singapore property weekly issue 126

7/27/2019 Singapore Property Weekly Issue 126

1/19

Issue 126Copyright 2011-2013 www.Propwise.sg. All Rights Reserved.
http://www.propwise.sg/http://www.propwise.sg/


2/19

ContributeDo you have articles and insights and articles that youd like to share

with thousands of readers interested in the Singapore property

market? Send them to us at [email protected] , and if theyre good

enough, well publish them here, on our blog and even on Yahoo!

News.

AdvertiseWant to get your brand, product, service or property listing out to

thousands of Singapore property investors at a very reasonable

cost? Head over to www.propwise.sg/advertise/ to find out more.

CONTENTS

p2 How to Value Strata-Title Commercial Property

p11 Singapore Property News This Week

p17 Resale Property Transactions

(October 2 October 8)

Welcome to the 126th edition of the

Singapore Property Weekly.

Hope you like it!

Mr. Propwise

FROM THE

EDITOR
mailto:[email protected]://www.propwise.sg/advertise/http://www.propwise.sg/advertise/mailto:[email protected]


3/19

SINGAPORE PROPERTY WEEKLY Issue 126

Page | 2Back to Contents

How to Value Strata-Title Commercial Property

By Argus Software

On the back of low interest rates and strong

market liquidity, transaction volumes of

commercial strata-titled units in both the

primary and secondary property markets

have risen tremendously. Cooling measures

in the residential sector have also diverted

yield hungry investors towards the

commercial property sectors. As a result,

property developers have started to ride on

the wave of investor interest and strata-sell

units in commercial developments instead of

leasing them out for recurring income.


4/19



Impact of the TDSR on commercial

property sales

In June 2013, the Singapore government

announced the implementation of a TotalDebt Servicing Ratio (TDSR) framework,

which requires the application of a 4.5%

medium-term interest rate or the prevailing

market interest rate, whichever is higher, to

the commercial property loan that the

borrower is applying for. According to DTZResearch, the number of strata-titled shop

and factory resale transactions fell by around

67% and 50% quarter-on-quarter respectively

in Q3 2013, partly due to the TDSR

framework.

As the operating environment becomes more

challenging with stricter financing rules,

potential higher interest rates and large

pipeline supply in the market, investors are

more concerned about the future cash flows

generated and the potential appreciation of

their investment. Likewise, property agencies

in charge of marketing such commercial

strata-titled projects also feel a stronger need

to provide more details in their analysis for

clients.

Case study: Nine Residences

Huttons Group, a property agency in

Singapore, has been appointed to market

Nine Residences, an upcoming 99-year

leasehold mixed development located at

Yishun Avenue 9. The developer has

decided to strata-title the two-storey retailcomponent (Junction Nine) into 146 units for

sale.


5/19



The indicative pricing for the shop units is at

least $3,000 per sq ft and the project is

expected to complete in mid-2017.

Most marketing materials provide the

snapshot above for potential property buyers,

which may not provide sufficient details to

make a rational investment decision. For

example, the snapshot does not include

projections of future cash flows of the

property, which is required for potential

buyers to assess their debt servicing abilities.

As a result, agent representatives may

expose investors to unintended future risk.

Predicting the future cash flows of the

property

In order to predict the future cash flows of the

property, an investor is required to make

calculations based on assumptions and

market trends (see Table 1 and 2 below). Just

like a stock market investment, property

investors need to develop basic valuation

skills in order to make rational purchase

decisions.


6/19



To value an investment property, it is

important to understand how the signed

leases determine cash flows. Operating

expenses such as service charges andannual property taxes for strata units may

be borne by the landlord in certain

instances. All expenses pertaining to the

strata unit needs to be deducted from the

revenues to determine net operating income

(NOI). Any additional capital expenses in

maintaining the property are deducted from

the net operating income to determine thefuture cash flows. Finally, a future sales

price of the property is also projected in

order to determine the overall present value.
http://www.propwise.sg/secretsofsingaporepropertygurus/


7/19



Table 1: An example of forecasting future cash flows

Source: ARGUS Software (Asia Pacific) estimates only

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast

Junction Nine Sep, 2014 Sep, 2015 Sep, 2016 Sep, 2017 Sep, 2018 Sep, 2019 Sep, 2020 Sep, 2021 Sep, 2022 Sep, 2023

0 0 0 8,532 34,128 35,195 38,483 38,750 38,750 38,750

0 0 0 -2,844 0 0 -807 0 0 -807

0 0 0 5,688 34,128 35,195 37,676 38,750 38,750 37,942

0 0 0 5,688 34,128 35,195 37,676 38,750 38,750 37,942

0 0 0 7 28 21 8 32 32 32

0 0 0 5,695 34,156 35,216 37,684 38,782 38,782 37,975

0 0 0 932 3,841 3,956 4,075 4,197 4,323 4,453

0 0 0 569 3,413 3,519 3,768 3,875 3,875 3,794

0 0 0 219 900 927 955 984 1,013 1,044

0 0 0 0 0 64 0 0 0 0

0 0 0 1,720 8,154 8,467 8,798 9,056 9,212 9,291

0 0 0 3,975 26,002 26,749 28,886 29,726 29,570 28,684

0 0 0 2,844 0 1,600 3,229 0 0 3,229

0 0 0 -5,688 0 -3,200 -6,458 0 0 -6,458

0 0 0 5,688 0 3,200 6,458 0 0 6,458

0 0 0 0 0 -5,688 -3,200 0 0 -6,458

0 0 0 0 0 5,688 3,200 0 0 6,458

0 0 0 2,844 0 1,600 3,229 0 0 3,229

0 0 0 0 0 0 2,500 0 0 2,500

0 0 0 0 0 0 2,500 0 0 2,500

0 0 0 2,844 0 1,600 5,729 0 0 5,729

0 0 0 1,131 26,002 25,149 23,157 29,726 29,570 22,954

10,982 11,254 18,762 27,592 27,101 26,581 26,036 25,460 24,853 24,213

10,982 11,254 18,762 27,592 27,101 26,581 26,036 25,460 24,853 24,213

14,112 14,171 11,593 9,149 9,640 10,160 10,705 11,282 11,888 12,528

14,112 14,171 11,593 9,149 9,640 10,160 10,705 11,282 11,888 12,528

25,094 25,425 30,355 36,741 36,741 36,741 36,741 36,742 36,741 36,741

-25,094 -25,425 -30,355 -35,610 -10,739 -11,592 -13,584 -7,016 -7,171 -13,787Cash Flow After Debt Service

UOB Term Loan

Total Interest

Principal

UOB Term Loan

Total Principal

Total Debt Service

Renovation

Total Capital Expenditures

Total Leasing & Capital Costs

Cash Flow Before Debt Service

Debt Service

Interest

Security Deposits

Invested Security Deposits

Distributed Deposit Investments

Deposit Refund

Total Leasing Costs

Capital Expenditures

Insurance

Stamp Duties

Total Operating Expenses

Net Operating Income

Leasing Costs

Leasing Commissions

Effective Gross Revenue

Operating Expenses

Service Charge

Property Tax

Free Rent

Scheduled Base Rent

Total Rental Revenue

Other Tenant Revenue

Total Other Tenant Revenue

Rental Revenue

Potential Base Rent

SINGAPORE PROPERTY WEEKLY I 126


8/19



Table 2: Analysing returns to make a Buy/Sell decision


Junction Nine - Yishun Purchase Price

Yishun Avenue 9 Closing Costs (2.00%)Singapore Total Purchase Price

Retail Less Debt Amount (78.54%)

237 sq f t Equity

Oct, 2013

10 Years 0 Months

3.00% Discount Rate

Unleveraged PV

Summary Cash Flow (Year 1) Per SF Cap Rate

Potential Gross Revenue $0 Gross Income Multiplier

Vacancy & Adjustments 0 Property Resale (Sep, 2023)

Effective Gross Revenue 0 Unleveraged IRR

Operating Expenses 0 Recommended Hold End

Net Operating Income 0 IRR for Recommended Hold

Leasing & Capital Costs 0 Breakeven Date

Cash Flow Before Debt Service 0 NOI Yield

Debt Service -$105.88 Cash On Cash Yield

Cash Flow After Debt Service -$105.88

Debt Financing UOB Term Loan CIMB Term Loan

Loan Begins Oct, 2013 Oct, 2013

September, 2023 Amount $569,600 $569,600

29,245 Interest Rate 1.95% 1.70%

29,245 Term 360 Months 360 Months

3.00% Payment $2,091 Monthly $2,021 Monthly

974,840 Loan Costs $800 $1,200

-19,497 Loan to Present Value

955,343 Debt Coverage Ratio

454,372

500,971

PV ofNet Sale Price 597,787

Gross Sale Price

Property Sale Commission

Net Sale Price

Less: Loan Balance

Proceeds from Sale

Sales Proceeds Calculation

Residual Sale Date

Net Operating Income (NOI)

NOI to Capitalize

Divided by Cap Rate

Analysis Begin Date

Length of Analysis

Property Summary

Junction Nine - Yishun (Amounts in SGD, Measures in SF)

Oct, 2013 through Sep, 2024

Property Information

Property Name

Purchase & Investment

0

0

0

-$25,094

-$25,094

General Inflation

Amount

$0

0

0

$711,000

$14,220$725,220

$569,600

$155,620

0

AddressCity, State

Property Type

Unit Area

4.80%

$709,137 [$2,992.14/SF]

3.00%

33.33

$955,343 [$4,030.98/SF]

Present Value & Yield

-16.13%

80.32%

0

4.56%

Sep, 202031.73%

N/A

0.00%

SINGAPORE PROPERTY WEEKLY I 126


9/19



Benefits of using cash flow projections

A projected cash flow statement will also

allow the bank to accurately assess the

income generating ability of the investment

property, and depending on the debt service

cover ratio (DSCR) achieved on the cash

flow, a favorable loan quantum for the

borrower could be considered by the lender.

The bank will also be able to review the

underlying assumptions used in these cash

flow projections and make necessary

adjustments, resulting in greater

transparency of the loan review.

Another positive benefit of using cash flow

projections is that the property agent can also

track future leasing and sales activity and

resulting commissions (Table 3). As a result,

the agent can for example develop

customised leasing and marketing strategies

for their clients.

Table 3: An example of projecting leasing activity


Single Tenant / Lease

Status Details

Lease

Type

Begin

Date

Lease

Term

Expiration

Date

Minimum

Term

Lease

Period

Lease

Status Area

Initial

Base

Rent

Base

Rent/

Area

(yr)

Base

Rent/

Area

(mth)

Leasing

Commissions

Leasing

Commissions/

Area

Junction Nine #01-10

Tenant X Retail 1/7/2017 2y 30/6/2019 2y Base Contract 237 34,128 144.00 12.00 2,844 12.00

Tenant X (Option 1) Retail 1/7/2019 1y 30/6/2020 1y Option Option 237 38,394 162.00 13.50 1,600 6.75

Tenant X (Opt ion 1) Retail 1/7/2020 3y 30/6/2023 3y Market Contract 237 38,750 163.50 13.63 3,229 13.63

Final Totals 2y 711 111,272 156.50 13.04 7,673 10.79

99-Years Leasehold



10/19



Using cash flow projections versus

traditional methods

A major data source for the real estate

industry is historical transactional data

based on caveats which several market data

providers currently use. One limitation of

using historical data is that it may not be

indicative of future market trends and fails to

provide projections for the investor. Unlike

the cash flow analysis, comparing withhistorical transactions does not allow an

investor to approximate the true value of the

investment property and assess if the

prospective sales price can be supported.

Another data source for the real estate

industry is the certified valuation which all

property transactions require. However, an

investors valuation may differ from that of an

approved valuer as they tend to lag the

market, causing properties to be overvalued

when market fundamentals are deteriorating

and undervalued when property markets

strengthen. There may also be significant

differences in opinions among investors and

valuers about the assumptions used when

forecasting future earnings.

Creating a cash flow estimation and

valuation of an investment property

Unknown to many, it is possible to create an

accurate cash flow estimate and valuation of

an investment property with limited access to

sophisticated property valuation tools. The

basic investment model is the same for all

property types, although how income is

generated and expenses are incurred may

differ depending on the type of commercial

property.



11/19



The investor will be required to include local

market data in terms of rental rates, lease

structures, leasing commission, capital

allowances, tax rates and other market

standards into the cash flow model tounderstand the market risk and achieve a

better estimate of value.

Once the intrinsic value of the property has

been determined, it can be compared with the

selling price and other transactional data to

arrive at a rational investment decision.

By ARGUS Software, which provides

software and services to real estate owners,

investors, developers, financial institutions,

estate agents and REITS. Argus Solutions

enable customers to improve visibility and to

better manage financial and operational

performance of their real estate portfolios.

http://www.argussoftware.com/http://www.moneymatters.sg/http://www.argussoftware.com/http://www.argussoftware.com/http://www.argussoftware.com/


12/19


Singapore Property This Week


Residential

F r ee h o ld p r o p e r ty n o t n e c es s a r il y b e tt er

than 99-year leasehold

The two general types of property tenure in

Singapore 99-year leasehold property and

freehold property could be considered

similar. However, freehold properties could

hold a few advantages over leasehold

properties, including higher en-bloc potential,

slower pace of depreciation (as leasehold

properties value would diminish over the

course of their lease) and no restrictions on

the use of Central Provident Fund for home

purchases. Recent statistics have shown that

new leasehold condominiums have

dominated the market in recent years, with

new leasehold and new freehold condo sales

standing at 95 and 5 percent respectively for

the first half of 2013. On the contrary, 70

percent of new sales were freehold in 2006

and 2007. This could be due to the increase

of the government land sales programme in

recent years and the tightening of en-bloc

rules in Oct 2007.

(Source: Business Times)

Developers p r i v a t e h o m e s a l e s i n c r e a s e s

in Sept

Developers private home sales, excludingexecutive condominiums units, increased 65

percent to 1,246 units in Sept compared to

756 units in August.



13/19



However, Septs figure is a decrease of more

than half that in Sept 2012. For the third

quarter of 2013, developers have sold a total

of 2,484 private homes, which is the lowest

number since Q4 2009 with only 1,860 unitssold. The TDSR framework introduced in late

June has been attributed for this drop.

According to DTZs South-east Asia Chief

Operating Officer Ong Choon Fah, the ranks

of property investors have thinned

significantly and those still around are goingmostly for smaller units. The latest figures

from the Urban Redevelopment Authority

(URA) revealed an uneven performance

among the seven new projects (excluding EC

developments) that were launched last

month.


G C B o n L e e d o n R o a d u p f o r s a l e

A 43,926 sq ft two-storey colonial-style good

class bungalow (GCB) at Leedon Road-

Belmont Road junction is put on the market

with the guide price of about $1,700 to $1,800

psf on land area. The freehold site, zoned for

residential use and is within the designated

prime GCB area of Belmont Park, has a

swimming pool and a large garden. Having

dual frontages, its immediate neighbours

include other GCB estates such as Victoria

Park, Leedon Park, and Cornwall Gardens.


65% o f 50 resi dent i al uni ts rel eased at The

Venue so ld

About 65 per cent of the 50 residential units

released at The Venue Residences and

Shoppes have been sold.



14/19



The units were sold at an early bird average

price of $1,380 psf. In addition, around 60

percent of the 28 retail units at The Venue

Shoppes have been sold at $4,700 to $6,000

psf. The mixed development, along Tai ThongCrescent and a three-minute walk from

Potong Pasir MRT station, is developed by

City Developments Limited and Hong Leong

Holdings with 266 apartments and 28 retail

and dining units.


D BS sel ls $200m propert y- l inked bonds

DBS Bank has successfully sold $200 million

of five-year bonds on Skies Miltonia Property,

a property development in Yishun comprising

420 residential condominium units and two

commercial units. Private investors were the

buyers of the fixed rate notes due March

2018 issued and secured by Orchis Capital

Pte Ltd, a special purpose company. The

bonds will be based on progress payments

and it is the first of its type since 2008.


Commercial

HDB to en d as sig nm en t o f t en an ted

b u s i n e s s s p a c es

The Housing & Development Board (HDB)

has acted to restrain the rising operatingcosts and unhealthy speculation in the rental

commercial and industrial properties, which

would result in a fairer playing field for

genuine businesses seeking spaces in these

sectors. The new rule emerged after HDB

noticed rising average assignment fee andtendered rent in the past few years which

would contribute to higher operating costs

and then would be passed on to residents

and consumers.



15/19



HDB would introduce a two-stage plan to stop

the practice of assignment in which tenants

pass on their tenancy to a new party for a

one-time fee. Currently there are 8,000

commercial tenants and 10,700 industrialtenants with an average of 500 cases of such

assignment for each group per year.


N a m C h e o n g b u y s o f f i c e s p a c e a t S u n t e c

Tow er Three f or $30. 3 mil l ion

Offshore vessel builder Nam Cheong will buy

office space of 10,097 sq ft at Suntec Tower

Three to house its Singapore corporate office

for about $30.3 million. The wholly owned

subsidiary Nam Cheong Offshore has been

granted an option-to-purchase (OTP) for

three office lots (units #41-01 to #41-03) at

Suntec Tower Three from Vista Realty, an

unrelated party. The leasehold property has a

remaining lease till Feb 29, 2088, and an

existing tenancy that will expire between Sept

14 in 2014 and Jan 15 in 2016.


T w o i n d u s t r i a l p l o t s i n J o o K o o n u p f o r

sale bet w een $7.5 and $10 mil l ion

Two industrial plots located at 9 Joo Koon

Road and 20 Joo Koon Crescent with

potential for additional gross floor area (GFA)

development has been put up for sale at

guide prices between $7.5 million and $10

million the latest industrial properties put up

for sale in recent weeks. They are zoned for

Business 2 use with a plot ratio of 1.4 each.

The two sites are within walking distance of

Joo Koon MRT station and are served by the

Ayer Rajah Expressway or Pan Island

Expressway. The marketing agent for the

plots is Jones Lang LaSalle (JLL).



16/19

S G O O ssue 6


5 Loyang Drive and Guang Ming Industrial

Building are the industrial plots sold this

month.


Si ng ap or e CB D is h o m e to th e worlds

largest vert ical garden

Ocean Financial Centres green wall of

51,000 potted plants of 25 species standing

at 19 metres high and 110 metres wide - as

big as eight tennis courts is now the worlds

largest vertical garden. It is located in the

heart ofSingapores Central Business District

(CBD). The pots of the the plants have been

arranged to make up a map of Singapore,

South-east Asia and the world. Not just for

aesthetic purposes, the wall is designed with

proprietary landscaping designs to reduce the

surface temperature of OFC's carpark behind

the wall of green, and act as a green lung

which filters out vehicular emissions and

provides visual relief from the dense concrete

landscape of the CBD. The green wall is also

a show of support for the National Parksvision of creating a City in a Garden out of

Singapore.


Far Eas t p lac es o p ti m is ti c t op b id s f or

G a m b a s C r e s c e n t i n d u s t r i a l p l o t s

Far East Organization has placed bullish top

bids for two 30-year leasehold industrial plots

in Gambas Crescent which are 700 metres

from Sembawang MRT Station. Its bids were

about 50 percent higher than the respective

second highest bids for each land parcel. Far

East offered about $44.78 million or $137.90

psf ppr for Parcel 1 of nearly 129,900 sq ft,



17/19


which was 48.5 percent more than the

second highest bid of $92.85 psf ppr from

from Hock Lian Seng. Parcel 1 drew six bids.

Far East bid about $46.33 million or $127.19

psf ppr for the 145,710 sq ft Parcel 2, which

was 54.4 percent higher than the next highest

bid of $82.36 psf ppr from Eco-I Pte Ltd.

Parcel 2 drew nine bids, and is located next

to the future North-South Expressway. Strata

sub-division will be allowed for new projects

on the sites, with the minimum strata size at

150 sq metres (1,614.59 sq ft) gross floor

area.


B l ac k Ro c k ap p o i n ts ag en t s t o s el l A X A

Tow er, 8 Shent on Way

BlackRock, the New York Stock Exchange-

listed and the world's largest asset manager,

has appointed CBRE and Jones Lang LaSalle

as agents to find a buyer for AXA Tower at 8

Shenton Way. This shows the group's serious

intention to sell the landmark circular building

opposite International Plaza and Tanjong

Pagar MRT Station. The price is expected tobe at least $2,000 psf based on the existing

net lettable area (NLA) of 674,000 sq ft, which

would amount to $1.35 billion in total.




18/19


Non-Landed Residential Resale Property Transactions for the Week of Oct 2 Oct 8

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

2 CRAIG PLACE 570 950,000 1,665 99

4 REFLECTIONS AT KEPPEL BAY 1,464 3,123,619 2,134 99

4 CARIBBEAN AT KEPPEL BAY 893 1,520,000 1,701 99

5 THE STELLAR 1,528 1,950,000 1,276 FH

9 THE RITZ-CARLTON RESIDENCES SINGAPORE CAIRNHILL 2,831 10,800,000 3,815 FH

9 RIVERGATE 1,507 3,250,000 2,157 FH

9 MARTIN PLACE RESIDENCES 1,163 2,450,000 2,108 FH

9 PARC SOPHIA 549 1,082,000 1,971 FH

9 WILKIE 87 1,335 1,700,000 1,274 FH

10 GRANGE RESIDENCES 2,583 6,800,000 2,632 FH

10 ONE CHATSWORTH 3,305 7,000,000 2,118 FH

10 THE MONTANA 1,055 2,120,550 2,010 FH

10 THE MONTANA 947 1,884,540 1,990 FH

10 THE MONTANA 775 1,539,870 1,987 FH

10 THE MONTANA 947 1,865,590 1,970 FH

10 THE MARBELLA 1,464 2,500,000 1,708 FH

10 DUKES RESIDENCE 1,701 2,680,000 1,576 FH

10 HOLLAND HILL LODGE 2,185 2,200,000 1,007 FH

11 NEWTON 18 926 1,670,000 1,804 FH11 THE LINCOLN RESIDENCES 1,841 3,237,000 1,759 FH

11 MONTEBLEU 1,432 1,807,000 1,262 FH

12 THE MEZZO 840 1,190,000 1,417 FH

12 TRELLIS TOWERS 1,141 1,520,000 1,332 FH

12 OLEANDER TOWERS 1,152 1,280,000 1,111 99

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

13 WOODSVILLE 28 829 1,180,000 1,424 99

14 SIMSVILLE 1,249 1,280,000 1,025 99

14 SIMS GREEN 1,216 1,050,000 863 99

15 PALM OASIS 743 1,045,000 1,407 FH

15 RIVEREDGE 1,066 1,470,000 1,379 99

15 COSTA RHU 1,647 2,250,000 1,366 99

15 THE GLACIER 1,335 1,450,000 1,086 FH

15 CASUARINA COVE 1,173 1,250,000 1,065 99

15 ELLIOT AT THE EAST COAST 2,314 2,400,000 1,037 FH

15 PROSPERO VILLE 1,076 1,068,000 992 FH

15 JC RESIDENCE 1,313 1,200,000 914 FH

16 LUCKY COURT 1,302 1,400,000 1,075 FH

16 AQUARIUS BY THE PARK 893 900,000 1,007 99

16 BAYSHORE PARK 743 738,000 994 99

16 THE BAYSHORE 926 900,000 972 99

16 THE TANAMERA 1,324 1,120,000 846 99

18 NV RESIDENCES 872 930,000 1,067 99

18 RIS GRANDEUR 1,292 1,200,000 929 FH

18 EASTPOINT GREEN 1,130 1,045,000 925 9918 TROPICAL SPRING 1,335 1,230,000 922 99

18 EASTPOINT GREEN 1,302 1,150,000 883 99

18 MELVILLE PARK 1,345 1,030,000 766 99

18 MELVILLE PARK 1,475 1,080,000 732 99

19 KOVAN RESIDENCES 1,798 2,318,000 1,290 99



19/19


NOTE: This data only covers non-landed residential resale propertytransactions with caveats lodged with the Singapore LandAuthority. Typically, caveats are lodged at least 2-3 weeks after apurchaser signs an OTP, hence the lagged nature of the data.

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

19 FONTAINE PARRY 1,292 1,560,000 1,208 999

19 THE SPRINGBLOOM 1,119 1,238,000 1,106 99

20 BISHAN PARK CONDOMINIUM 1,292 1,230,000 952 99

21 SIGNATURE PARK 1,421 1,550,000 1,091 FH

21 LE WOOD 1,109 950,000 857 99

21 SHERWOOD TOWER 1,830 1,285,000 702 99

22 THE LAKESHORE 926 1,090,000 1,177 99

23 HILLVIEW 128 1,023 960,000 939 999

23 THE MADEIRA 1,270 1,190,000 937 99

23 REGENT HEIGHTS 1,023 938,000 917 99

23 THE WARREN 1,066 950,000 891 99

23 PARKVIEW APARTMENTS 980 865,000 883 99

23 REGENT GROVE 926 785,000 848 99

23 REGENT GROVE 1,173 930,000 793 99
http://propertymarketinsights.com/

singapore property weekly issue 126

Documents