A PULLOUT WITH

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

M A K E B E T T E R D EC I S I O N S THE WEEK OF AUGUST 22, 2016 | ISSUE 742

Eye on Property

Your neighbourhood

Done Deals

Gains & Losses

Can homebuyers enjoy capital appreciation similar to that in the past? EP5

Robertson Quay — waterfront living in District 9 EP6&7

Units at Hilltop sold from $2,722 psf EP10&11

Hefty losses in District 4 EP12

Property hunters

Chew Chuan Tin (right) and Benjamin Song, the duo behind Propspur Holdings, are scouring the US, China and Australia for opportunistic deals.

See ourr Covverr Sttoryy on Pages 8 andd 9.

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news

EP2 • THEEDGE SINGAPORE

| AUGUST 22, 2016

PROPERTY BRIEFS

EDITORIAL

EcoWorld and Ballymore to launch London City Island in Singapore

| Ben Paul

THE EDGE PROPERTY SECTION EDITOR

|

Cecilia Chow HEAD OF RESEARCH

Developers EcoWorld and Ballymore will be launching their joint development, London City Island (LCI) (right), at EcoWorld Sales Gallery on Martin’s Drive over the weekend of Aug 27 and 28. LCI is a 522,720 sq ft, mixed-use development that is made up of 1,700 apartments, retail and leisure offerings. The 999-year leasehold project will house the English National Ballet School. LCI is located between two new Crossrail stations at Customs House and Canary Wharf, which will be one of the largest Crossrail stations. The Canary Wharf station is scheduled to open in 2018. Phase one of the development is expected to be completed this year, while phase two is set to be completed within next three years. JLL has been appointed as the marketing agent for this project.

|

Feily Sofian DEPUTY SECTION EDITOR

ECO WORLD & BALLYMORE

EDITOR

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Michael Lim SENIOR ANALYST | Esther Hoon, Lin Zhiqin ANALYST | Tan Chee Yuen COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Choy Wai Fong PHOTO EDITOR | Samuel Isaac Chua PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | Rahayu Mohamad DESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafian Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES | Cowie Tan

URA releases Fernvale Road site A private residential site along Fernvale Road has been released for sale by URA. Analysts are expecting strong interest from developers, owing to the location of the site and the absence of upcoming mass-market condominium projects in the Sengkang area. “Including the Fernvale Road site, only three residential sites are confirmed for sale in 2H2016. This will certainly nudge developers to bid for the site,” says Desmond Sim, CBRE’s head of research for Singapore and Southeast Asia. The 185,100 sq ft, 99-year leasehold residential site has a maximum gross floor area of 555,309 sq ft and could yield 605 housing units.

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Sivam Kumar MARKETING

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COORDINATOR | Nor Aisah Bte Asmain

B2 industrial site at Wan Lee Road up for sale at $6.8 million

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KH Roberts, a manufacturer of speciality food ingredients, has placed its industrial building (bottom, left) at 19 Wan Lee Road up for sale by expressions of interest. The asking price for the property is in the region of $6.8 million. The building is located within the JTC food zone on Wan Lee Road. The property comprises a large stand-alone building that is made up of warehousing, production, lab and office areas, and a yard space for loading and unloading of goods. It has a gross floor area of 22,676 sq ft. The property is sitting on a 25,007 sq ft leasehold site in the Business 2 food zone, with a balance tenure of about 11 years. The expressions of interest exercise closes at 3pm on Sept 22. JLL has been

appointed as the sole marketing agent of the property.

Regal International signs MOU with XY Hotel for hospitality joint ventures Regal International Group has inked a memorandum of understanding (MOU) with China-based XY Hotel Group to begin their strategic business alliance. Both parties aim to venture into innovative hospitality offerings targeted at Gen X and Y travellers in Sarawak, Malaysia, and Southeast Asia. Regal International is a diversified international business group based in East Malaysia. The company is listed on the Mainboard of the Singapore Exchange as well as Taiwan Depositary Receipts on the Taiwan Stock Exchange.

JLL acquires PDM International JLL has acquired Hong Kong-based regional interior design firm PDM International. The 20-year-old firm has over 180 staff and specialises in design and construction of work spaces across many industries. Clients of PDM include Adidas, Citi, Dentsu Aegis Network, Estee Lauder, Google and New Balance. In the region, PDM has a presence in 19 cities, with new additions such as Beijing, Shanghai, Bangkok, Kuala Lumpur and Seoul. It now provides project management services in 27 cities across Asia-Pacific.

“This is an exciting move for JLL, adding to our already strong project and development services offering in Asia-Pacific,” says Jordi Martin, JLL’s corporate solutions Asia-Pacific CEO. Since the start of 2015, JLL has acquired over 40 companies worth a total of $1.2 billion.

Developer sales in July — the highest monthly sales in 2016 Developers moved 1,091 new private homes in July, excluding executive condominiums (ECs). It was the highest monthly sales in 2016, suggesting that the market outlook, which turned positive in the earlier part of the year, has carried through past the mid-year, says Ong Teck Hui, JLL’s national director of research. Compared with June, new private home sales leapt 104% m-o-m, but was 34% lower compared with last July, observes Ong. He attributes the difference in the y-o-y sales to the launch of High Park Residences, where 1,169 units were sold in the first weekend of launch in July last year. Meanwhile, the top-selling condo last month was MCL Land’s Lake Grande in Jurong West, where 464 of 500 units launched were sold at a median price of $1,368 psf. The total number of new private homes sold for the first seven months of 2016 stood at 4,766 units, 6.2% lower than the same period last year, he adds. The other top sellers last month

were earlier launches such as The Trilinq in Clementi (42 units sold at a median price of $1,393 psf), The Glades at Tanah Merah (35 units sold at a median price of $1,413 psf), Principal Garden at Prince Charles Crescent (34 units sold at a median price of $1,618 psf) and The Poiz Residences next to the Potong Pasir MRT station (31 units sold at a median price of $1,446 psf). “The sales figures for July indicate continued traction for the stock of unsold units from ongoing projects,” says Desmond Sim, head of CBRE Research for Singapore and Southeast Asia. He expects some of the sites on the Reserve List of the government land sales programme to be triggered before year end. July also saw the launch of two new ECs, namely the 504-unit Treasure Crest in Sengkang and the 358-unit Northwave in Woodlands. The bestselling EC projects in July were Treasure Crest (398 units sold at a median price of $751 psf), Bellewaters (70 units sold at median price of $790 psf), Sol Acres (43 units sold at median price of $796 psf) and The Visionaire (40 units sold at median price of $819 psf).

Oakwood Asia Pacific launches Oakwood Studios Serviced apartment operator Oakwood Asia Pacific is adding a new product tier, namely Oakwood Studios, which will debut in Singapore in 4Q2016. There are three existing product tiers — Oakwood Premier, Oakwood Residence and Oakwood Apartments. Oakwood Studios is aimed at “global nomads with independent lifestyles and will be located in dynamic cities with vibrant scenes”, says Dean Schreiber, managing director of Oakwood Asia Pacific. Meanwhile, an extension of the Oakwood Residence product tier — Oakwood Hotel & Residence — will debut in Kuala Lumpur and Suzhou. This gives flexibility to guests to choose between hotel rooms and serviced apartments.

Wynn Palace to open on Aug 22 Wynn Resorts will launch the floral-themed Wynn Palace in Macau at 8pm on Aug 22. The latest masterpiece resort from Steve Wynn (bottom, right) has undergone six years of development. Among the highlights of the resort include 1,706 furnished rooms, suites and villas, largescale floral displays, an extensive collection of rare art and meetings facilities. There will also be 199,993 sq ft of luxury retail space and dining outlets within the resort, called Spa at Wynn Palace. — E Compiled by Tan Chee Yuen

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP3

EP4 • THEEDGE SINGAPORE

| AUGUST 22, 2016

MARKET TRENDS

ALBERT CHUA/THE EDGE SINGAPORE

ERA revives Coldwell Banker | BY MICHAEL LIM |

U

S real estate franchise Coldwell Banker has had a presence in Singapore since 2000, but it has been dormant for the past eight years. The company that held the franchise in Singapore, Hersing Corp, sold the franchise together with Asia-Pacific brokerage firm ERA Real Estate for over $100 million in 2013. The buyer is Singapore-based private equity firm Northstar Group. While ERA has grown to become the biggest real estate agency in Singapore with 6,375 agents and over 40% market share in terms of new project launches, Coldwell Banker has remained dormant since 2008 until now. “We have to revive and grow the Coldwell Banker brand within the next five years,” says Jack Chua, CEO of ERA and Coldwell Banker. Coldwell Banker and ERA, along with Century 21 and Sotheby’s International Realty, are owned by New York Stock Exchange-listed real estate services company Realogy. In Singapore, Coldwell Banker and ERA are under Northstar. Chua (left) and Goh

Consolidation With eight consecutive rounds of property cooling measures culminating in the total debt servicing ratio loan framework in June 2013, residential transaction volume has halved to between 7,000 and 7,500 units over the last two years. Likewise, the number of new agents fell to 1,299 last year — less than half the 3,006 new entrants in 2014, according to the Council for Estate Agencies. There has been a wave of consolidation in the real estate industry, with franchises changing hands. In Singapore, Century 21 is owned by

Asia-Pacific Strategic Investments, a former Malaysian bereavement services company that transformed itself into a real estate services firm last year. APSI acquired Century 21 Hong Kong and Asia-Pacific, which includes the Singapore franchise, followed by Global Alliance Property in Singapore in 2015. Sotheby’s debuted in Singapore in 2007, when it was brought in by a group of high-net-worth investors. However, it subsequently closed. The luxury brand returned to Singapore in March this year. This time,

it is operated by List Holdings Singapore, the entity that also operates List Sotheby’s International Realty in Japan and Honolulu, Hawaii. The Singapore business is headed by Hisashi Kitami, owner and CEO of List Sotheby’s. There is an urgency to grow the Coldwell Banker franchise in Singapore, concedes Chua. When Coldwell Banker first started in Singapore 16 years ago, it operated as a division of ERA. The real estate services offered by both entities were similar. “People started asking why we have

ERA and Coldwell Banker. It was like we were cannibalising our own business,” he says. That led to the decision to combine the two under ERA eight years ago.

Franchise model This time around, Chua is taking a different tack to grow Coldwell Banker as a separate entity. He is using the franchise model, which is similar to that of Century 21. Chua is making an effort to target small- and medium-sized real estate agencies to bring them under the umbrella brand of

Coldwell Banker. At the same time, the individual companies can keep their respective brands, he says. For example, the first company to sign up as a franchisee was Elitehill Real Estate. That was in January. By February, its owner Martin Goh had convinced three more agencies to sign up. So far, there are 11 Coldwell Banker franchisees with a salesforce of 80. The agencies range from sole entrepreneurs to firms with 30 salespersons. Another handful of agencies are coming on board, says Goh. Goh has become more than just a poster child for Coldwell Banker. He was appointed general manager of Coldwell Banker in Singapore and will oversee the expansion of the franchise. However, he will continue to manage his firm, now renamed Coldwell Banker Elitehill Real Estate. “The main attraction for most small- and medium-sized agencies is that they will become part of an international brand and will be able to tap both local deals from ERA and overseas deals from other Coldwell Banker franchisees around the world,” says Goh. “They will also be able to leverage ERA’s training programmes for their salespersons and technology platforms that small firms are unable to provide.” Coldwell Banker will have its own corporate office within the 7,000 sq ft space at SLF Building. There will be meeting rooms and desks for agents to use, like a co-working space. According to Chua, the target is to have at least 20 franchisees in Singapore by the end of the year. To attract new franchisees, the fee has also been kept at an attractive level. “It’s in the range of $1,500 to $3,000 E for three years,” he says.

BLOOMBERG

Millennials hunger for townhouses | BY PRASHANT GOPAL |

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hile competing developers focus on pricier single-family homes, Jim Clarke is building townhouses for cash-strapped millennials. And the units are going fast. Almost a third of Robertson Brothers Homes’ projects are for townhouses, compared with zero a few years ago, says Clarke, president of the closely held builder, based near Detroit, the US. The 37-home Sherman Oaks development opened for sale a year ago, within walking distance of the thriving town centre in Royal Oak, Michigan, and it is almost sold out. Now the company is starting three more projects, Clarke says. “Millennials are underserved,” he says. “The only way to get affordable housing built in a lot of these areas is by attaching it.” Townhouses, which are often less expensive than detached single-family homes because they are smaller and more densely packed, are making a comeback in the US as young people, saddled with student debt, look for an affordable path to homeownership. Starts for attached

Partially completed townhouses in Illinois, the US

homes increased to 28,000 in 2Q, the highest level since 4Q 2007, according to data released on Aug 17 by the Commerce Department. In the past four quarters combined, townhouse construction jumped 26%, more than double the growth for detached properties.

First-time buyers accounted for 33% of all sales in June, up from 30% in May and the largest share since July 2012, according to the National Association of Realtors. “It’s a hint that we can see builders growing the entry-level space,” says Robert Dietz, chief economist at the National Association of Home Builders. “This is the single-family experience in a slightly more affordable development.” Homebuilders during much of the recovery have been appealing to wealthier buyers with bigger houses, partly because land and labour costs have been rising — a trend that has left many first-time buyers on the sidelines. In 2Q, townhouses accounted for almost 13% of single-family starts, up from a low of less than 9% in 2011. In the next few years, townhouse construction is likely to surge past the 16% peak reached during the last boom, in 2007, Dietz says. Small builders working locally will probably lead the charge, he says. Andy and Chad Baker, 37-year-old identical twins, are getting ready to build 30 town-

houses on 0.6ha just east of downtown Nashville, Tennessee. They are knocking down three single-family houses to make way for the project, which will have homes of about 1,700 sq ft with two-car garages. “It’s the middle ground, literally and figuratively, for a lot of millennials,” Andy Baker says. “They want to be close to downtown, so being a few miles away is the best of both worlds. You have some green space but you don’t have the parking hassles.” The typical US townhouse has less than 2,000 sq ft, compared with about 2,500 sq ft for a detached house, Dietz says. Clarke, the Michigan builder, says many of his buyers could not afford a single-family home close to the action in downtown Royal Oaks. A detached home in the area would be about US$100,000 ($134,500) more expensive than the US$280,000 his townhouses go for, he says. “You’re giving up your yard,” Clarke says, “but what you’re getting is that you’re within walking distance of the restaurants and bars.” E — Bloomberg LP

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP5

EYE ON PROPERTY

Can homebuyers enjoy capital appreciation similar to that in the past? the new forces, but successfully moved up the value chain to fashion designing and financial services, which shaped the fate of Fifth Avenue and Wall Street. Conversely, Detroit offers a classic example of what could happen if an economy delays innovating. Its Big Three car manufacturers had lost their market shares during the oil crisis in the 1970s to the Japanese carmakers, which produced more fuel-efficient cars.

Singapore has undoubtedly taken these steps to bolster innovation. However, high real-estate and labour costs are blunting the country’s competitive edge in attracting businesses, preventing it from riding fully on its open-economy policy and compromising its agglomeration economies. Savills’ Cheong also cautions that if immigration policies are such that they let in only those who add value to the economy | BY FEILY SOFIAN | without cannibalising local jobs, the growth rate is unlikely to head back to previous numbers as the global economy restrucStoking the innovation flame In his book Can Singapore Survive?, Professor tures to a new norm of slower growth. “With market distortions arising from mulKishore Mahbubani, dean of the Lee Kuan Yew School of Public Policy at the National Uni- tiple cooling measures, we may see a stuntversity of Singapore, advocates a liberal arts ed private residential price cycle from peak to education to develop a culture of challeng- trough and vice versa. It would be extremely ing and questioning assumptions in an era of unlikely that the market would re-experience the 56% trough-to-peak upside seen in the great uncertainty. However, efforts to inculcate the culture of 2Q2009-to-3Q2013 period. Hazarding a guess, critical thinking, risk-taking and innovation will we believe it may be more like a 10%-to-15% take time to bear fruit. Meanwhile, urban eco- trough-to-peak price growth, with the future nomic principles may offer interim solutions. long-term average price increase moderating Studies suggest that population density has from the 1990-to-2016 average of 5% to 3% a positive impact on wages. Economists reckon per annum,” Cheong says. that the physical proximity in a densely populated urban area promotes the sharing of ideas, The population issue which leads to innovation and higher-value Lee Nai Jia, Edmund Tie & Co’s head of reproducts and services. The benefits of cluster- search for Singapore and Southeast Asia, opines ing are known as agglomeration economies. that for Singapore to thrive as a global city and Glaeser shared that the per capita income stay competitive, it will need to have a popuin the 10 densest US counties was 50% high- lation of eight million to 10 million. er than the least dense half of US counties in “We need the scale of demand and talent year 2000. Also, the three largest metropoli- to succeed. The key thing is, how do we make tan areas in the US accounted for 18% of US that happen? We definitely have the land to GDP while housing only 13% of the coun- house 10 million people [by intensifying land try’s population. use], but we do not have the infrastructure Wall Street in Lower Manhattan and Silicon to move people from suburban areas to the Valley in Northern California exemplify agglom- city at the moment. I think our government is eration economies, with the clustering of firms working hard to make it happen,” notes Lee. and individuals credited with the slew of in“Self-reinforcing effects”, one of the five novative financial products and technologies. axioms of urban economics, work like comThe quality of human capital is equally pound interest. As cities grow in size, they important in driving innovation. Wall Street attract supporting businesses, including conand Silicon Valley draw the best talents from sultancy, accounting, legal, logistics and contop universities. In his book Urban Econom- struction. Large cities are also able to support ics, US economist Arthur O’Sullivan quoted a discretionary goods and services such as thestudy by Carlino and Hunt that found that a atres and museums. In turn, they become a 10% increase in the proportion of the popu- magnet for the best talents, which might fuel lation with a college degree raises patent in- their growth further. tensity by 10.5%. The converse is also true. Detroit’s dwin-

dling population resulted in the shuttering of supporting businesses, which accelerated its decline. Detroit tells us that a declining population has an adverse multiplier effect. Similarly, the spate of retail closures in Singapore may compromise its status as a shopping destination, which could translate into slower tourist arrivals and other self-reinforcing effects. Buildings are durable goods that can last for decades. Real-estate supply therefore cannot adjust fast enough if population and demand shrink. Lee, who holds a PhD in urban and regional planning from the Massachusetts Institute of Technology, is optimistic that future capital appreciation for Singapore property could outstrip historical pace after the economy has restructured. “We will probably be like a hybrid of New York and Monaco in the future, and will always be a magnet for talent and investors. However, the restructuring will take at least five years or longer if there are economic shocks,” he reckons.

Smart city and urban management

BLOOMBERG

I

n 2Q2016, the URA price index for private non-landed homes slipped 0.1% q-o-q, the smallest decline seen in 11 consecutive quarters. The quarter also marked the third anniversary of the total debt servicing ratio. While the market could be bottoming out, one question that remains is whether homebuyers today could enjoy similar capital appreciation to that in the past, once the global economy recovers. Over the past four decades, between 1975 and 2015, prices of private non-landed homes grew 6% annually. GDP per capita also grew 6% annually over the same period. Clearly, the long-term prospects of Singapore’s property market hinge on the country’s economic performance. “On the demand side, the ability of the economy to continue to create wealth for Singaporeans is crucial for a constant supply of people with the wherewithal to purchase private properties,” says Alan Cheong, head of research at property consultancy firm Savills Singapore. Singapore’s solid fundamentals, including political stability, legal transparency and quality workforce, will continue to be the engine of growth. Without new growth drivers, however, the economy would not have sufficient power to accelerate. Some cracks are already showing. The city state moved down one spot in the global competitiveness ranking by IMD this year, and its high labour costs and strong dollar have come under the spotlight. The republic ranked 78th globally this year in the Innovation Efficiency Ratio, jointly published by Cornell University, INSEAD and the World Intellectual Property Organisation. The Innovation Efficiency Ratio measures the amount of innovation output a country produces relative to its inputs. The report indicates weakness in creative outputs such as national feature films. It is risky to assume that what goes down must come up. History tells us that past growth could well be water under the bridge. In the 17th century, the British exchanged its Run Island in Indonesia for a swampy island in North America that belonged to the Dutch. The British were sure they got the short end of the stick as Run Island was rich in nutmeg, a valuable commodity used to preserve and flavour food and believed to have medicinal properties. At that time, a piece of real estate on Run Island was likely more valuable than one on the swampy island in North America. Ironically, few people know the existence of Run Island today. The humble swampy island, on the other hand, is none other than Manhattan, a borough of New York City, home to some of the world’s swankiest and priciest real estate. The decline of Run Island arguably started in the 1800s when the British began transplanting nutmeg trees to their colonies, including Singapore. The act crushed the Dutch monopoly and brought down nutmeg prices. Singapore is unlikely to follow in the footsteps of Run Island after decades of building its fundamentals. It could, however, take a lesson in innovation from the rise of New York City as it enters into an era of great uncertainty. New York City had thrived on garment manufacturing, sugar refining and publishing. A rapid fall in transport cost, however, changed the game, said Harvard economist Edward Glaeser in a talk. Production need not take place near the consumer market and could be shifted to another part of the world where labour was cheaper. The city did not buckle under

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

Still, the population cannot grow indefinitely. The challenge for policymakers is to identify the optimum population size, which is not a static number. A continued increase in population may result in diseconomies of scale outgunning agglomeration economies, owing to capital dilution, congestion and other urbanisation problems. This would start a downtrend in utility, an economic term that could refer to income or satisfaction levels. Proactive urban management is key in delaying the downtrend in utility and maintaining a city’s liveability. “URA’s plan to decentralise and allow people to work near their homes is critical to achieving economic growth and enabling people to live comfortably,” says Lee. Daniel Tay, architect and urban planning consultant at Activistar, an urban innovation company, says Singapore exemplifies excellence in urban management, with its city planning and almost textbook-perfect co-ordinated rollout of projects. He gives the example of the real-time traffic information system that allows drivers to find alternative routes in the event of a traffic congestion or road hazard, thereby allowing almost seamless traffic flow. “Smart city”, meanwhile, is the latest buzzword in contemporary urban management. A smart city uses information and communications technology to enhance its liveability, workability and sustainability. Part of a smart city solution is the automation of menial jobs, according to Ryan Tan Hin Tuan, a former instructor on smart cities for the Singapore Cooperation Programme. The use of robots and automation would free up manpower and partially ease labour shortage. Tan highlights Enevo, a company headquartered in Finland, which offers an optimal waste management solution. The company uses wireless ultrasonic sensors to detect the level of waste in a bin and a cloud service to alert waste collectors when the bins are full. It also guides drivers to the bin on the most optimal route. Tan says the possibilities are endless. In the future, the system could incorporate a driverless vehicle. Tan also cites the use of automated scrubbers in facilities management. Low-skilled workers could be trained to operate a fleet of scrubbers while automation ensures consistE ency in the cleaning.

EP6 • THEEDGE SINGAPORE

| AUGUST 22, 2016

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

YOUR NEIGHBOURHOOD

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

Robertson Quay enclave offers waterfront living in District 9 | BY MICHAEL LIM |

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

ace and Rhonda Wong, founders of Anthill Realtors and the Ohmyhome buyer-seller transaction platform for HDB flats, live in a plush duplex penthouse at RiverGate. The 3,000 sq ft unit has spectacular views of the Singapore River and the city skyline towards Marina Bay. The sisters have been living there with their parents since 2009, when the 546-unit freehold private condominium developed jointly by CapitaLand and Hwa Hong Corp was completed. Their father purchased the penthouse when the project was launched in 2005. “Our family enjoys going for a stroll along the river in the evening,” says Race. “As it’s all connected, we can walk all the way from RiverGate to Clarke Quay and back.” It is not just families who are out for a stroll in the evenings, but also joggers and dog owners with their pets. What the Wongs like about the area is its connectivity. It is just a five-minute drive to Orchard Road and within walking distance of eat-

eries in the neighbourhood of Robertson Quay and Mohamad Sultan. They include Giardino Italian Pizzeria at Robertson Blue, Brussel Sprouts at The Pier @ Robertson and Red House Seafood Restaurant at The Quayside. Although it is just a short distance from the vibrant eateries and drinking holes in converted shophouses along Boat Quay, Clarke Quay and Mohamed Sultan Road, the residential enclave of Robertson Quay is quiet, especially in the area bordered by Martin Place, Martin Road, River Valley Close and Kim Yam Road. Fronting the Singapore River is RiverGate, a landmark in the area, as the condo towers are 43 storeys; other condos along the waterfront such as Robertson Blue, 8 Rodyk, Robertson 100, Watermark and UP@Robertson Quay are low-rise 10-storey blocks. At RiverGate, there is an Italian restaurant, Limoncello Pizza Grill, which faces the river and is open to the public. The latest resale transaction at RiverGate was that of a 1,744 sq ft, three-bedroom unit that fetched $3.3 million ($1,892 psf) in April, based on caveats lodged with URA Realis.

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP7

YOUR NEIGHBOURHOOD

A 1,119 sq ft, two-bedroom unit at UP@Robertson Quay was sold for $2.2 million ($1,985 psf) in January

Meanwhile, UP@Robertson Quay, a boutique 70-unit, 99-year leasehold development, was completed in 2015. The project by listed property giant City Developments is linked to M Social Hotel. The latest transaction at UP@Robertson Quay was that of a 1,119 sq ft, two-bedroom unit that was sold for $2.2 million ($1,985 psf) in January. Meanwhile, Watermark by CDL’s parent company, Hong Leong Holdings, comprises 206 freehold units and is perched atop a historic warehouse. The project was completed in 2008. The latest transaction at Watermark was for a 1,066 sq ft, two-bedroom unit that changed hands for $1.7 million ($1,626 psf) in May. On the other side of Martin Road are condos that do not front the river. They are Martin Edge, Martin No 38, Oleanas Residence and Martin Place Residences, which is located at the top of the hillslope.

Martin Road-Martin Place Martin No 38 comprises 88 loft apartments and three commercial units. It set a new benchmark for the neighbourhood when it was launched, offering the first “New York-style warehouse loft apartments”. The freehold project by SC Global was completed in 2011. The most recent transaction at Martin No 38 was that of a 1,130 sq ft, two-bedroom unit that was sold for $2.5 million ($2,208 psf) in June. Two commercial units on the first level of Martin No 38 feature upscale cafés PS Petit Café and Chop Suey Café. As there has been no new launch in the neighbourhood over the past five years (the last residential launch was UP@Robertson Quay in 2011), a 480,307 sq ft, 99-year leasehold site fronting Martin Place Residences was hotly contested when it was put up for tender. The site drew 13 bids, with listed developer GuocoLand topping the bid. It paid $595 million ($1,239 psf per plot ratio) for the site in June. The site has the potential to yield between 450 and 460 residential units. The 302-unit freehold Martin Place Residences by Frasers Centrepoint was completed in 2011. The project was

Watermark, where the conserved warehouse has been turned into a car park

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

fully sold before completion. The two most recent transactions at Martin Place Residences were those of a 592 sq ft, one-bedroom unit that fetched $1.37 million ($2,314 psf) in August and a 1,421 sq ft, three-bedroom unit that changed hands for $2.9 million ($2,055 psf) in June, according to caveats lodged with URA Realis. Alan Cheong, head of research at Savills Singapore, reckons GuocoLand could price its new condo at Martin Place in line with the latest transaction prices achieved at Martin Place Residences, or “at an average of $2,300 psf”. Across the road from Martin Place Residences is Oleanas Residence, a 130-unit freehold condo developed by Bonvest Group and completed in 1999. The most recent transaction at the project was that of a 1,141 sq ft, three-bedroom unit that changed hands for $1.78 million ($1,560 psf) in June.

Overlooked District 9 neighbourhood “The Robertson Quay neighbourhood has been somewhat overlooked of late by property investors who are focused on the new condos in the prime areas of Nassim Road, Ardmore Park, Grange Road and Cairnhill,”

Martin No 38 with New York-style warehouse loft apartments

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

says Samuel Eyo, managing director of Singapore Christie’s International Real Estate. “With the transacted prices for freehold condos in Robertson Quay ranging from $1,500 to $2,300 psf and its riverfront lifestyle, it may be worthwhile for buyers and investors to consider this forgotten E area of prime District 9.”

Oleanas Residence was completed in 1999 and comprises 130 units

EP8 • THEEDGE SINGAPORE

| AUGUST 22, 2016

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

COVER STORY

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

Property hunters Chew Chuan Tin and Benjamin Song, the duo behind Propspur Holdings, are scouring the US, China and Australia for opportunistic deals | BY CECILIA CHOW |

S

A model house at Highland Meadows in Urbandale, a residential community in Des Moines, Iowa, where homes are priced from US$500,000 in the first phase

ingaporean Chew Chuan Tin remembers the first dotcom bubble very well. He had just graduated at the top of his class at National University of Singapore with a first-class honours degree in business administration, majoring in finance. After receiving multiple scholarships, he chose to do his graduate programme at University of California, Berkeley, in 1995. That was when he saw some of his classmates become millionaires overnight just on the strength of their ideas. “That was the start of the internet boom and a great time to be an entrepreneur,” he recounts. After completing his graduate studies, Chew became a venture capitalist at Vertex Venture Holdings, a member of Temasek Holdings. He was based in Silicon Valley and invested in software companies and start-ups. “California is a real melting pot — no matter what your background is, if you work hard and have the talent, you can make it in life,” says Chew. He rode the dotcom bubble all the way to the end. And he saw the carnage in 2000, when many of the start-ups imploded. For venture capitalists, it was the “clearing up stage”, he relates. “There wasn’t much to do then.”

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP9

PICTURES: PROPSPUR HOLDINGS

COVER STORY

That was when some of his former classmates at UC Berkeley began to interest him in real estate opportunities. Chew and his friends pooled together and invested in a single-family home in Los Angeles, California, sometime in 2000 and 2001. “We just wanted to understand the laws of investing in real estate in the US,” he says.

From bubble to bubble Although the investment amount was relatively small, Chew more than doubled his money within a short period. It also gave him a foretaste of the real estate bubble in 2001 to 2006, which followed the dotcom bubble in the US. During that period, Los Angeles and San Diego were among the seven metropolitan areas where housing prices appreciated more than 80%, according to the S&P/Case-Shiller house price indices. However, following his sole investment in California, Chew did not re-enter the US real estate market until the sub-prime crisis in late 2007 to 2010. This was because he and his wife, who is from China, decided to move to Qingdao in 2005, where she could be close to her family. They invested in a manufacturing firm that produced honeycomb panels for construction and exported to the US. They also invested in real estate, picking up an apartment and several commercial lots in Qingdao as well as several prime apartments near the CBD in Beijing. “The housing market in China is still seeing strong growth,” says Chew. The couple decided to move to Singapore in 2007, when their daughter was about to start school. “I wanted to acclimatise her to the Singapore education system,” he says.

Shopping for distressed deals In 2009, in the midst of the global financial crisis, Chew went back to the US to hunt for property development and investment opportunities. “They were selling properties for 10 cents on the dollar,” he says. “Some properties were being sold below development cost. Whatever you bought, it was cheaper than constructing the project yourself.” The states with the highest foreclosure rates were Florida, Michigan and Nevada, recalls Chew. He decided to focus on Michigan. It was there that Chew and fellow Singaporean investor, Benjamin Song, crossed paths. Song, a civil engineer by training, was also a serial entrepreneur. By the time he was hunting for real estate opportunities in the US after the sub-prime crisis, he had already founded two training schools focused on educating the public on leveraging the financial markets for wealth creation. He was also director and fund manager at fund management firm FX1 Capital from 2006 to 2009. There, he had diversified his investment portfolio to include real estate, oil and precious metals. The two Singaporeans already knew each other through mutual friends. Song was in Michigan as he was eyeing some medical office buildings that were going for a song but had attractive rental yields. However, other funds had snatched them up before he could get his foot in.

Hunting as a pack “That was when I met [Chew], and we decided to get together and explore more opportunities in Michigan and other states,” says Song. They had initially looked at acquiring some apartment blocks, a strip mall and even medical centres in cities across Michigan. They were looking at investments in cities across Michigan, except in Detroit. “There was this apocalyptic movie, Vanishing on Seventh Street, and Detroit really did look a little like that after the sub-prime crisis,” says Song. The duo were shopping for foreclosed properties at auctions, but realised their window of opportunity was limited when big US insti-

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

tutional investors and hedge funds swooped in and bought several hundreds or thousands of foreclosed houses at once. “That forced us out of that business,” concedes Chew. In 2012, Chew and Song formed a company to invest in US property. They acquired a stake in Northstar Centre, a mixed-use development with commercial and residential components on a 535-acre parcel to the north of Williston, a city in North Dakota. When completed, the two million sq ft development will have 566,000 sq ft of commercial space and 1,500 residential units. The pair subsequently bought a 50-room hotel in Arizona in partnership with others. They refurbished the hotel, put in a new operator under the Best Western label and succeeded in raising both the occupancy and average room rates. Once the occupancy rate was stabilised, the property was sold.

Iowa — ‘more than just cornfields’ Early this year, Chew and Song started Propspur Holdings, and their maiden project is Highland Meadows, a property development in Urbandale, a residential community in the Des Moines Metropolitan Statistical Area, in Iowa. The first phase of 19 homes co-developed with US developer Kimberley Development is substantially sold. The houses sit on lot sizes ranging from 12,600 to 24,852 sq ft and are priced from US$500,000 ($672,386). Propspur owns another 100 acres at Highland Meadows, which can be developed into 220 houses with a gross development value of US$110 million. Chew, the company’s CEO, intends to sell the houses over five phases. The total investment by 2018 is estimated to be about US$44 million. Unlike in Singapore, it takes just four months to construct a house in the US as they are primarily made of wood, says Chew. Starting prices of houses in the second phase will be from US$300,000, as they will be smaller than those in the first phase. Des Moines was not as badly affected by the US sub-prime crisis as other metropolitan areas, owing to its diversified economy and low housing inventory, according to Chew. However, the low inventory has also sparked a housing boom. “Houses are sold within hours,” he

says. “If you don’t have a pre-qualified loan from a bank, you can’t buy a house. So, a lot of young people want to secure a housing loan while interest rates are still low.” In July, 1,398 homes were sold, according to the Des Moines Area Association of Realtors. While home sales dropped from last July, there was an uptick in sale prices by almost 3% to US$185,000. According to the realtors, yearto-date sales are higher by about 400 homes. While inventory levels have been climbing, interest rates remain low, making purchasing a home more economical than renting. Des Moines is considered the world’s third-biggest capital for insurance companies to be headquartered. It was ranked 13th in Forbes’ 2015 list of best places for business and careers. It topped the list two years ago. A lot of tech companies have also moved to Des Moines to take advantage of the affordable cost of living. “If you ask the average American in his 60s, he will say that Iowa has nothing but cornfields,” says Chew. “But the economy in Iowa has transformed since the 1990s.” According to Chew, there are a lot more skyscrapers being built in the Des Moines CBD in Iowa than in neighbouring Omaha, Nebraska, home of billionaire investor Warren Buffett. “It’s also one of the best places to raise a family, given its quality of life, affordability and good education system,” he says. In New York, one could spend two to three hours commuting every day. In Des Moines, it is just 20 minutes from the edge of the suburb to the city centre, says Chew. “You save two to three hours every day and that translates to a better quality of life.”

‘Pretty opportunistic’ The US is a big country and every state is like an individual country. “It’s like Europe,” says the 43-year-old Chew. “There are different dynamics at play and each economy is different. There are different pockets of growth and we just went after that.” The 42-year-old Song adds, “We’re pretty opportunistic. At the time, the single-family housing market made the most sense and posed the lowest risk with the highest returns.” They have also identified several hotel sites in the state of Arizona and a hotel in Nashville,

Tennessee. “There hasn’t been any new hotels built in recent years,” says Song, managing director of Propspur. “The existing hotel stock is relatively old and has not been upgraded because banks weren’t lending during the global financial crisis.” He sees opportunity to refurbish old hotels and reposition and sell them. Apart from the US, the partners behind Propspur are also interested in investing in Asia. “We’re looking at locations that make sense,” says Song. He sees opportunity in Seremban, Negeri Sembilan, and Ayer Keroh, Melaka, where the Kuala Lumpur-Singapore high-speed rail will have stops. In those ventures, Song believes that partnering a Chinese construction company would make the most sense. Likewise, there are also opportunities in China, adds Song. One investment target is incubation centres in the Hubei province. “Once they are built, the government will rent the premises on a long-term basis and encourage start-ups to take up space at affordable rates,” he says. Another opportunity is a co-development site in Perth, Australia. The property is located within a five-minute walk of Crown Casino in Burswood and near the Swan River. “We’re working with the building owner on what development would be best,” says Song.

Aim to list company, a future REIT Propspur has 20 staff, with at least 12 located in the Singapore head office in Suntec City. The rest are in the US. Chew and Song have set their eye on listing their company on the Singapore Exchange. The company currently has a market capitalisation of $50 million, based on projected profits. The aim is to double the market capitalisation by the time they are ready to list the company, says Chew. Their goal is to launch a real estate investment trust of commercial properties and hotels within the next decade. “Singapore is a hub for REITs,” says Chew. “And if we become a listed company, it’s easier to sponsor a business trust or REIT.” Why the name Propspur? “We wanted ‘Prosper’, but it was taken,” says Chew. “So, we decided to choose ‘Propspur’ — for property and prosperity. At least it’s unique and peoE ple will remember us.”

EP10 • THEEDGE SINGAPORE

| AUGUST 22, 2016

DONE DEALS

| BY TAN CHEE YUEN |

I

n the prime Cairnhill area, luxury developer SC Global Developments is offering a deferred payment scheme to move unsold units at its 241-unit Hilltops. The “enhanced purchase plan” was launched at end-July, with 30 units offered for sale. These are a mix of two- and three-bedroom apartments sized from 800 to 1,700 sq ft, and priced from $2.5 million to $6 million. Buyers need to pay a 20% down payment or $600,000 on a $3 million unit and earn a 10% return ($60,000) per annum for two years before completing their purchase. This is because the 30 units offered for sale are already leased and returns are backed by rents. The enhanced purchase plan is said to offer buyers up to $100,000 savings on mortgage payments. There was “a good crowd” at the open house over the weekend of July

30 and 31. “It’s a very attractive deal because even if you put your money in the bank, you won’t get such high returns,” says Samuel Eyo, managing director of Christie’s International Real Estate. In the wake of the launch of the enhanced payment scheme, three units at Hilltops have been sold, according to caveats lodged on Aug 1 to 3. The units are all two-bedroom apartments located in the mid- to high-floors of the 20-storey block. One of the units is an 829 sq ft unit on the 19th floor that was sold for $2.76 million ($3,326 psf), while the other is a similar-sized unit on the 16th floor that fetched $2.26 million ($2,722 psf). The biggest of the three is a 1,184 unit on the 10th floor that went for $3.48 million ($2,941 psf). When Hilltops was launched at the peak of the market in 4Q2007, two- to four-bedroom apartments with sizes ranging from 1,249 to 2,465 sq ft were sold at prices ranging from

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Units at Hilltops sold from $2,722 psf

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

$4.37 million ($3,501 psf) to $11.86 million ($4,812 psf). Hilltops comprises two- to five-bedroom apartments of 800 to 5,300 sq ft and penthouses with the largest

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

Singapore — by postal district

Residential transactions with contracts dated Aug 1 to Aug 8 PROJECT

District 1 MARINA ONE RESIDENCES V ON SHENTON District 3 ALEX RESIDENCES ALEX RESIDENCES COMMONWEALTH TOWERS HIGHLINE RESIDENCES PRINCIPAL GARDEN PRINCIPAL GARDEN PRINCIPAL GARDEN PRINCIPAL GARDEN THE CREST THE CREST THE CREST THE REGENCY AT TIONG BAHRU District 4 CARIBBEAN AT KEPPEL BAY REFLECTIONS AT KEPPEL BAY REFLECTIONS AT KEPPEL BAY SKYLINE RESIDENCES SKYLINE RESIDENCES THE INTERLACE THE OCEANFRONT @ SENTOSA COVE District 5 DOVER PARKVIEW HERITAGE VIEW MENDON SPRING PASIR PANJANG ROAD THE GRANDHILL THE TRILINQ THE TRILINQ THE TRILINQ THE TRILINQ THE TRILINQ THE TRILINQ THE TRILINQ TREASURE PLACE VARSITY PARK CONDOMINIUM VENTANA WEST BAY CONDOMINIUM WESTCOVE CONDOMINIUM

PROPERTY TYPE TENURE

SALE DATE

LAND AREA/ FLOOR AREA (SQ FT)

TRANSACTED PRICE ($)

NETT PRICE ($)

UNIT PRICE ($ PSF)

COMPLETION DATE

TYPE OF SALE

Apartment Apartment

99 years 99 years

August 06, 2016 August 01, 2016

1,119 474

2,416,800 1,234,200

-

2,159 2,606

Uncompleted Uncompleted

New Sale New Sale

Apartment Apartment Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium

99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold

August 03, 2016 August 06, 2016 August 03, 2016 August 04, 2016 August 04, 2016 August 06, 2016 August 06, 2016 August 07, 2016 August 03, 2016 August 06, 2016 August 07, 2016 August 03, 2016

678 678 797 506 861 861 861 807 635 710 635 1,281

1,377,000 1,351,500 1,267,600 1,087,200 1,369,000 1,390,000 1,343,000 1,374,000 1,084,000 1,226,000 1,083,000 2,030,000

1,364,000 1,385,000 1,338,000 1,369,000 -

2,031 1,993 1,591 2,149 1,584 1,608 1,554 1,696 1,707 1,726 1,705 1,585

Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2010

New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale

Condominium Condominium Condominium Condominium Condominium Condominium Condominium

99 years 99 years 99 years Freehold Freehold 99 years 99 years

August 05, 2016 August 02, 2016 August 04, 2016 August 01, 2016 August 02, 2016 August 05, 2016 August 04, 2016

1,356 1,367 2,637 484 1,475 2,325 1,711

2,060,000 2,428,000 4,200,000 1,000,000 2,600,000 2,308,000 2,610,000

-

1,519 1,776 1,593 2,064 1,763 993 1,525

2004 2011 2011 2015 2015 2013 2010

Condominium Condominium Apartment Terrace Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Apartment Condominium Condominium

99 years 99 years Freehold Freehold Freehold 99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold 99 years Freehold 99 years 99 years

August 02, 2016 August 04, 2016 August 04, 2016 August 05, 2016 August 05, 2016 August 01, 2016 August 01, 2016 August 02, 2016 August 02, 2016 August 06, 2016 August 06, 2016 August 07, 2016 August 04, 2016 August 03, 2016 August 05, 2016 August 08, 2016 August 02, 2016

936 1,163 1,055 1,905 1,841 915 1,346 915 1,356 915 915 710 2,121 2,013 1,270 1,216 1,292

960,000 1,382,000 1,000,400 1,398,000 2,030,000 1,233,000 1,612,000 1,240,000 1,630,000 1,308,000 1,269,000 1,037,000 1,940,000 1,850,000 1,388,000 970,000 990,000

-

1,025 1,189 948 734 1,103 1,348 1,198 1,355 1,202 1,430 1,387 1,460 915 919 1,093 797 766

1997 2000 2002 1996 2006 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2006 2008 2003 1993 1998

Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale Resale Resale Resale

PROJECT

District 7 SOUTHBANK District 8 STURDEE RESIDENCES STURDEE RESIDENCES STURDEE RESIDENCES District 9 8 @ MOUNT SOPHIA CAIRNHILL NINE CAIRNHILL NINE CITYVISTA RESIDENCES HILLTOPS HILLTOPS HILLTOPS MARTIN PLACE RESIDENCES NEWTON EDGE NIVEN ROAD OUE TWIN PEAKS OUE TWIN PEAKS PATERSON SUITES RICHMOND PARK SCOTTS HIGHPARK SOPHIA HILLS SOPHIA HILLS SOPHIA HILLS THE RISE @ OXLEY – RESIDENCES URBANA WILKIE COURT District 10 ARDMORE THREE ARDMORE THREE D’LEEDON D’LEEDON D’LEEDON D’LEEDON D’LEEDON D’LEEDON FOUR SEASONS PARK GOODWOOD RESIDENCE GRAMERCY PARK LEEDON RESIDENCE LEEDON RESIDENCE MON JERVOIS MUTIARA VIEW RV RESIDENCES SOMMERVILLE PARK SPANISH VILLAGE THE ASANA THE CAPRI THE SERENADE @ HOLLAND THE TRIZON THREE BALMORAL VICTORIA PARK GROVE WATERFALL GARDENS District 11 ADAM PARK CONDOMINIUM AMARYLLIS VILLE RESIDENCES @ EVELYN ROCHELLE AT NEWTON THE GLYNDEBOURNE TRILIGHT WATTEN ESTATE CONDOMINIUM District 12 SKYSUITES17 THE VERVE District 13 COTSWOLD CLOSE JALAN MULIA MULBERRY AVENUE THE POIZ RESIDENCES THE POIZ RESIDENCES THE VENUE RESIDENCES THE VENUE RESIDENCES WOODSVILLE 28 District 14 JALAN KRIAN REZI 3TWO ROYCE RESIDENCES SIMS URBAN OASIS

sized at 11,000 sq ft. The units are spread across three towers — two of them are 20 storeys and the third is 14 storeys. The freehold development was designed by award-winning ar-

PROPERTY TYPE TENURE

SALE DATE

LAND AREA/ FLOOR AREA (SQ FT)

chitect Mok Wei Wei of W Architects and completed in 2011. Even at today’s lowered prices, Hilltops still commands a premium. Adjacent to Hilltops is the 140-unit freehold Helios Residences that was also completed in 2011. The development consists of a 20-storey and 19-storey block. The most recent transaction at Helios Residences was in May, when a 1,313 sq ft, two-bedroom unit on the 16th floor changed hands for $2.75 million ($2,094 psf). The unit was purchased in July 2007 for $4.44 million ($3,378 psf). Wing Tai Holdings, the developer of Helios Residences, also developed the neighbouring The Light @ Cairnhill. The development comprises 118 units in a 20-storey block and was completed in 2004. The most recent transaction at The Light @ Cairnhill was for a 1,561 sq ft, three-bedroom unit on the 14th floor that changed hands for $3.15 million ($2,018 psf) E in July.

TRANSACTED PRICE ($)

NETT PRICE ($)

UNIT PRICE ($ PSF)

COMPLETION DATE

TYPE OF SALE

Apartment

99 years

August 01, 2016

592

905,000

-

1,529

2010

Condominium Condominium Condominium

99 years 99 years 99 years

August 01, 2016 August 05, 2016 August 05, 2016

721 657 829

1,060,000 1,075,300 1,266,900

-

1,470 1,638 1,529

Uncompleted Uncompleted Uncompleted

New Sale New Sale New Sale

Resale

Condominium Apartment Apartment Condominium Condominium Condominium Condominium Condominium Apartment Terrace Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Apartment Condominium Apartment

103 years 99 years 99 years Freehold Freehold Freehold Freehold Freehold Freehold Freehold 99 years 99 years Freehold Freehold Freehold 99 years 99 years 99 years Freehold Freehold Freehold

August 05, 2016 August 04, 2016 August 04, 2016 August 01, 2016 August 01, 2016 August 02, 2016 August 03, 2016 August 04, 2016 August 05, 2016 August 02, 2016 August 02, 2016 August 04, 2016 August 08, 2016 August 08, 2016 August 05, 2016 August 02, 2016 August 06, 2016 August 06, 2016 August 05, 2016 August 01, 2016 August 02, 2016

1,464 1,033 1,066 2,142 829 1,184 829 592 581 904 549 549 1,679 1,367 3,466 1,313 710 700 1,163 1,012 980

2,130,000 2,909,000 2,678,000 4,455,360 2,256,000 3,482,000 2,756,700 1,370,000 975,000 3,250,000 1,361,600 1,423,900 3,900,000 2,600,000 5,900,000 2,524,000 1,336,000 1,307,000 2,595,600 1,800,000 1,298,000

-

1,455 2,815 2,513 2,080 2,722 2,941 3,326 2,314 1,677 3,577 2,480 2,594 2,323 1,902 1,702 1,922 1,881 1,868 2,233 1,779 1,325

2007 Uncompleted Uncompleted 2010 2011 2011 2011 2011 2011 1996 2015 2015 2010 1996 2009 Uncompleted Uncompleted Uncompleted Uncompleted 2007 1991

Resale New Sale New Sale Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale New Sale New Sale New Sale New Sale Resale Resale

Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Apartment Condominium Condominium Condominium Apartment Apartment Condominium Condominium Apartment Semi-Detached Condominium

Freehold Freehold 99 years 99 years 99 years 99 years 99 years 99 years Freehold Freehold Freehold Freehold Freehold 99 years Freehold 999 years Freehold Freehold Freehold Freehold 99 years Freehold Freehold 99 years Freehold

August 01, 2016 August 02, 2016 August 01, 2016 August 02, 2016 August 02, 2016 August 05, 2016 August 05, 2016 August 08, 2016 August 05, 2016 August 05, 2016 August 05, 2016 August 01, 2016 August 06, 2016 August 07, 2016 August 02, 2016 August 01, 2016 August 08, 2016 August 05, 2016 August 02, 2016 August 05, 2016 August 01, 2016 August 05, 2016 August 05, 2016 August 05, 2016 August 02, 2016

1,776 1,776 2,239 1,076 1,679 1,518 2,153 1,421 2,260 2,928 2,691 2,088 2,669 1,410 1,173 420 1,948 786 1,033 764 1,507 2,260 1,528 2,207 4,844

6,738,035 6,807,395 3,360,000 1,721,000 2,522,000 2,256,000 2,861,000 2,315,000 5,330,000 7,180,000 6,948,800 4,180,000 5,200,000 2,526,000 1,688,000 916,000 2,650,000 1,108,000 2,220,000 1,200,000 1,760,000 3,200,000 3,200,000 4,373,000 6,700,000

-

3,794 3,833 1,501 1,599 1,502 1,486 1,329 1,629 2,358 2,452 2,582 2,002 1,948 1,791 1,439 2,182 1,360 1,410 2,148 1,570 1,168 1,416 2,094 1,981 1,383

2014 2014 2014 2014 2014 2014 2014 2014 1994 2013 2016 2015 2015 2016 2000 2015 1985 1987 Uncompleted 1998 2004 2012 2016 Uncompleted 2010

Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale New Sale New Sale New Sale New Sale Resale Resale Resale Resale New Sale Resale Resale Resale New Sale New Sale Resale

Condominium Condominium Condominium Condominium Condominium Condominium Condominium

Freehold 99 years Freehold 99 years Freehold Freehold Freehold

August 03, 2016 August 01, 2016 August 08, 2016 August 01, 2016 August 08, 2016 August 02, 2016 August 03, 2016

1,453 980 2,250 1,862 1,991 2,099 2,594

1,950,000 1,380,000 3,600,000 2,700,000 4,225,000 3,500,000 2,850,000

-

1,342 1,409 1,600 1,450 2,122 1,667 1,099

2004 2004 2007 2012 2013 2012 1983

Resale Resale Resale Resale Resale Resale Resale

Apartment Apartment

Freehold Freehold

August 01, 2016 August 01, 2016

355 818

580,000 905,000

-

1,633 1,106

2014 2012

Resale Resale

Detached Terrace Terrace Apartment Apartment Apartment Apartment Apartment

Freehold Freehold Freehold 99 years 99 years 99 years 99 years 99 years

August 04, 2016 August 01, 2016 August 01, 2016 August 01, 2016 August 04, 2016 August 06, 2016 August 06, 2016 August 03, 2016

4,424 1,356 1,701 538 420 850 1,152 1,184

5,000,000 1,560,000 2,233,000 819,000 625,000 1,237,005 1,559,670 1,265,000

-

1,131 1,147 1,310 1,522 1,489 1,455 1,354 1,068

1997 Unknown Unknown Uncompleted Uncompleted Uncompleted Uncompleted 2011

Resale Resale Resale New Sale New Sale New Sale New Sale Resale

Terrace Apartment Apartment Condominium

Freehold Freehold Freehold 99 years

August 05, 2016 August 05, 2016 August 05, 2016 August 03, 2016

1,916 463 398 958

2,250,000 692,200 520,000 1,308,000

-

1,173 1,496 1,306 1,365

1989 Uncompleted 2013 Uncompleted

Resale New Sale Resale New Sale

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP11

DONE DEALS

Residential transactions with contracts dated Aug 1 to Aug 8 SALE DATE

LAND AREA/ FLOOR AREA (SQ FT)

TRANSACTED PRICE ($)

NETT PRICE ($)

UNIT PRICE ($ PSF)

COMPLETION DATE

TYPE OF SALE

99 years 99 years Freehold Freehold Freehold Freehold Freehold 99 years 99 years

August 05, 2016 August 07, 2016 August 04, 2016 August 07, 2016 August 05, 2016 August 01, 2016 August 01, 2016 August 01, 2016 August 05, 2016

710 710 667 657 1,055 452 947 1,141 883

903,476 998,000 942,875 930,000 1,048,000 565,000 650,000 1,700,000 1,230,000

-

1,272 1,405 1,413 1,416 993 1,250 686 1,490 1,394

Uncompleted Uncompleted 2016 2016 2003 2015 2015 2013 2013

New Sale New Sale New Sale New Sale Resale New Sale New Sale Resale Resale

Apartment Apartment Condominium Condominium Semi-Detached Condominium Condominium Condominium Semi-Detached Apartment Condominium Apartment Condominium Condominium Condominium Condominium Condominium

Freehold Freehold 99 years 99 years Freehold 99 years Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold 103 years Freehold

August 03, 2016 August 01, 2016 August 02, 2016 August 08, 2016 August 01, 2016 August 05, 2016 August 02, 2016 August 03, 2016 August 01, 2016 August 01, 2016 August 05, 2016 August 01, 2016 August 01, 2016 August 01, 2016 August 04, 2016 August 03, 2016 August 08, 2016

775 732 4,037 1,012 3,283 1,259 474 1,604 2,863 1,453 1,690 3,143 1,475 1,012 1,216 1,292 1,130

1,501,164 875,000 3,850,000 1,190,000 5,800,000 1,210,000 916,000 1,900,000 3,518,000 1,220,000 1,665,000 2,400,000 1,810,000 1,625,000 1,805,000 1,760,000 1,560,000

-

1,937 1,195 954 1,176 1,768 961 1,934 1,185 1,229 840 985 764 1,227 1,606 1,484 1,363 1,380

2016 2013 1997 1997 2015 2004 2016 1982 1996 2008 1993 2009 1996 2007 2008 2014 2010

New Sale Resale Resale Resale Resale Resale New Sale Resale Resale Resale Resale Resale Resale Resale Resale Resale Resale

Condominium Terrace Semi-Detached Semi-Detached Terrace Terrace Terrace Condominium Condominium Condominium Condominium Condominium Condominium Condominium

Freehold Freehold 99 years 99 years 99 years Freehold 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years

August 04, 2016 August 05, 2016 August 01, 2016 August 04, 2016 August 04, 2016 August 03, 2016 August 03, 2016 August 01, 2016 August 03, 2016 August 05, 2016 August 06, 2016 August 07, 2016 August 07, 2016 August 03, 2016

1,012 2,045 2,971 2,400 2,314 1,830 2,723 721 861 721 721 624 721 1,518

1,150,000 1,888,000 2,400,000 1,780,000 1,280,000 2,250,000 1,680,000 982,000 1,137,000 1,050,000 1,049,000 933,000 1,056,000 1,760,000

-

1,137 925 809 741 553 1,229 617 1,362 1,320 1,456 1,455 1,494 1,464 1,160

2008 Unknown 1997 1996 1996 1992 2000 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2011

Resale Resale Resale Resale Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale Resale

Condominium Terrace Condominium Detached

Freehold 99 years 99 years Freehold

August 02, 2016 August 03, 2016 August 02, 2016 August 01, 2016

1,442 1,625 1,302 9,774

888,000 1,520,000 1,160,000 6,000,000

-

616 937 891 614

Condominium Condominium Condominium Condominium Condominium Condominium Exec. Condo Condominium Condominium Condominium Condominium Condominium Condominium

99 years 99 years 99 years 99 years 99 years 99 years 99 years 101 years 99 years 99 years 99 years 99 years 99 years

August 06, 2016 August 05, 2016 August 04, 2016 August 05, 2016 August 03, 2016 August 08, 2016 August 02, 2016 August 04, 2016 August 03, 2016 August 05, 2016 August 01, 2016 August 01, 2016 August 03, 2016

915 1,432 958 1,141 1,324 861 1,389 1,711 893 732 753 753 1,346

1,010,400 1,421,000 788,000 890,000 1,050,000 1,100,000 858,000 941,000 845,000 788,000 760,000 760,000 1,400,000

-

1,104 993 823 780 793 1,277 618 550 946 1,077 1,009 1,009 1,041

Uncompleted Uncompleted 1999 1999 2011 2014 1999 Unknown 2015 2015 Uncompleted Uncompleted Uncompleted

New Sale New Sale Resale Resale Resale Resale Resale Resale Sub Sale Sub Sale New Sale New Sale New Sale

Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Condominium Terrace Condominium Condominium Condominium Apartment Apartment Condominium Apartment Apartment Apartment Apartment Apartment Condominium Condominium Terrace Terrace Apartment Condominium Condominium Apartment Apartment Apartment Apartment Apartment Exec. Condo Exec. Condo Exec. Condo Exec. Condo Condominium Apartment Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Condominium Condominium Exec. Condo

99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 999 years 99 years 99 years 99 years 99 years 103 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 999 years Freehold Freehold 99 years Freehold 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years Freehold Freehold 99 years

August 01, 2016 August 02, 2016 August 03, 2016 August 03, 2016 August 04, 2016 August 06, 2016 August 06, 2016 August 02, 2016 August 05, 2016 August 02, 2016 August 04, 2016 August 05, 2016 August 05, 2016 August 04, 2016 August 04, 2016 August 05, 2016 August 07, 2016 August 07, 2016 August 07, 2016 August 07, 2016 August 03, 2016 August 06, 2016 August 08, 2016 August 08, 2016 August 05, 2016 August 01, 2016 August 01, 2016 August 01, 2016 August 01, 2016 August 04, 2016 August 06, 2016 August 07, 2016 August 01, 2016 August 02, 2016 August 02, 2016 August 08, 2016 August 04, 2016 August 02, 2016 August 02, 2016 August 06, 2016 August 06, 2016 August 02, 2016 August 02, 2016 August 06, 2016 August 06, 2016 August 07, 2016 August 07, 2016 August 01, 2016 August 01, 2016 August 02, 2016 August 02, 2016 August 02, 2016 August 06, 2016 August 06, 2016 August 06, 2016 August 06, 2016 August 07, 2016 August 03, 2016 August 03, 2016 August 05, 2016

1,496 1,238 1,216 1,238 1,528 1,410 1,410 1,130 2,799 1,216 1,496 1,981 1,399 1,679 775 657 484 484 484 1,109 1,227 893 2,347 3,261 355 1,109 1,518 732 506 506 506 517 1,227 1,098 1,302 1,292 1,152 560 1,001 1,001 1,001 764 904 753 1,033 904 915 1,076 1,152 1,076 1,076 958 1,076 1,076 1,076 958 958 549 904 1,636

1,104,830 995,220 963,000 970,200 1,095,930 968,240 950,000 1,512,000 2,655,000 955,000 1,000,000 1,400,000 1,020,000 920,000 911,250 631,120 595,000 588,000 583,100 1,236,760 1,200,000 1,057,000 2,500,000 3,083,300 592,000 1,080,000 1,200,000 1,081,200 709,750 766,700 748,850 724,200 945,000 950,000 1,076,000 870,000 1,100,000 939,680 806,400 829,200 800,700 629,530 723,620 637,290 818,000 716,830 723,620 818,000 792,000 802,000 799,000 680,000 830,000 822,000 818,000 683,000 727,000 840,000 1,355,000 1,287,884

793,400 816,200 787,700 -

738 804 792 784 717 687 674 1,338 948 785 668 707 729 548 1,176 961 1,228 1,214 1,204 1,116 978 1,183 1,064 946 1,667 974 791 1,477 1,403 1,515 1,480 1,402 770 865 826 674 955 1,679 793 815 787 824 800 846 792 793 791 760 688 745 742 710 771 764 760 713 759 1,530 1,499 787

Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Unknown 2002 1984 1984 2002 Unknown Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2006 2016 Unknown 1988 2014 2016 1995 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2000 2009 2016 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2015

New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale Resale Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale Resale New Sale Resale Resale Resale Sub Sale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale

Condominium Terrace Condominium Apartment

99 years Freehold 99 years Freehold

August 08, 2016 August 01, 2016 August 05, 2016 August 07, 2016

872 1,798 1,948 775

1,250,000 2,650,000 1,330,000 967,300

-

1,434 1,471 683 1,248

2014 Unknown 1986 Uncompleted

Resale Resale Resale New Sale

PROJECT

PROPERTY TYPE TENURE

SIMS URBAN OASIS SIMS URBAN OASIS SINGA HILLS SINGA HILLS THE VINES TREASURES @ G20 TREASURES @ G20 WATERBANK AT DAKOTA WATERBANK AT DAKOTA District 15 8M RESIDENCES AURALIS COSTA RHU COSTA RHU DUNBAR WALK DUNMAN VIEW FULCRUM KING’S MANSION LORONG K TELOK KURAU PALM OASIS PINEHURST CONDOMINIUM RITZ REGENCY THE ATRIA AT MEYER THE BELVEDERE THE SEA VIEW THE SHORE RESIDENCES VERSILIA ON HAIG District 16 BLEU @ EAST COAST JALAN TANJONG KEW WALK KEW WALK LIMAU GARDEN SEA BREEZE GROVE TANAH MERAH KECHIL AVENUE THE GLADES THE GLADES THE GLADES THE GLADES THE GLADES THE GLADES WATERFRONT WAVES District 17 BALLOTA PARK CONDOMINIUM LOYANG RISE THE INFLORA TOH HEIGHTS District 18 COCO PALMS D’NEST EASTPOINT GREEN EASTPOINT GREEN LIVIA MY MANHATTAN PINEVALE TAMPINES COURT THE PALETTE THE PALETTE THE SANTORINI THE SANTORINI VUE 8 RESIDENCE District 19 BELLEWATERS BELLEWATERS BELLEWATERS BELLEWATERS BELLEWATERS BELLEWATERS BELLEWATERS BOTANIQUE AT BARTLEY BROCKHAMPTON DRIVE CENTRAL VIEW CHUAN PARK CHUAN PARK COMPASS HEIGHTS FLORENCE REGENCY JEWEL @ BUANGKOK KINGSFORD WATERBAY KINGSFORD WATERBAY KINGSFORD WATERBAY KINGSFORD WATERBAY KINGSFORD WATERBAY KOVAN MELODY LA FIESTA LORONG 1 REALTY PARK LORONG CHUAN PARK RESIDENCES KOVAN RIVERSAILS ROSALIA PARK STARS OF KOVAN STARS OF KOVAN STARS OF KOVAN STARS OF KOVAN STARS OF KOVAN THE AMORE THE AMORE THE AMORE THE FLORIDA THE QUARTZ THE QUINN THE TERRACE THE TERRACE THE TERRACE THE VALES THE VALES THE VALES THE VALES THE VALES THE VALES TREASURE CREST TREASURE CREST TREASURE CREST TREASURE CREST TREASURE CREST TREASURE CREST TREASURE CREST TREASURE CREST TREASURE CREST TREASURE CREST TRILIVE TRILIVE WATERWOODS District 20 CENTRO RESIDENCES CLOVER RISE FAR HORIZON GARDENS FLORAVIEW

Condominium Condominium Apartment Apartment Apartment Apartment Apartment Condominium Condominium

2000 1996 2016 Unknown

Resale Resale Sub Sale Resale

SALE DATE

LAND AREA/ FLOOR AREA (SQ FT)

TRANSACTED PRICE ($)

NETT PRICE ($)

UNIT PRICE ($ PSF)

COMPLETION DATE

TYPE OF SALE

Freehold 99 years Freehold Freehold 99 years 99 years 99 years 99 years 99 years 99 years

August 05, 2016 August 01, 2016 August 03, 2016 August 03, 2016 August 02, 2016 August 03, 2016 August 01, 2016 August 05, 2016 August 05, 2016 August 07, 2016

1,335 1,227 2,002 1,862 797 1,001 732 732 1,055 1,055

1,750,000 1,360,000 3,050,000 2,300,000 968,350 1,245,216 1,047,000 1,085,000 1,556,600 1,452,600

-

1,311 1,108 1,525 1,237 1,216 1,244 1,430 1,482 1,476 1,377

2004 2005 Unknown 1967 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted

Resale Resale Resale Resale New Sale New Sale New Sale New Sale New Sale New Sale

Terrace Terrace Condominium Condominium Condominium Condominium Condominium

Freehold Freehold 99 years 99 years 99 years 99 years 99 years

August 03, 2016 August 08, 2016 August 01, 2016 August 02, 2016 August 03, 2016 August 03, 2016 August 04, 2016

2,153 1,970 1,346 1,173 1,755 1,744 1,163

2,800,000 2,480,000 1,700,000 910,000 1,420,000 1,080,000 890,000

-

1,301 1,261 1,263 776 809 619 766

1983 1996 2006 Unknown Unknown Unknown Unknown

Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Condominium Apartment Condominium Condominium Condominium Exec. Condo Condominium Condominium Exec. Condo Exec. Condo Exec. Condo

99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years

August 08, 2016 August 01, 2016 August 01, 2016 August 02, 2016 August 02, 2016 August 02, 2016 August 05, 2016 August 05, 2016 August 06, 2016 August 06, 2016 August 07, 2016 August 01, 2016 August 04, 2016 August 04, 2016 August 02, 2016 August 01, 2016 August 02, 2016 August 05, 2016 August 08, 2016 August 01, 2016 August 04, 2016 August 07, 2016

936 904 818 517 721 743 753 1,109 775 947 947 1,582 1,970 1,141 1,507 1,055 1,324 1,270 861 1,033 947 1,238

1,050,000 1,297,000 991,000 738,000 935,000 924,000 925,000 1,331,000 1,038,000 1,254,000 1,211,000 1,280,000 970,000 1,374,189 1,250,000 870,000 750,000 1,380,000 950,000 858,800 734,100 956,000

1,366,189 -

1,121 1,434 1,211 1,428 1,296 1,244 1,228 1,201 1,339 1,324 1,278 809 492 1,197 829 825 566 1,086 1,103 831 775 772

2012 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2005 Unknown Uncompleted 1994 1998 2000 2014 2007 Uncompleted Uncompleted Uncompleted

Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale Resale New Sale Resale Resale Resale Resale Resale New Sale New Sale New Sale

Condominium Condominium Condominium Condominium Apartment Apartment Apartment Apartment Condominium Condominium Condominium Condominium Condominium Condominium Condominium Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Terrace Exec. Condo Exec. Condo Exec. Condo Exec. Condo

99 years 99 years Freehold 999 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years

August 01, 2016 August 04, 2016 August 04, 2016 August 03, 2016 August 01, 2016 August 01, 2016 August 02, 2016 August 03, 2016 August 02, 2016 August 05, 2016 August 07, 2016 August 07, 2016 August 07, 2016 August 07, 2016 August 04, 2016 August 03, 2016 August 04, 2016 August 04, 2016 August 06, 2016 August 06, 2016 August 06, 2016 August 02, 2016 August 01, 2016 August 03, 2016 August 04, 2016 August 05, 2016

990 990 1,410 990 474 474 463 474 1,119 527 549 915 850 678 926 710 1,066 614 732 1,163 1,098 1,615 958 1,098 958 1,130

1,183,190 1,240,030 1,470,000 1,028,000 657,020 623,350 637,910 634,270 915,000 756,000 747,955 1,180,000 1,095,000 794,000 740,000 577,000 822,000 467,000 593,000 927,000 832,000 1,460,000 720,000 836,000 732,000 831,000

-

1,195 1,252 1,042 1,038 1,387 1,316 1,378 1,339 817 1,433 1,362 1,290 1,288 1,171 799 812 771 761 810 797 758 904 752 761 764 735

Uncompleted Uncompleted 2000 2002 Uncompleted Uncompleted Uncompleted Uncompleted 2005 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2000 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2000 Uncompleted Uncompleted Uncompleted Uncompleted

New Sale New Sale Resale Resale New Sale New Sale New Sale New Sale Resale New Sale New Sale New Sale New Sale New Sale Resale New Sale New Sale New Sale New Sale New Sale New Sale Resale New Sale New Sale New Sale New Sale

Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo

99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years

August 01, 2016 August 03, 2016 August 03, 2016 August 03, 2016 August 04, 2016 August 05, 2016 August 06, 2016 August 06, 2016 August 06, 2016 August 06, 2016

1,152 1,066 1,227 1,227 1,528 1,249 1,249 1,346 1,227 980

918,590 867,300 957,390 948,420 1,151,370 968,060 996,930 1,024,650 933,140 748,560

-

798 814 780 773 753 775 798 762 760 764

Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted

New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale

Condominium Condominium Semi-Detached Terrace

Freehold Freehold Freehold Freehold

August 01, 2016 August 08, 2016 August 02, 2016 August 03, 2016

915 1,776 3,552 3,929

970,000 1,950,000 3,000,000 2,988,000

-

1,060 1,098 845 761

2012 2012 1990 1997

Semi-Detached Apartment Apartment Apartment Condominium Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Condominium Condominium Condominium Condominium Condominium Condominium Exec. Condo Exec. Condo Exec. Condo Exec. Condo Condominium Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Exec. Condo Condominium

Freehold 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years 99 years

August 08, 2016 August 02, 2016 August 06, 2016 August 06, 2016 August 05, 2016 August 03, 2016 August 06, 2016 August 06, 2016 August 01, 2016 August 06, 2016 August 01, 2016 August 02, 2016 August 03, 2016 August 03, 2016 August 05, 2016 August 06, 2016 August 06, 2016 August 06, 2016 August 06, 2016 August 07, 2016 August 05, 2016 August 01, 2016 August 04, 2016 August 06, 2016 August 06, 2016 August 06, 2016 August 07, 2016 August 08, 2016

2,099 829 829 872 872 980 753 936 1,184 775 786 797 797 797 689 786 915 958 1,023 1,023 1,518 1,141 1,141 872 958 1,550 980 1,206

1,628,000 1,087,200 1,056,600 1,042,200 730,000 753,350 631,750 684,000 853,024 605,670 863,000 809,000 838,000 808,000 739,000 864,000 807,200 764,800 779,200 807,200 1,200,000 947,000 952,215 708,840 778,090 1,139,490 789,500 868,000

751,050 629,450 681,700 -

776 1,312 1,275 1,195 837 767 835 728 720 782 1,098 1,016 1,052 1,014 1,073 1,100 882 798 762 789 791 830 835 813 812 735 806 720

Unknown Uncompleted Uncompleted Uncompleted 1994 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2014 Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted Uncompleted 2002

Resale New Sale New Sale New Sale Resale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale New Sale Resale New Sale New Sale New Sale New Sale New Sale New Sale Resale

Condominium Detached Condominium Condominium Apartment Apartment Condominium Terrace Terrace

999 years Freehold 99 years 99 years 99 years 99 years 99 years Freehold Freehold

August 08, 2016 August 02, 2016 August 02, 2016 August 03, 2016 August 06, 2016 August 07, 2016 August 02, 2016 August 02, 2016 August 02, 2016

2,024 8,159 1,044 1,044 947 1,206 1,302 1,905 2,476

1,560,000 9,000,000 1,090,000 1,099,000 1,042,640 1,233,860 920,000 2,450,000 2,655,000

1,085,000 1,094,000 -

771 1,103 1,039 1,048 1,101 1,023 706 1,287 1,073

1992 1974 Uncompleted Uncompleted Uncompleted Uncompleted 2000 2003 1987

Resale Resale New Sale New Sale New Sale New Sale Resale Resale Resale

PROJECT

PROPERTY TYPE TENURE

GOLDENHILL PARK CONDOMINIUM GRANDEUR 8 JALAN CHEMPEDAK JALAN PELATINA THE PANORAMA THE PANORAMA THOMSON IMPRESSIONS THOMSON IMPRESSIONS THOMSON IMPRESSIONS THOMSON IMPRESSIONS District 21 CLEMENTI CRESCENT ENG KONG DRIVE GARDENVISTA PINE GROVE PINE GROVE PINE GROVE PINE GROVE District 22 CASPIAN LAKE GRANDE LAKE GRANDE LAKE GRANDE LAKE GRANDE LAKE GRANDE LAKE GRANDE LAKE GRANDE LAKE GRANDE LAKE GRANDE LAKE GRANDE LAKEHOLMZ LAKESIDE TOWER LAKEVILLE PARC OASIS PARC VISTA THE FLORAVALE THE LAKEFRONT RESIDENCES THE LAKESHORE WESTWOOD RESIDENCES WESTWOOD RESIDENCES WESTWOOD RESIDENCES District 23 ECO SANCTUARY ECO SANCTUARY GLENDALE PARK HILLINGTON GREEN HILLION RESIDENCES HILLION RESIDENCES HILLION RESIDENCES HILLION RESIDENCES HILLVIEW REGENCY KINGSFORD. HILLVIEW PEAK KINGSFORD. HILLVIEW PEAK KINGSFORD. HILLVIEW PEAK KINGSFORD. HILLVIEW PEAK KINGSFORD. HILLVIEW PEAK REGENT GROVE SOL ACRES SOL ACRES SOL ACRES SOL ACRES SOL ACRES SOL ACRES VERDE AVENUE WANDERVALE WANDERVALE WANDERVALE WANDERVALE District 25 BELLEWOODS BELLEWOODS BELLEWOODS BELLEWOODS BELLEWOODS BELLEWOODS BELLEWOODS BELLEWOODS BELLEWOODS NORTHWAVE District 26 MEADOWS @ PEIRCE MEADOWS @ PEIRCE SPRINGLEAF DRIVE THONG BEE ROAD District 27 JALAN KERAYONG NORTH PARK RESIDENCES NORTH PARK RESIDENCES NORTH PARK RESIDENCES ORCHID PARK CONDOMINIUM PARC LIFE PARC LIFE PARC LIFE SIGNATURE AT YISHUN SIGNATURE AT YISHUN SYMPHONY SUITES SYMPHONY SUITES SYMPHONY SUITES SYMPHONY SUITES SYMPHONY SUITES SYMPHONY SUITES THE BROWNSTONE THE BROWNSTONE THE CRITERION THE CRITERION THE MILTONIA RESIDENCES THE VISIONAIRE THE VISIONAIRE THE VISIONAIRE THE VISIONAIRE THE VISIONAIRE THE VISIONAIRE YISHUN EMERALD District 28 GRANDE VISTA MIMOSA CRESCENT RIVERBANK @ FERNVALE RIVERBANK @ FERNVALE RIVERTREES RESIDENCES RIVERTREES RESIDENCES SELETAR SPRINGS CONDOMINIUM STRATTON DRIVE SUNRISE CLOSE

Condominium Condominium Terrace Terrace Condominium Condominium Apartment Apartment Apartment Apartment

Resale Resale Resale Resale Resale Resale Resale

Resale Resale Resale Resale

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

EP12 • THEEDGE SINGAPORE

| AUGUST 22, 2016

GAINS AND LOSSES

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Hefty losses in District 4 | BY ESTHER HOON |

T

wo sellers in District 4 sustained hefty losses from the sale of their houses on Aug 4. Both had previously purchased the units in 2007. The bigger loss of $1.4 million was traced to a 2,637 sq ft unit at Reflections at Keppel Bay. The seller purchased the unit from the developer in August 2007 at $2,125 psf and resold it at $1,593 psf. This is the biggest loss sustained at the project since April 2012, when a 4,747 sq ft unit changed hands at a loss of $1.58 million. The transaction also marks the eighth unprofitable deal at the project this year. Of the 16 homes sold at the project this year, only three were profitable. Reflections at Keppel Bay is a 99-year leasehold development comprising 1,129 units on Keppel Bay View. It was completed in 2011. The smaller loss of $726,450 was from a 1,711 sq ft unit at The Oceanfront @ Sentosa. The unit was purchased in October 2007 at $2,125 psf in a sub-sale and resold at $1,525 psf. This marks the second 1,711 sq ft unit from the project sold at a loss this year. In April, a similar-sized unit on the sixth floor was disposed of at a $487,780 loss. The only profitable deal of the four units sold this year at The Oceanfront @ Sentosa was for a 1,216 sq ft unit, which netted a $99,200 gain for the seller. The 264-unit, 99-year leasehold development was completed in 2010. In the same week, Watten Estate Condominium, a 104-unit freehold development on Shelford Road in prime District 11, saw its most profitable transaction on Aug 3, when a 2,594 sq ft unit changed hands for a profit of $1.83 million. The unit was purchased in January 2003 at $393 psf and resold at $1,099 psf, reflecting an annualised gain of 8%. Prior to this, the most profitable deal at the project accrued to a 2,594 sq ft unit at block 36, which reaped $1.78 million in profit in October 2011. All homes sold at the project since 2010 have been profitable. Watten

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

Estate Condominium was completed in 1983. Separately, three condo units fetched profits exceeding $1 million in the week of Aug 2 to 8. The most profitable deal accrued to a 2,260 sq ft unit at Four Seasons Park, in which the seller amassed $1.86 million. He purchased the unit in June 2006 at $1,535 psf and resold it at $2,358 psf on Aug 5, which translates to an annualised gain of 4%. Of the two other units sold at Four Seasons Park this year, a 2,874 sq ft unit was resold at a profit of $2.55 million in May, while the profitability of the other, a 2,874 sq ft unit sold in April, could not be traced owing to a lack of data. Four Seasons Park is a 202-unit freehold

development located near Orchard Boulevard in prime District 10. The other two deals with million-dollar profits were in District 5. The bigger profit of $1.16 million was from a 1,841 sq ft unit at The Grandhill, a 53-unit freehold development on Pasir Panjang Hill. The unit on the fifth floor was resold at $1,103 psf, more than double its purchase price of $473 psf in April 2004. The seller had previously purchased the unit from the developer. The annualised gain works out to be 7%. In February, however, a 1,830 sq ft unit at the project was sold at a loss of $20,000, despite being held for close to eight years. So far, only two transactions at the pro-

ject were traced to a loss. The Grandhill was completed in 2006. The smaller profit of $1.1 million accrued to a 2,013 sq ft unit at Varsity Park Condominium. The unit was purchased in November 2004 at $374 psf and resold at $919 psf on Aug 3, reflecting an annualised gain of 8%. Of the 336 resale transactions at the condo so far, only four sustained losses, based on URA caveat records. All of the unprofitable homes were purchased from the resale market, and held for less than four years. Varsity Park Condominium is a 530-unit, 99-year leasehold development on West Coast Road. It was comE pleted in 2008.

Most profitable deals PROJECT NON-LANDED

1 2 3 4 5 6 7 8 9 10

DISTRICT

AREA (SQ FT)

DATE SOLD (2016)

SALES PRICE ($ PSF)

DATE BOUGHT

PURCHASE PRICE ($ PSF)

PROFIT ($)

PROFIT (%)

ANNUALISED PROFIT (%)

HOLDING PERIOD (YEARS)

Four Seasons Park Watten Estate Condominium The Grandhill Varsity Park Condominium 8 @ Mount Sophia Treasure Place Far Horizon Gardens Chuan Park Mutiara View Kovan Melody

10 11 5 5 9 5 20 19 10 19

2,260 2,594 1,841 2,013 1,464 2,121 1,948 1,981 1,173 1,227

Aug 5 Aug 3 Aug 5 Aug 3 Aug 5 Aug 4 Aug 5 Aug 5 Aug 2 Aug 3

2,358 1,099 1,103 919 1,455 915 683 707 1,439 978

June 13, 2006 Jan 27, 2003 Apr 29, 2004 Nov 17, 2004 Apr 15, 2005 June 11, 2004 Apr 1, 1999 Feb 1, 2000 July 8, 1999 Oct 10, 2004

1,535 393 473 374 790 488 321 353 886 513

1,860,000 1,830,000 1,160,000 1,096,457 973,688 905,000 705,000 700,000 648,000 570,800

54 179 133 146 84 87 113 100 62 91

4 8 7 8 6 5 4 4 3 6

10.2 13.5 12.3 11.7 11.3 12.2 17.4 16.5 17.1 11.8

Terrace/Niven Road Terrace/Sunrise Close Terrace/Thong Bee Road Terrace/Lorong 1 Realty Park Terrace/Jalan Chempedak

9 28 26 19 20

904 2,476 3,929 2,347 2,002

Aug 2 Aug 2 Aug 3 Aug 8 Aug 3

3,577 1,073 761 1,064 1,525

Nov 7, 2003 Feb 1, 2002 Dec 26, 2007 Aug 20, 2007 June 6, 2011

1,024 426 402 532 915

2,320,000 1,600,000 1,408,000 1,250,000 1,220,000

249 152 89 100 67

10 7 8 8 10

12.7 14.5 8.6 9.0 5.2

DISTRICT

AREA (SQ FT)

DATE SOLD (2016)

SALES PRICE ($ PSF)

DATE BOUGHT

PURCHASE PRICE ($ PSF)

LOSS ($)

LOSS (%)

ANNUALISED LOSS (%)

HOLDING PERIOD (YEARS)

4 4 9 9 11 10 17 17 9 19

2,637 1,711 3,466 1,367 2,099 2,260 1,625 1,442 581 1,399

Aug 4 Aug 4 Aug 5 Aug 8 Aug 2 Aug 5 Aug 3 Aug 2 Aug 5 Aug 5

1,593 1,525 1,702 1,902 1,667 1,416 937 616 1,677 729

Aug 27, 2007 Oct 16, 2007 Aug 8, 2006 Sept 11, 2009 Sept 17, 2010 July 19, 2013 June 19, 2013 Oct 6, 1996 Feb 20, 2012 June 17, 2011

2,125 1,949 1,881 2,252 1,810 1,500 1,005 669 1,738 750

1,404,300 726,450 618,000 478,000 300,000 190,000 110,000 77,080 35,000 30,000

25 22 9 16 8 6 7 8 3 3

3 3 1 2 1 2 2 0.4 1 0.6

8.9 8.8 10.0 6.9 5.9 3.0 3.1 19.8 4.5 5.1

LANDED

1 2 3 4 5

Non-profitable deals PROJECT

1 2 3 4 5 6 7 8 9 10

Reflections At Keppel Bay The Oceanfront @ Sentosa Cove Scotts Highpark Richmond Park Trilight The Trizon Terrace/Loyang Rise Ballota Park Condominium Newton Edge Compass Heights

Note: URA caveat record downloaded on Aug 12 and 16

URA, THE EDGE PROPERTY

Residential transactions with contracts dated Aug 2 to 8

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP13

DEAL WATCH

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

| BY TAN CHEE YUEN |

A

1,432 sq ft unit at Draycott Eight is listed on TheEdgeProperty.com at $2.68 million, or $1,872 psf. The two-bedroom unit on the 15th floor of the 24-storey tower enjoys a pool view. Developed by Wing Tai Holdings and completed in 2005, the 99-year leasehold Draycott Eight project features three 24-storey towers. Two of the towers contain only four-bedroom “sky villas” with sizes ranging from 2,863 sq ft to 3,218 sq ft. The third tower is made up of two-bedroom apartments sized at 1,173 sq ft, 1,421 sq ft and 1,615 sq ft; and two-bedroom lofts from 1,432 to 1,798 sq ft. Penthouses are sized at 4,015

a round-the-clock concierge service. The highlight of the project is its 16,000 sq ft clubhouse, which is a conserved colonial bungalow. Draycott Eight is also sought after owing to its proximity to The American Club and Tanglin Club, as well as Eton Preschool (Claymore), ISS International School (Elementary and Middle Schools) and Anglo-Chinese School (Primary). For more information, call marketing agent Kevin Feng E at 8200 9297.

and 4,187 sq ft. The last transaction of a two-bedroom loft in the third tower was in August last year when a 1,647 sq ft two-bedroom loft changed hands for $2.93 million ($1,779 psf). However, the last time units of 1,432 sq ft changed hands was more than six years ago when a 21st floor unit was sold for $2.69 million ($1,878 psf) and an 11th floor unit was sold for $3.26 million ($2,277 psf) in November and December 2010 respectively. Historically, two-bedroom loft units at Draycott Eight sized between 1,400 and 1,500 sq ft were sold at an average price of $2,141 psf, according to agents. However, very few of these units are on the market for sale. The project was one of the first high-end condos to offer

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

ADDRESS

FLOOR

AREA (SQ FT)

PRICE ($)

PRICE ($ PSF)

Dec 6, 2010 Nov 8, 2010 July 30, 2010 July 28, 2010

6 Draycott Park 6 Draycott Park 6 Draycott Park 6 Draycott Park

Mid High Mid High

1,432 1,432 1,432 1,485

3,260,000 2,688,000 2,800,000 2,880,900

2,277 1,878 1,956 1,939

LEASE DATE

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

visit http://subscribe.theedgesingapore.com/

Scan the QR code for value deals at Draycott Eight and nearby projects As TheEdgeProperty.com is not party to the contract between the client and agent, it is unable to verify information provided by the agent

Recent rental contracts for two-bedroom units at Draycott Eight

TABLES: URA, THE EDGE PROPERTY

THE EDGE SINGAPORE

Unit at Draycott Eight for sale at 2010 level

Usual Retail

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May May April April April April April April March March

AREA (SQ FT)

1,000 to 1,100 1,100 to 1,200 1,500 to 1,600 1,500 to 1,600 1,400 to 1,500 1,100 to 1,200 1,100 to 1,200 1,100 to 1,200 1,600 to 1,700 1,100 to 1,200

MONTHLY RENT ($)

($PSF)

6,500 6,500 6,400 6,630 7,000 6,400 7,000 6,630 7,000 7,000

6.2 5.7 4.1 4.3 4.8 5.6 6.1 5.8 4.2 6.1

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EP14 • THEEDGE SINGAPORE

| AUGUST 22, 2016

PERSONALITY

MOHD IZWAN MOHD NAZAM/THE EDGE MALAYSIA

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

U

nited Malayan Land Bhd (UMLand) is undergoing a corporate exercise to streamline its activities to ensure greater growth. One of the changes was the appointment of Dennis Ng Yew Khim, 42, as its group managing director on March 1. He is the eldest son of executive deputy chairman Ng Eng Tee. Singapore-born Dennis grew up in Vancouver, Canada, and studied computer science at the University of British Columbia. Having worked in Singapore and Canada, he has 15 years of experience in the property development and investment sector. In Singapore, he was with the then Public Works of Singapore (now known as CPG Consultants) for five years. In 2004, he headed for Canada to helm King George Financial Corp, a property development and investment company. He spent nine years there before returning to Malaysia. Dennis’ duties at UMLand include overseeing the company’s daily operations and restructuring exercise. “UMLand has grown tremendously since its privatisation three years ago. Previously, we were operating on a flat structure. We had about 30-plus heads reporting to a small group of leaders. Now that we have reached this size, it is time for us to change, to restructure to a more sustainable, scalable hierarchy system,” Dennis explains. “We have functional heads now. There is a group director of niche projects, group director of townships, group director of corporate services and so on, and they hold their own divisional meetings and report directly to the company’s main committee.” Dennis has taken over the reins from former group CEO Chia Lui Meng, who is now a director. According to Dennis, the idea for the restructuring exercise was brought up last year. He believes it is simply “a product of evolution for the company” as it embarks on more projects. “We felt that it was very difficult to manage using the flat hierarchy system. With the new pyramidal organisation system, it allows us to empower the next level of authority with regard to approvals and decision-making,” he says. To ensure a smooth transition, the restructuring exercise is being carried out in phases: first, the top tier, followed by the lower tiers. “This is the largest restructuring exercise the company has ever done,” Dennis says, adding that he hopes to complete it by year-end. The company has more than 600 employees. “We are confident about our longterm prospects in Malaysia. We believe the company will be a great performer from next year. In the medium term, there isn’t any negative aspect.

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

“UMLand has already expanded to neighbouring countries and globally, we have other companies in place. Regional development is like a fiveyear plan.” To recap, UMLand was privatised on Oct 3, 2012.

Hospitality One new area that UMLand has ventured into is the provision of hospitality services for some of its highrise developments. “We are a traditional developer; we build residential properties, sell them and move on to the next project,” Dennis says. “However, we also want to provide our customers with the best living experience in the high-rise properties we developed. “So, one of the ways to do that is to operate the common facilities.

For example, at Suasana Bukit Ceylon — where UMLand’s head office is located — we have the poolside café. We also offer services such as cleaning and food delivery.” The hospitality division started about 1½ years ago and is headed by its own CEO. The rationale for the new division was that past experience showed the management committees of high-rises were not able to maintain the commercial areas. “We found that for our previous projects, when we handed over all the common areas to the management committee, there was so much space for a café, wine bar and such. Eventually, you end up with a poor tenant, or very poor service, or they just give up altogether,” says Dennis. As a result, he says, some of the areas are retained and managed

by UMLand to ensure “a minimum standard of service”. Moving forward, he says the company plans to offer transient hospitality accommodation under its own brand — Suasana — in some of its townships. However, the five-star hotels will be managed by international operators. “For townships, it is usually easier to operate [hospitality accommodation] under your own brand,” he notes.

Strong performance One of the reasons Dennis believes the market will turn around quicker than expected — some experts believe that it will only happen in 2018 — is because of the positive response to UMLand’s township launches. “So far, we have not seen a drop in demand. For some of the recent launches, there were over-

night queues, something we have never experienced before,” he says. “Of course, we were launching at good price points... because we are a long-time developer and landowner, we can afford to do so.” One of the “hot” projects he was referring to is Imperial Jade in Seri Alam, Johor. The launch in September last year saw an 80% take-up rate. The development comprises 440 houses with built-ups of between 1,665 and 2,213 sq ft. The selling prices were RM539,900 ($180,716)for one-storey houses and RM672,000 for two-storey ones. Dennis says international brands are already vying to set up shop in UMLand’s townships. “For example, in the Seri Alam township, suddenly, there are two Starbucks cafés. I think Malaysia’s general market, from the international perspective, is starting to ramp up. They (international brands) look into the future, so if they think [the market] will recover in 12 months, they will approach us now.” One planned project that Dennis is excited about is the yet-to-be-named 13-acre mixed-use development in Precinct 7, located next to Putrajaya Sentral in Putrajaya. The project will offer serviced apartments, branded residences, boutique offices, shopoffices, a hotel, retail mall and office tower. Dennis reveals that it will have a gross floor area of 300 million sq ft. The project will be connected to the Express Rail Link and mass rapid transit, and there is a high possibility that the proposed Kuala Lumpur-Singapore high-speed rail will pass by it. A bus terminus will be also be located there. Meanwhile, UMLand does not have any launches lined up in the immediate future. It is still looking for suitable land, especially in the Klang Valley, Dennis says. UMLand’s landbank that has been approved for development totals 5,872.3 acres, with an estimated gross development value of RM19.952 billion. Its undeveloped landbank stands at 1,755.7 acres, with an estimated GDV of RM10.977 billion. Among its major developments are Johor Halal Park and Seri Alam as well as niche projects such as Somerset Puteri Harbour, The Wave, Suasana Iskandar Malaysia, UM City and Viridea Lakeside, all in Iskandar Malaysia, Johor. In the Klang Valley, its projects include township developments Seri Austin, Seri Putra and Mahkota Hills and niche project Star Residences. As UMLand reinvents itself to prepare for further growth, it is also looking to create more value for its E purchasers in the days ahead. Wong King Wai is deputy editor of City & Country at The Edge Malaysia This story first appeared in The Edge Property Malaysia

THEEDGE SINGAPORE | AUGUST 22, 2016 • EP15

OFFSHORE

PICTURES: BLOOMBERG

Is the UK still a favourite among Asian investors? | BY NEASA MACERLEAN |

T

he Brexit vote raised eyebrows across Asia, but a flow of private sector deals into the UK from China, Hong Kong, Japan and South Korea since then suggests that Asian investors continue to see potential within the country. At least three major transactions announced on and since the referendum day on June 23 share the characteristic that one individual in the buying group drove the deal out of strong personal conviction. The £24.3 billion ($42.1 billion) takeover of Cambridge-based chip designer ARM Holdings by Japan’s SoftBank Group is the biggest Asian investment into the UK and was pushed by the belief of SoftBank founder and CEO Masayoshi Son that ARM’s technology will play a crucial role in the Internet of Things. “All things will be connected and what is the biggest common denominator? That is ARM,” he says. Similarly, a  £220 million investment into Sheffield  by Sichuan Guodong Construction Group over the next three years — part of a £1 billion package spread over the next 60 years — is said to be the largest UK property deal outside London by a Chinese developer. It was a result of chairman Wang Chunming visiting his daughter when she was studying at a university there. “This agreement illustrates our confidence in Sheffield as a city going from strength to strength, with real growth potential,” he says.

The attractions of a falling currency Hong Kong property magnate William Cheng Kai Man is the driving force behind the £70.3 million acquisition by Magnificent Hotel Investments of Travelodge Royal Scot Hotel in London’s King’s Cross area. The transaction, he says, gives the company “an ideal opportunity to get into the high-demand hotel sector in London, and the falling currency has made the deal more attractive”. The pound’s 10% fall since the Brexit vote is an important part of the equation for potential Asian investors, says Robert Stassen, JLL’s head of capital markets research, Europe. “The UK looks relatively more attractive on pricing than it did pre-Brexit,” he says. “But does that make up for the uncertainty that exists? Working that out is probably where potential investors need a bit more time.” Indeed, the general consensus is that it is too early to quantify the impacts on the UK’s direct commercial property investment market, according to JLL’s Brexit update in August. Most deals across the UK that were in negotiation prior to Brexit are progressing, with only a small portion withdrawn, and the impact on pricing has been mixed. Some corporate decision-makers are also biding their time and looking for greater clarity on the UK settlement, with little evidence that Brexit is reshaping companies’ location decisions. With the start to any Brexit settlement at least six months away, location decisions will play out over a much longer timescale.

Looking to the longer term Just as they did before the Brexit vote, Asian investors tend to seek strategic opportunities rather than quick gains. Singapore-based  Dr Megan Walters, JLL’s head of research Asia-Pacific capital markets, expects “longterm, sophisticated investors” to hold through

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

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

the current cycle. “We expect increased interest in a broader range of sectors, such as hotels and other alternative real estate asset classes,” she says. Singapore’s state investment fund Temasek Holdings invested £417 million in student accommodation in Edinburgh, Manchester and other locations in a pre-Brexit deal, setting a path that Walters believes other Asian investors might follow. “The UK remains a centre for global education excellence,” she says. “And many people want to invest in the UK because they have family connections there.” Having personal knowledge of the UK is one way that some investors are managing to over-

come the economic uncertainties that Brexit represents. The sovereignty downgrade of the UK by Fitch Ratings and other credit ratings agencies, for instance, will “matter much more for risk committees” than for high-net-worth individuals who might be familiar with some UK real estate markets, according to Walters.

Need to diversify outside Asia Despite the Brexit uncertainty, Asian investors remain keen to diversify out of domestic real estate markets.  China’s outbound capital, which has been on an upward long-term curve, is expected to remain active in the next 12 months, according to Stuart Crow, JLL’s head

of Asia-Pacific capital markets. And even Japan’s more traditional, risk-adverse investors are “chasing yield and diversification in offshore markets” in the face of negative interest rates at home, according to Walters. The favoured markets abroad are the US, the UK and the rest of Europe. In the absence of a European Union trade treaty with India or China, a UK outside the EU does not start off at such a large disadvantage. There is also the possibility — controversial as it is — that the UK’s new immigration policy could be a points-based one that could make it easier for well-qualified Asians to work and live in the country. Walters describes herself as “continuing to be optimistic” about the prospects for the UK as a recipient of direct investment from Asia. Stassen says the “fundamentals of the UK real estate market haven’t really changed at this stage”. Meanwhile, the uncertainty that remains has narrowed, he adds. “What is priced in now is a process that will arrive at a reasonable conclusion,” Stassen says. “In the end, it is not unlikely we’ll have a middleof-the-road solution. The European Union is pretty good at doing that.” It is very early days in the post-Brexit vote world, but early signs indicate that Asian investors concur with Chancellor Philip Hammond when he says the UK is “open for business”. Yet, caution remains: For all the investors who have already committed themselves to the post-Brexit UK landscape, there are many more watching closely to see how the situaE tion develops. Neasa MacErlean is a JLL Real Views writer. Real Views is a news site of JLL, a leading New York Stock Exchange-listed real estate advisory firm.

EP16 • THEEDGE SINGAPORE

| AUGUST 22, 2016

ARCHITECTURE & DESIGN

The lure of penthouses | BY ANGELA LIM |

T

he rapidly increasing net worth and aspirations of individuals desiring an affluent lifestyle have played major roles in the mushrooming of high-class homes in the sky. Unlike apartments that might be too compact or landed homes that might be too difficult to maintain, penthouses are a good option for the well-heeled who want the space of landed houses but not the hassle of maintaining it. Typically located on the top floors of condominium buildings with prestigious addresses and fitted with luxurious top-of-the-line finishing, penthouses are sexy and come with more floor space and loftier ceilings.  These unique abodes usually offer panoramic, breathtaking views of the city skyline. In recent times, floor-to-ceiling windows have become a common feature, allowing one to enjoy more natural light and stunning views. These advantages can be enhanced with good interior design and appropriate embellishments. In one of the triplexes located near the CBD with views of the sky and sea, a neutral ivory base was chosen for the interiors, with punctuations of blue, lavender and strong purple. The colour scheme celebrates the marriage between the interiors and the views. Structural columns, responsible for holding up the penthouse, become part of a gantry feature or portal, bringing certain sections of the interiors into focus. Unique to most penthouses are double-volume ceilings that give the space a roomier feel. While most of us would agree that additional light and height are a form of luxury, not every penthouse owner knows how to take advantage of these characteristics. For example, a nice chandelier or pendant light draws the eye to a double-volume void. Apart from aesthetics, these spaces give the owner the flexibility to create a mezzanine or a loft deck with tall book shelves that allow for more storage.  A private roof terrace offers a fantastic opportunity to create a unique outdoor space. Unlike those on the ground level, roof terraces need to feature sturdy furniture/planters, given the increased wind speed at higher altitudes.  All in, investing in a luxurious penthouse can prove to be a most incredible and rewardE ing experience. Angela Lim is a co-founder of  SuMisura, a multiple award-winning interior design firm

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

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

Structural columns become part of a gantry feature to bring certain sections of the interiors into focus

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

A double-volume void will look gorgeous with a nice chandelier or pendant light