983 ResaleCLEMENTI PARK Condominium Freehold Oct 17, 2016 1,755 1,700,000 - 969 1983 ResaleHIGHGATE Condominium Freehold Oct 13, 2016 1,367 1,305,000 - 955 1995 ResaleJARDIN Condominium Freehold Oct 13, 2016 1,130 1,620,000 - 1,433 2012 ResaleMAPLEWOODS Condominium Freehold Oct 18, 2016 1,787 2,480,000 - 1,388 1997 ResaleENG KONG ROAD Terrace Freehold Oct 11, 2016 1,808 2,300,000 - 1,269 Unknown ResalePANDAN VALLEY Condominium Freehold Oct 17, 2016 2,142 1,930,000 - 901 1978 ResalePARC PALAIS Condominium Freehold Oct 13, 2016 990 980,000 - 990 1999 ResaleSUMMERHILL Condominium Freehold Oct 12, 2016 947 1,060,000 - 1,119 2002 ResaleTHE BLOSSOMVALE Condominium 999 years Oct 14, 2016 1,367 1,785,000 - 1,306 1998 ResaleTHE RAINTREE Condominium 99 years Oct 13, 2016 1,582 1,480,000 - 935 2008 ResaleTHE RAINTREE Condominium 99 years Oct 14, 2016 1,302 1,270,000 - 975 2008 ResaleDistrict 22 LAKE GRANDE Condominium 99 years Oct 12, 2016 721 935,000 - 1,296 Uncompleted New SaleLAKE GRANDE Condominium 99 years Oct 12, 2016 818 1,049,000 - 1,282 Uncompleted New SaleLAKE GRANDE Condominium 99 years Oct 12, 2016 1,485 1,745,000 - 1,175 Uncompleted New SaleLAKE GRANDE Condominium 99 years Oct 15, 2016 721 991,000 - 1,374 Uncompleted New SaleLAKE GRANDE Condominium 99 years Oct 15, 2016 872 1,153,000 - 1,322 Uncompleted New SaleLAKEVILLE Condominium 99 years Oct 11, 2016 1,302 1,685,327 - 1,294 Uncompleted New SaleLAKEVILLE Condominium 99 years Oct 12, 2016 1,302 1,753,585 - 1,346 Uncompleted New SaleTHE FLORAVALE EC 99 years Oct 17, 2016 1,389 910,000 - 655 2000 ResaleWESTWOOD RESIDENCES EC 99 years Oct 12, 2016 1,033 843,860 - 817 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Oct 12, 2016 1,238 995,900 - 805 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Oct 15, 2016 1,238 1,002,100 - 810 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Oct 15, 2016 1,238 995,000 - 804 Uncompleted New SaleDistrict 23 HILLINGTON GREEN Condominium 999 years Oct 14, 2016 1,356 1,390,000 - 1,025 2002 ResaleHILLINGTON GREEN Condominium 999 years Oct 18, 2016 1,356 1,380,000 - 1,018 2002 ResaleHILLION RESIDENCES Apartment 99 years Oct 13, 2016 474 673,440 - 1,422 Uncompleted New SaleKINGSFORD . HILLVIEW PEAK Condominium 99 years Oct 13, 2016 1,249 1,565,471 - 1,254 Uncompleted New SaleKINGSFORD . HILLVIEW PEAK Condominium 99 years Oct 13, 2016 1,098 1,370,000 - 1,248 Uncompleted New SaleSOL ACRES EC 99 years Oct 12, 2016 926 716,000 - 773 Uncompleted New SaleSOL ACRES EC 99 years Oct 14, 2016 872 685,000 - 786 Uncompleted New SaleSOL ACRES EC 99 years Oct 14, 2016 926 715,000 - 772 Uncompleted New SaleSOL ACRES EC 99 years Oct 16, 2016 710 589,000 - 829 Uncompleted New SaleSOL ACRES EC 99 years Oct 16, 2016 710 580,000 - 816 Uncompleted New SaleSOL ACRES EC 99 years Oct 16, 2016 710 559,000 - 787 Uncompleted New SaleSOL ACRES EC 99 years Oct 16, 2016 926 722,000 - 780 Uncompleted New SaleSOL ACRES EC 99 years Oct 16, 2016 1,044 813,000 - 779 Uncompleted New SaleSOL ACRES EC 99 years Oct 16, 2016 807 622,000 - 770 Uncompleted New SaleSOL ACRES EC 99 years Oct 16, 2016 1,044 797,000 - 763 Uncompleted New SaleSOL ACRES EC 99 years Oct 16, 2016 1,098 838,000 - 763 Uncompleted New SaleTHE HILLIER Apartment 99 years Oct 13, 2016 624 800,000 - 1,281 2016 Sub SaleTHE WARREN Condominium 99 years Oct 11, 2016 1,539 1,300,000 - 845 2004 ResaleWANDERVALE EC 99 years Oct 11, 2016 1,098 874,000 - 796 Uncompleted New SaleWANDERVALE EC 99 years Oct 11, 2016 1,098 842,000 - 767 Uncompleted New SaleWANDERVALE EC 99 years Oct 11, 2016 958 735,000 - 767 Uncompleted New SaleWANDERVALE EC 99 years Oct 12, 2016 958 735,000 - 767 Uncompleted New SaleWANDERVALE EC 99 years Oct 13, 2016 1,130 815,000 - 721 Uncompleted New SaleWANDERVALE EC 99 years Oct 13, 2016 1,130 807,000 - 714 Uncompleted New SaleWANDERVALE EC 99 years Oct 15, 2016 1,130 836,000 - 740 Uncompleted New SaleWANDERVALE EC 99 years Oct 15, 2016 958 668,000 - 697 Uncompleted New SaleWANDERVALE EC 99 years Oct 16, 2016 1,098 839,000 - 764 Uncompleted New SaleWANDERVALE EC 99 years Oct 16, 2016 1,098 835,000 - 761 Uncompleted New SaleWANDERVALE EC 99 years Oct 16, 2016 1,087 814,000 - 749 Uncompleted New SaleDistrict 25 BELLEWOODS EC 99 years Oct 15, 2016 1,259 978,000 - 777 Uncompleted New SaleBELLEWOODS EC 99 years Oct 16, 2016 1,216 873,180 - 718 Uncompleted New SaleNORTHOAKS EC 99 years Oct 18, 2016 1,292 790,000 - 612 2000 ResaleNORTHWAVE EC 99 years Oct 13, 2016 893 658,900 - 738 Uncompleted New SaleROSEWOOD Condominium 99 years Oct 14, 2016 1,173 900,000 - 767 2003 ResaleDistrict 26 LENTOR VIEW Terrace Freehold Oct 18, 2016 2,766 2,485,000 - 899 1992 ResaleDistrict 27 JALAN JANGGUS Semi-Detached Freehold Oct 13, 2016 2,110 1,600,000 - 760 Unknown ResaleNORTH PARK RESIDENCES Apartment 99 years Oct 14, 2016 1,206 1,541,480 - 1,279 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Oct 16, 2016 969 1,254,600 - 1,295 Uncompleted New SalePARC LIFE EC 99 years Oct 13, 2016 980 753,350 751,050 767 Uncompleted New SalePARC LIFE EC 99 years Oct 13, 2016 1,066 801,800 799,500 750 Uncompleted New SalePARC LIFE EC 99 years Oct 15, 2016 1,001 781,850 779,550 779 Uncompleted New SaleSELETARIS Condominium Freehold Oct 12, 2016 1,206 850,000 - 705 2001 ResaleSIGNATURE AT YISHUN EC 99 years Oct 13, 2016 1,098 816,830 - 744 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Oct 14, 2016 1,098 822,195 - 749 Uncompleted New SaleSKYPARK RESIDENCES EC 99 years Oct 13, 2016 1,593 1,225,340 - 769 2016 New SaleSYMPHONY SUITES Condominium 99 years Oct 12, 2016 786 801,000 - 1,019 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 13, 2016 689 769,000 - 1,116 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 15, 2016 893 975,000 - 1,091 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 15, 2016 786 817,000 - 1,040 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 16, 2016 797 816,000 - 1,024 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Oct 16, 2016 797 812,000 - 1,019 Uncompleted New SaleTHE BROWNSTONE EC 99 years Oct 12, 2016 732 664,000 - 907 Uncompleted New SaleTHE BROWNSTONE EC 99 years Oct 12, 2016 1,130 939,200 - 831 Uncompleted New SaleTHE BROWNSTONE EC 99 years Oct 13, 2016 936 738,400 - 788 Uncompleted New SaleTHE BROWNSTONE EC 99 years Oct 15, 2016 883 797,600 - 904 Uncompleted New SaleTHE BROWNSTONE EC 99 years Oct 15, 2016 732 660,000 - 902 Uncompleted New SaleTHE BROWNSTONE EC 99 years Oct 16, 2016 883 796,800 - 903 Uncompleted New SaleTHE CRITERION EC 99 years Oct 11, 2016 947 720,800 - 761 Uncompleted New SaleTHE CRITERION EC 99 years Oct 15, 2016 786 660,800 - 841 Uncompleted New SaleTHE CRITERION EC 99 years Oct 15, 2016 1,098 812,800 - 740 Uncompleted New SaleTHE MILTONIA RESIDENCES Condominium 99 years Oct 12, 2016 1,518 1,233,000 - 812 2014 ResaleTHE SHAUGHNESSY Terrace 99 years Oct 12, 2016 3,283 1,350,000 - 411 2006 ResaleTHE SHAUGHNESSY Terrace 99 years Oct 14, 2016 3,315 1,350,000 - 407 2006 ResaleTHE VISIONAIRE EC 99 years Oct 12, 2016 1,023 835,000 - 817 Uncompleted New SaleTHE VISIONAIRE EC 99 years Oct 15, 2016 980 801,000 - 818 Uncompleted New SaleTHE VISIONAIRE EC 99 years Oct 15, 2016 1,012 746,000 - 737 Uncompleted New SaleYISHUN SAPPHIRE Condominium 99 years Oct 17, 2016 1,195 845,000 - 707 2001 ResaleDistrict 28 HIGH PARK RESIDENCES Apartment 99 years Oct 11, 2016 990 1,016,112 - 1,026 Uncompleted New SaleRIVERTREES RESIDENCES Apartment 99 years Oct 12, 2016 1,119 1,243,700 - 1,111 Uncompleted New SaleSELETAR SPRINGS CONDOMINIUM Condominium 99 years Oct 17, 2016 1,561 1,050,000 - 673 2000 Resale




FROM PREVIOUS PAGE


GAINS AND LOSSES


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Most profi table deals

Non-profi table deals

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 Yong An Park 9 3,111 Oct 12 1,672 Feb 12, 1999 620 3,270,000 169 6 17.7

2 Trevose Park 11 1,647 Oct 13 1,397 July 1, 2001 698 1,150,000 100 5 15.3

3 Grand Duchess at St Patrick’s 15 2,056 Oct 13 1,352 July 3, 2009 890 950,000 52 6 7.3

4 Clementi Park 21 1,755 Oct 17 969 July 10, 2001 473 870,000 105 5 15.3

5 Maplewoods 21 1,787 Oct 18 1,388 July 17, 2009 951 780,000 46 5 7.3

6 Pandan Valley 21 2,142 Oct 17 901 Nov 23, 2006 556 740,000 62 5 9.9

7 Caribbean at Keppel Bay 4 1,270 Oct 11 1,378 Oct 1, 2000 852 668,200 62 3 16.0

8 Butterworth View 15 1,216 Oct 12 1,175 April 26, 2007 645 643,800 82 7 9.5

9 Hillington Green 23 1,356 Oct 14 1,025 May 14, 2002 557 635,000 84 4 14.4

10 Clover by the Park 20 1,604 Oct 11 1,079 Nov 2, 2009 703 602,000 53 6 6.9LANDED

1 Terraced/Charlton Lane 19 1,528 Oct 18 2,035 July 16, 2015 1,083 1,450,000 88 65 1.3

2 Terraced/Miltonia Close 27 3,283* Oct 12 411 Nov 29, 2005 242 554,340 70 5 10.9

3 Terraced/Cardiff Grove 19 1,841 Oct 17 1,510 Oct 19, 2011 1,336 320,000 13 2 5.0

4 Terraced/Miltonia Close 27 3,315* Oct 14 407 May 9, 2008 368 130,000 11 1 8.4

5 Terraced/Lorong Marican 14 2,002 Oct 13 1,375 May 29, 2012 1,369 12,000 0.4 0.1 4.4

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Jardin 21 1,130 Oct 13 1,433 Sept 30, 2010 1,897 524,250 24 -5 6.0

2 Cyan 10 1,658 Oct 13 2,172 Sept 1, 2010 2,472 497,000 12 -2 6.1

3 Reflections at Keppel Bay 4 1,044 Oct 17 1,437 May 10, 2007 1,644 216,300 13 -1 9.4

4 The Laurels 9 883 Oct 14 2,566 March 18, 2010 2,781 189,740 8 -1 6.6

5 Tanglin Residences 10 1,130 Oct 14 1,888 July 23, 2007 2,035 166,560 7 -1 9.2

6 Summerhill 21 947 Oct 12 1,119 Oct11, 2012 1,246 120,000 10 -3 4.0

7 The Shore Residences 15 1,141 Oct 18 1,512 Sept 18, 2012 1,570 66,600 4 -1 4.1

8 Eco 16 861 Oct 13 1,173 Oct 11, 2012 1,236 54,184 5 -1 4.0

9 Ness 14 452 Oct 17 1,172 June 22, 2012 1,283 50,000 9 -2 4.3

*Refers to strata area. Otherwise, area stated for landed homes refers to land area.Note: The profit and loss computation excludes transaction costs such as stamp dutiesURA caveat record downloaded on Oct 21 and 25

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A 1,130 sq ft unit at Jardin was sold at a loss of $524,250 on Oct 13

Jardin sees another loss-making transaction| BY ESTHER HOON |

The week of Oct 11 to 18 saw the ninth consecutive unprof-itable deal at Jardin. The sell-er incurred a loss of $524,250 from the transaction. He had

purchased the 1,130 sq ft unit from the developer in September 2010 at $1,897 psf and resold it at $1.62 mil-lion, or $1,433 psf, on Oct 13. The annualised loss works out to 5%. All resale transactions at the project since 2015, where the previous ca-veats can be traced, have been un-profitable. The biggest loss recorded in the project was from a 1,808 sq ft unit, which incurred a loss of $1.44 million in March this year. Jardin is a 140-unit freehold condominium on Dunearn Road near Bukit Timah Plaza that was completed in 2012.

Over at Cyan, a freehold condo in prime District 10, a 1,658 sq ft unit was sold at a loss of $497,000 on Oct 13. The seller paid the developer $2,472 psf for the unit in September 2010, a price in the top 3% at the project his-torically. The unit was resold at $3.6 million, or $2,172 psf. In Novem-ber 2015, another 1,658 sq ft unit at the project was resold at $1,872 psf. The transaction resulted in a loss of $935,000 for the seller, the biggest recorded in the project. Of the four transactions concluded at the project so far this year, two were profitable.

The top gain of $3.27 million in the week of Oct 11 to 18 accrued to

a 3,111 sq ft unit on the 22nd floor of Yong An Park, a 288-unit free-hold condo on River Valley Road in prime District 9. The unit was held for nearly 18 years before it was re-sold at $5.2 million, or $1,672 psf. It was previously purchased in Feb-

ruary 1999 at $620 psf. The annu-alised gain works out to 6%. This marks the second profitable deal at the project this year. In September, a 1,023 sq ft unit on the second floor netted a $265,000 profit after being held for seven years.

Separately, in the landed housing segment, a terraced house on Charl-ton Lane fetched a toppish $3.1 mil-lion, or $2,035 psf on land area, on Oct 18 after being held for slightly over a year. The transaction reflects an 88% gain, or $1.45 million. The

seller had purchased the property at just $1.65 million, or $1,083 psf, last year. The property sits on a 1,528 sq ft freehold plot. Including a seller’s stamp duty of $372,000 payable, the profit works out to $1.08 million. This is the first landed house on Charl-ton Lane that crossed the $2,000 psf mark. The hefty price gain, however, may be partly attributed to the on-going refurbishment of the proper-ty into a three-storey house with an attic and basement.

Meanwhile, two 99-year lease-hold, strata-terraced houses in The Shaughnessy in Yishun found buy-ers in the week of Oct 11 to 18. The bigger profit of $554,340 accrued to

a 3,283 sq ft terraced house that was purchased more than a decade ago, in November 2005, at $242 psf. The unit was resold at $1.35 million, or $411 psf, on Oct 12, for an annual-ised gain of 5%.

The smaller profit amounted to $130,000, or an annualised gain of 1%, over eight years. The seller, who purchased the property in May 2008 at $368 psf, resold it at $1.35 million, or $407 psf, on Oct 14. Only four of the 182 resale transactions at The Shaughnessy so far this year, where the previous caveats could be traced, were unprofitable. The four prop-erties were purchased in 2011 and 2012 from the resale market. Only one property purchased between 2011 and 2012 was resold at a prof-it, which amounted to $50,000.


DEAL WATCH

tember. Meanwhile, a 1,755 sq ft, four-bed-room, mid-floor unit with a sea view was sold for $2.25 million ($1,282 psf), accord-ing to a caveat lodged in July; and a 1,798 sq ft, three-bedroom penthouse was sold for $2.15 million ($1,196 psf) in August.

The most recent transaction of a 1,475 sq ft, four-bedroom unit was in June, when a second-level unit in another block changed hands for $1.4 million ($949 psf), accord-ing to a caveat lodged then.

Typical four-bedroom units of 1,475 to 1,561 sq ft at Costa del Sol have been leased at an average monthly rent of $4,563 over the past three months. Based on the lat-est asking price of $1,024 psf, it translates into a potential gross rental yield of 3.6%, which is attractive in today’s market, and this is even before the MRT station is ready, notes Huttons’ Lim.

For more information, call marketing agent Alvin Lim at 9660 2828.

Scan the QR code for value deals at Costa del Sol

Recent transactions at Costa del SolTA

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Recent rental contracts for 1,400 to 1,500 sq ft units at Costa del Sol

LEASE DATE MONTHLY RENT $ $ PSF

August 2016 4,900 3.40

August 2016 4,400 3.00

August 2016 4,500 3.10

August 2016 4,300 3.00

July 2016 5,000 3.40

July 2016 5,200 3.60

July 2016 3,800 2.60

July 2016 4,400 3.00

Costa del Sol unit for sale below $1,100 psf| BY TAN CHEE YUEN |

A four-bedroom unit at Costa del Sol has been put on the market for $1.51 million ($1,024 psf), ac-cording to a listing on TheEdge-Property.com. Costa del Sol is a

906-unit condominium on Bayshore Road whose amenities include a poolside café and minimart. The unit for sale is 1,475 sq ft, on a low floor and faces a landscaped garden. It is currently occupied by the own-er, says Alvin Lim, a senior sales associate director with Huttons Asia who is market-ing the property.

Costa Del Sol has seven 30-storey blocks

and many of the mid- to high-floor units have a view of the East Coast Park and the sea beyond. The project was developed by Hong Kong property giant Cheung Kong Property Holdings and completed in 2004. There is a mix of two- to four-bedroom apartments and penthouses. Unit sizes start from 947 sq ft for a two-bedder to 2,196 sq ft for a four-bedder on the ground floor with a pri-vate garden.

The prospect of the future Bayshore MRT station on the Thomson-East Coast Line lo-cated just across the road from Costa Del Sol presents exciting new opportunities for potential owner-occupiers and inves-tors looking to buy in and existing own-ers looking to exit. The result is that there has been a flurry of activity at Costa Del Sol, with three-bedroom units of 1,324 to 1,313 sq ft changing hands from $1.4 mil-lion ($1,057 psf) to $1.59 million ($1,210 psf), based on transactions from July to Sep- E

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Costa Del Sol was developed by Hong Kong property giant Cheung Kong Property Holdings and completed in 2004

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

Sept 23, 2016 Mid 1,313 1,550,000 1,180Aug 30, 2016 High 1,313 1,588,800 1,210Aug 18, 2016 High 1,798 2,150,000 1,196Aug 12, 2016 Mid 1,324 1,400,000 1,057Aug 12, 2016 Mid 1,238 1,400,000 1,131Aug 3, 2016 High 1,313 1,540,000 1,173 *Low floors: L1 to 7, mid floors: L8 to 15, high floors: L16 and above

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